The European Council on Monday began moves to establish a fund it says will combat the poverty and conflict driving undocumented migration to Europe.
The European Fund for Sustainable Development (EFSD) aims to attract investments of up to €44 billion ($52 billion) with an initial budget of €3.35 billion ($4 billion) -- the council said.
Projects in a variety of sectors -- such as energy, transport, social infrastructure, digital economy, sustainable natural resources, agriculture and local services -- will be financed by the fund, according to the council.
A first meeting of the EFSD's strategic board will be held on Sept. 28 to discuss the overall strategy and investment priorities for the fund.
