On Tuesday 25 April, a further step was taken towards the formal creation of the European Fund for Sustainable Development (EFSD). This fund is intended to encourage investment in the private sector in Africa and the EU's neighbouring countries, and thus to halt migrant flows from these countries.
MEPs from the European Parliament's foreign affairs, budgets and development committees jointly expressed their support for this new EU instrument, which was proposed by the European Commission in September 2016 to raise €44 billion in investment in Africa, beginning with an initial budget of €3.35 billion (see EUROPE 11680).
Priority to poorest countries. Through their vote (75 votes in favour, 9 against and 5 abstentions), the MEPs amended the draft so that this external investment fund has the primary aim of eradicating poverty and focuses on the poorest countries in order to improve the living conditions of local people. Boosting jobs, growth and stability in the least developed countries should enable the deep-rooted causes of migration to be addressed, the MEPs believe.
The MEPs also call for the EFSD to focus on small- and medium-sized enterprises and for the projects it will support to respect labour and environmental standards. The MEPs moreover want local people to have a say, and to be able to have access, if necessary, to a mechanism allowing them to record their complaints if a project is carried out to their detriment.
Furthermore, the MEPs want the Parliament to have the right to examine the spending, thanks to its observer status on the fund's board of directors. The geographical coverage of the partner countries to receive the fund cannot be changed without its consent.
The trialogue negotiations will begin with the Council and Commission in order to finalise the detailed modalities of the fund, with a view to an agreement in first reading. (Original version in French by Aminata Niang)