On Tuesday, 19 September the nineteenth of September in a press release, the European Investment Bank (EIB) indicated that Italy, Luxembourg, Poland, Slovakia and Slovenia had become the first member states to pledge contributions to the EIB’s Economic Resilience Initiative (ERI).
The ERI is an investment programme that helps to tackle the migration challenge in Europe’s Southern Neighbourhood and the Western Balkans. Under the ERI, the EU bank is increasing financing in these two regions by €6 billion during the 2016-2020 period and is hoping that it will be able to mobilise an additional investment of €15 billion. The EIB explains that the ERI EIB financing comes on top of the €7.5 billion already planned.
The contributions will allow the EU bank to launch a special ERI Fund and step up investment in the private sector and key infrastructure in the two regions. These investments will unlock new opportunities for employment – particularly for women and young people. They will help to improve people’s daily life and the business environment not only in communities where many migrants come from, but also in host and transit communities.
“In so doing, the Economic Resilience Initiative will help to address the root causes of migration” explains the EIB.
The ERI is complementary to the EU’s recently agreed External Investment Plan. The European Fund for Sustainable Development (EFSD) aims to attract nearly €44 billion in new investments in African countries belonging to the ACP group with which the EU has concluded partnerships on migration, as well as certain neighbourhood countries such as Lebanon and Jordan (see EUROPE 11818).
Poland and Italy are the largest contributors, with €50 and €45 million respectively. Luxembourg has pledged €0.4 million, Slovakia €2 million and Slovenia €0.5 million. (Original version in French by Solenn Paulic)