The Council of the European Union today officially adopted a regulation establishing a European fund for sustainable development (EFSD). The fund will be set up on 28 September.
The EFSD is the main instrument for the implementation of the European External Investment Plan (EIP), which supports investments in African and in EU neighbourhood countries. The main objective of the plan is to contribute to the achievement of UN Sustainable Development Goals of the Agenda 2030 through boosting jobs and growth, while addressing the root causes of migration.
With an initial budget of €3.35 billion, the fund is intended to trigger up to €44 billion of investments. This amount could be doubled if member states and other donors match EU contributions. The fund will contribute to financing projects in a wide range of sectors, such as energy, transport, social infrastructure, digital economy, sustainable use of natural resources, agriculture and local services.