€44bn to tackle migration causes
30 June, 2017
An informal agreement on an EU scheme aiming to mobilise €44bn in private sector investment in Africa was last Wednesday reached with EU ministers, the Maltese presidency reported. As part of the European External Investment Plan, the new European Fund for Sustainable Development (EFSD) would encourage cash to flow to fragile states by offering a combination of grants, loans and financial guarantees to boost jobs, growth and stability, thus addressing the root causes of migration.
“We want to send a clear signal to our partners that we are serious about addressing the root causes of migration. I hope that this innovative tool improves the investment climate and stimulates private investments where it’s needed most,” co-rapporteur Eduard Kukan (EPP, SK) said.
In recent talks on the operating rules of the EFSD, MEPs persuaded EU ministers on the following key points: focus on poverty, jobs, climate and small enterprises; responsible businesses; tax transparency; and more democratic control. MEPs suggested changes to the draft operating rules for the EFSD in April.