EU approves funding for migration projects outside Europe

BRUSSELS, Feb 27 (KUNA) -- The EU General Affairs Council, meeting in Brussels Tuesday, has given the go-ahead to increased lending by the European Investment Bank (EIB) to projects outside the EU that address migration issues.
In total, the financing limit under an EU guarantee is increased by EUR 5.3 billion (USD 6.5 billion). Of this, EUR 3.7 billion (USD 4.5 billion) are earmarked for projects in the public and private sectors providing a strategic response to the root causes of migration outside the EU, said the Council in a statement.
Projects outside the EU represent around 10 percent of total EIB financing activities. The Luxembourg-based EIB is the only bank owned by and representing the interests of the EU member states. (end) nk.hb