Scholarly record

THE EUROPEAN FUND FOR SUSTAINABLE DEVELOPMENT ACCORDING TO THE REGULATION 2017/1601 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

A.Deac

Abstract

In September 2017, the European Parliament and the Council adopted the Regulation 2017/1601 establishing the European Fund for Sustainable Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund.Because the Regulation EU 2017/1601 is a pretty recent legislative act, to accomplish this juridical task, the bibliography will be represented by European Union legislative acts concerning the domain. The Regulation 2017/1601 is the result of European Union leaders efforts to create a european fund for sustainable development, which purpose is 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 2030 Agenda for Sustainable Development with a special purpose, poverty eradication. By supporting such investments, the the European Fund for Sustainable Development 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. Investments under the EFSD would 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. The purpose of the EFSD is in line with the Union Global Strategy for Foreign and Security Policy, which embeds challenges such as migration and resilience in the overall foreign policy of the Union, ensuring that Union external policy is fully coherent with the objectives of development policy and ensuring synergies with the Union’s development policy and European Neighbourhood Policy. Its purpose is also in line with the Charter of Fundamental Rights of the European Union and international human rights law, which ensures a human rights-based approach while addressing forced displacement and irregular migration. The EFSD is to operate as a ‘’one-stop-shop’’, receiving financing proposals from financial institutions and public or private investors and delivering a wide range of financial support to eligible investemts. The EFSD is to deploy innovative instruments to support investmets and involve the private sector, in particular micro, small and medium-seze enterprinses to participate more effectively in efforts to achive sustainable development in partner countries. The purpose of this scientific approach is to interpret the articles of the Regulation 2017/1601 using legal methods in order to understand correctly its meanings and fundamentals ideas.

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