| Author (Corporate) | European Parliament |
|---|---|
| Series Title | Press Release |
| Series Details | 28.06.17 |
| Publication Date | 28/06/2017 |
| Content Type | News |
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Further information: This scheme aims to mobilise €44 billion in private sector investment in Africa and EU neighbourhood. By offering a combination of grants, loans and financial guarantees, the European Union expected to assist boosting jobs, growth and stability in those regions, thus addressing the root causes of migration. EFSD resources come from the mid-term review of the MFF 2014-2020 and the European Development Fund (EDF) reserve. The new fund is composed by two regional platforms: one for Africa and the other for the EU Neighbourhood (south and east). It is expected to function as a 'one stop shop', offering access to existing EU blending facilities, coupled with a new, additional guarantee for public and private investors. The EFSD Guarantee was expected to have a cash provision of €750 million including €350 million from the EU budget and €400 million from the EDF. The EFSD also combines resources from two existing blending facilities – €2.6 billion from the Neighbourhood Investment Facility and Africa Investment Facility. The proposal on the EFSD operational regulation was put forward by the European Commission in September 2016. The Council of the European Union agreed on its general approach in December 2016 and the European Parliament adopted its own negotiating position in April 2017. The Council's Committee of Representatives endorsed the agreement on the same day as the deal was reached. |
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| Source Link | Link to Main Source http://www.europarl.europa.eu/news/en/press-room/20170628IPR78506/ |
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| Subject Categories | Politics and International Relations |
| Countries / Regions | Eastern Europe, Europe |
