Brussels – “The development agenda has seen its budget cut by more than 23 per cent year-on-year,” and “we cannot bridge this gap with public funds alone,” said the European Commissioner for International Partnerships, Jozef Síkela, at a press briefing on the sidelines of the informal meeting of EU development ministers held today (9 October) in Dublin, Ireland.
According to the Commissioner, we should instead “use public money to mobilise greater private investment”. An example? “Through the Team Europe approach, we have managed to mobilise investments of over 300 billion euros in connectivity, sustainable development, and job creation in partner countries,” he explained. In addition to Team Europe, the Commissioner noted that at the last United Nations General Assembly in September, the Global Green Bond Initiative was also launched, to generate – starting with 1 billion in public funds – up to 20 billion euros in investment in sustainable infrastructure.
Team Europe is an approach through which the European Union, its Member States (including implementing agencies and public development banks), the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) pool their resources, expertise and policies to deliver stronger and more effective external action. The Global Green Bond Initiative is one of the latest projects launched under this framework, to mobilise up to 20 billion euros in private capital for sustainable investments and green infrastructure in emerging markets and developing economies. This is a vision “shared by many of our strategic allies and partners who share our values, such as Canada, the United Kingdom and Norway,” Síkela stressed.
English version by the Translation Service of Withub
