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    Migrants block the entrance of the Hellinikon camp in Athens in protest at poor living conditions on February 6, 2017

    EU Backs Scheme to Attract $50Bln Investment to Tackle Migration Causes

    © AFP 2018 / LOUISA GOULIAMAKI
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    The European Parliament backed on Thursday the scheme aiming to mobilize 44 billion euros ($50 billion) in private sector investment in Africa and the EU neighborhood to tackle root causes of migration to the European Union.

    MOSCOW (Sputnik) — "As part of the European External Investment Plan, the new European Fund for Sustainable Development (EFSD) wants to encourage €44 billion in private investments in fragile states by offering a combination of grants, loans and financial guarantees worth €3.3 billion to boost jobs, growth and stability, thus addressing the root causes of migration," the European Parliament said in a statement.

    European lawmakers advised EU ministers to focus operating rules of the EFSD on poverty, jobs, climate and small enterprises, as well as on climate action, responsible businesses, tax transparency and democratic control.

    The new scheme was backed by 503 members of the European Parliament to 78 with 51 abstentions, the statement said.

    Since 2015, Europe has been experiencing its worst migration crisis in recent history, struggling to accommodate hundreds of thousands of refugees and migrants fleeing hostilities in the Middle Eastern and North African countries.

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    investment, illegal migrants, migration, European Fund For Sustainable Development (EFSd), EU
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