Brussels, august 30th, BUSINESSMED was present at the consultation meeting of the European Union on its “External Investment Plan” (EIP) with the private sector. Several European business support organizations representing Europe and Africa’s private sector attended the meeting.
The consultation meeting aimed to discuss concrete ways of the private sector stakeholders to contribute to the successful implementation of its EIP in Europe and in the partner countries.
The envisaged EU External Investment Plan will serve as specific, coherent overall framework to promote investment in Africa and the EU Neighborhood. As a first pillar of this plan, the EU aims to set up a new “European Fund for Sustainable Development” (EFSD), an investment fund that will combine existing resources from EU facilities and instruments like EDF, with the support from other donors and in particular from financial institutions and the private sector.
The Fund will also provide guarantees for private sector and IFI through risk mitigation and risk-sharing instruments in support of investments. Investments supported by EFSD should contribute to economic and social development, with particular focus on sustainability and job creation for youth and women (thus addressing some of the root causes of migration) and should be aligned with EU policies and with the relevant policy and political dialogues with partner countries, regional and multilateral for a as well as aligned with partner countries’ policies. The EU expects the implementation of its Plan in 2017.