Regulation 2017/1601 - European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund - Main contents
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official title
Regulation (EU) 2017/1601 of the European Parliament and of the Council of 26 September 2017 establishing the European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2017/1601 |
| Original proposal | COM(2016)586  |
| CELEX number i | 32017R1601 |
| Document | 26-09-2017; Date of signature |
|---|---|
| Publication in Official Journal | 27-09-2017; OJ L 249 p. 1-16 |
| Signature | 26-09-2017 |
| Effect | 28-09-2017; Entry into force Date pub. +1 See Art 23 |
| Deadline | 31-03-2018; See Art 16.3 31-05-2018; See Art 16.3 30-06-2019; See Art 14.4 31-12-2019; Review See Art 17 |
| End of validity | 31-07-2021; Repealed by 32021R0947 |
27.9.2017 |
EN |
Official Journal of the European Union |
L 249/1 |
REGULATION (EU) 2017/1601 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 26 September 2017
establishing the European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 209(1) and 212(2) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Acting in accordance with the ordinary legislative procedure (1),
Whereas:
(1) |
The Union’s External Investment Plan (EIP) provides for the creation of the European Fund for Sustainable Development (EFSD) as its first pillar, alongside technical assistance as its second pillar and improving the investment climate and overall policy environment in partner countries as its third pillar. |
(2) |
The EFSD aims to support investments primarily in Africa and the Union’s Neighbourhood as a means to contribute to the achievement of the Sustainable Development Goals of the United Nations (UN) 2030 Agenda for Sustainable Development (the ‘2030 Agenda’), in particular poverty eradication, as well as the commitments under the recently revised European Neighbourhood Policy. By supporting such investments, the EFSD aims to address specific socioeconomic root causes of migration, including irregular migration, and to contribute to the sustainable reintegration of migrants returning to their countries of origin and to the strengthening of transit and host communities. The EFSD, as part of the EIP, should also contribute to the implementation of the Paris Agreement on Climate Change (Paris Agreement). |
(3) |
Investments under the EFSD should complement and strengthen efforts carried out in the context of the Union’s migration policy with third countries, including, where appropriate, the implementation of the New Partnership Framework with third countries under the European Migration Agenda. |
(4) |
The EFSD should be guided by the objectives of the Union’s external action as set out in Article 21 of the Treaty on European Union (TEU) and of Union policy in the field of development cooperation as set out in Article 208 of the Treaty on the Functioning of the European Union (TFEU). The EFSD should also allow investors and private companies, in particular micro, small and medium-sized enterprises, to contribute more effectively to sustainable development in partner countries in line with the Union’s development policy and European Neighbourhood Policy. The EFSD should maximise additionality, address market failures and sub-optimal investment situations, deliver innovative products and crowd in private sector funds. EFSD operations should be clearly distinct from, and complementary to, other support, including the European Investment Bank’s (EIB) external lending mandate operations and Economic Resilience Initiative, and the Investment Facility established under the Partnership Agreement between the members of the African, Caribbean and Pacific Group of States of the one part, and the European Community and its member States, of the other part, signed in Cotonou on 23 June 2000 (2) (ACP-EU Partnership Agreement) (ACP Investment Facility). EFSD operations should also be complementary to the existing activities of other eligible financial institutions. |
(5) |
The EFSD should contribute to the implementation of the 2030 Agenda, which recognises international migration as a multi-dimensional reality of major relevance for the development of countries of origin, transit and destination, requiring coherent and comprehensive responses, while underlining the potential for migrants to contribute to inclusive growth and... |
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