A new initiative has launched in Europe with the aim of dealing with the root causes of economic migration.
The issue represents one of the largest challenges to Europe today and one that has featured high in political discourse. The new initiative is led by the European Investment Bank — the EU's nonprofit lending institution — which is rolling out a program called the Economic Resilience Initiative.
The idea is to help mobilize additional financing from the private sector, alongside the public sector, to deal with the root causes of migration. To date, Croatia, Italy, Lithuania, Luxembourg, Poland, Slovakia, Slovenia and the U.K. have pledged contributions for the initiative which aims to boost economic resilience in the countries of origin.
Speaking to CNBC at last week's IMF (International Monetary Fund) Spring Meetings in Washington, D.C., Luxembourg's Finance Minister Pierre Gramegna highlighted the need to counter the flow of economic migration by investing in countries of origin, adding that "people leave due to climate change, economic situation, starvation."