Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-162-000"
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"en.20111116.18.3-162-000"2
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"Mr President, whenever we have looked at the issue of development finance in the past, it has really been an exercise in taking the money from taxpayers in Europe, giving it to the wealthy elites of the developing countries and calling that direct budgetary support. Now is definitely the time for us to be far more imaginative and more targeted, but also let us not forget that if the governments withdraw from this role and we actually help entrepreneurs in the developing countries, there is a role for finance.
Let us look at an example: the Kiva website, which encourages people from all round the world to lend money directly to entrepreneurs in developing countries. When that money comes back, we lend again and we help take more people out of poverty than development aid often does.
Let us also look at the other issues and instruments, such as private equity, which is responsible for about 12.5% of South Africa’s GDP. Unfortunately, when we had a debate on the Alternative Investment Fund Managers Directive, there was a move to prevent investors in the European Union investing in funds outside the EU that invested in the development of these countries. Let us make sure that we are consistent on this and we really want to help finance development."@en1
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