EU approves 3.3-bln fund for migrants' countries of origin

For jobs and SMEs in Africa and to reduce flows

28 June, 20:34

    BRUSSELS - A 3.3-billion-euro agreement to fight the causes of migration through mobilizing private investment in countries of origin has been reached between the European Council and the European Parliament. The latter will have to give its official approval through voting in the foreign affairs committee on July 1 and a plenary session on July 6.

    The agreement is expected to produce a 'lever effect' that could lead to up to 44 billion euros in investment.

    The fund aims to reduce poverty in countries of origin, create jobs and support local SMEs. The countries will in turn have to comply with strict rules on rules on human rights, labor and fiscal transparency. The new fund will comprise two regional platforms: one for Africa and one for countries involved in EU neighbourhood policies. On the basis of the agreement, a minimum of 28% of the investments will go towards supporting actions to fostering implementation of the Paris Climate Accord.

    The resources for the new European Fund for Sustainable Development (EFSD) will come from the revised 2014-2020 revised EU budget and the reserves of the European Development Fund (EDF). 

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