On Tuesday 13 December, the Council formally adopted its negotiating position on the European Fund for Sustainable Development (EFSD), a vital instrument which aims to tackle the root causes of illegal immigration by working with the EIB to create job opportunities, encourage investment and facilitate sustainable development in partner countries in Africa as well as in the European neighbourhood and to curb migration to the EU from these countries.
The prior go-ahead given by the committee of member states’ permanent representatives to the EU (COREPER) to an agreement on the draft regulation to set up the EFSD and establish a guarantee and a guarantee fund make it possible for the Council to adopt its negotiating position (see EUROPE 11680). The EU leaders will welcome this move at the European Summit on 15 December and call for rapid adoption of the legislation (see EUROPE 11680).
Slovakia’s foreign and European affairs minister Miroslav Lajčák welcomed the agreement as he left his final General Affairs Council as chair.
He said it was an important stage in Slovakia’s efforts to ensure the fund becomes a reality. He said it was a key tool to deal with the underlying causes of illegal migration by creating jobs and sustainable development options in partner countries in Africa and the EU’s neighbourhood.
He added that the EFSD would work as a one-stop-shop to receive financing proposals from financial institutions and public or private investors and provide a new guarantee to attract further financing in partner countries, particularly from the private sector. He said the fund answered a call from the European Council. He said the next step was to launch negotiations with the European Parliament so that the fund can be set up swiftly.
The talks between the Council and the European Parliament will aim to strike agreement on the EFSD in first reading. The EFDS will be the first pillar of the EU’s foreign investment fund. (Original version in French by Aminata Niang)