Members of the European Parliament gave the green light today for the European Fund for Sustainable Development, an EU scheme of €3.3 billion worth of loans and guarantees aimed at mobilising €44 billion in private investment in risk areas, mainly in Africa, intended to tackle root causes of migration.
“This is an important milestone in our approach to development and migration. We are serious about creating sustainable growth and addressing the root causes of migration in Africa and in the European neighbourhood”, said Eduard Kukan MEP, the Rapporteur. “The Fund for Sustainable Development is an innovative instrument mobilising investments, increasing access to financing and stimulating the private sector in the partner countries. We want to improve the investment climate, encourage growth and bring more job opportunities, especially to the most fragile parts of our neighbourhood. In this sense, we have a vital tool to tackle development challenges and the root causes of migration”, he said.
“The instrument is flexible and tailored to the specificities of the private sector while meeting the requirements of our development assistance such as the principles of aid effectiveness or policy coherence - this is a major step forward”, highlighted Maurice Ponga MEP who supervised the proceedings of the Regulation in the Development Committee. “The private sector has a key role to play in development by creating wealth and jobs, thus contributing to addressing the root causes of irregular migration”, he added.
"We must tackle migration flows from Africa by resolutely combating the causes in those countries from which migrants are fleeing. This cannot be done solely through public funds, but by more flexible and adaptable instruments that trigger private investment in Africa”, concluded Paul Rübig MEP who supervised the Regulation in Budgets Committee.