An EU scheme intended to tackle the root causes of migration was approved on July 6 by the European Parliament.
The European Fund for Sustainable Development is worth €3.3bn in loans and guarantees aimed at mobilising €44bn in private investment in risk areas, mainly in Africa.
“This is an important milestone in our approach to development and migration,” said Eduard Kukan MEP, the Rapporteur and member of the European People’s Party (EPP).
“The Fund for Sustainable Development is an innovative instrument mobilising investments, increasing access to financing and stimulating the private sector in the partner countries,” he added. “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.”
According to EPP MEP Maurice Ponga, who supervised the proceedings of the Regulation in the Development Committee, the private sector has a key role to play in creating wealth and jobs, thus contributing to addressing the root causes of irregular migration.
In turn, EPP MEP Paul Rübig, who supervised the Regulation in Budgets Committee, said: “We must tackle migration flows from Africa by resolutely combating the causes in those countries from which migrants are fleeing,” he said. “This cannot be done solely through public funds, but by more flexible and adaptable instruments that trigger private investment in Africa.”