Minister
for Foreign Affairs and Trade Promotion, Carmelo Abela, joined other EU
Ministers responsible for Development in Brussels for an exchange of views on
the bloc’s future financial architecture for sustainable development. The
discussion was held following the release, on 8th October 2019, of the final
report by the High-level Group of Wise Persons, that was established by the
Council of the EU with the task of producing an independent report on the
challenges and opportunities for improving and rationalising the European
financial architecture for development and possible scenarios for its
evolution.
The
report supports the consolidation and streamlining of development finance and
climate activities outside the EU into a single entity, a ‘European Climate and
Sustainable Development Bank’, so as to avoid overlaps and strengthen the EU’s
presence, role, and long-term capacity to deliver on its development
priorities. The Chair of the Wise Persons’ Group, Thomas Wieser, presented the
final report to the Council while the President of the European Investment Bank
(EIB), Werner Hoyer, and the President of the European Bank for Reconstruction
and Development (EBRD), Sir Suma Chakrabarti, presented their views.
Minister
Abela stressed the need for the EU to determine its political priorities in
this field, while identifying its goals and the strategy to reach them
effectively. “The Group of Wise Persons’ report provides an opportunity to
rethink how Europe delivers development financing,” he said. “It provides
significant input and shows that the current set up of our development
financing needs to be improved. It is crucial for the future financing
architecture to be efficient, effective, well-coordinated, and strategic to be
able to deal with the numerous global challenges that we face today, and to
achieve the 2030 Agenda.”
With
regard to the institutional structure and the recommended options put forward
by the Wise Persons’ Group, Minister Abela remarked that further analysis is
required. The studies should address the costs, opportunity costs, efficiency,
effectiveness, and development impact of choosing each option, he said.
The
Council also discussed how the EU and its Member States can better cooperate to
support development of countries in transition, with particular attention to
Ethiopia and Sudan. Minister Abela said that the mobilisation of funds remains
a topmost priority towards supporting the democratic transition in Sudan which
would ensure sustainable peace, security, and prosperity. Strong institutions
are at the core of a democratic society and support in this regard remains a
priority. On Ethiopia, he asserted that a truly inclusive and successful
democratisation process requires the full contribution of Ethiopia’s youth,
which represent over 60 per cent, in the development of policies for the present
and the future of the country.
Further
investments in the country and job creation are crucial, and the EU, in this
regard, should continue, collectively, to contribute to investment climate
improvements through the wide range of tools at its disposal. Minister Abela
spoke about Malta’s ongoing projects in Ethiopia, funded through the country’s
Official Development Aid, particularly in the education, health, and water
management sectors.
The
Council also adopted a new list of persons whom it proposes for appointment as
members of the Commission until 31 October 2024. This paves the way for the
vote of consent in the European Parliament on the entire Commission as a body.
Minister
Carmelo Abela with Neven Mimica, European Commissioner for International
Cooperation and Development
Minister
Carmelo Abela with Gordan Grlić-Radman, Croatian Minister of Foreign and
European Affairs
Minister
Carmelo Abela with Sigrid Kaag, Dutch Minister for European Affairs and
International Cooperation
Minister
Carmelo Abela with Daniel Azzopardi, Malta’s Permanent Representative to the
European Union