Nirj Deva, rapporteur for the opinion of the Committee on Development. – Mr President, a year ago the House backed my proposal to establish stronger ties with the private sector, marking a revolution in EU development financing, a new way of mobilising private capital, key to wealth creation and the fight against global poverty.

As rapporteur for the opinion of the Committee on Development on this proposal, I supported the overall increase in the EU guarantee from EUR 27 billion to EUR 32.2 billion in order to address the root causes of migration. As part of the external investment plan, together with the EIB, this Marshall Plan for Africa is of paramount importance in implementing the shift from global grants to loans, promoting investment rather than handouts.

International development is not just about eliminating poverty, it is also about delivering security, stability and economic opportunities to poor and fragile communities, thereby preventing citizens from having to flee their home country in search of a better life. For the West – eager to stem the flow of refugees and migrants from Africa and the Middle East – supporting development is a much more effective approach than building walls and razor-wire fences.