Brussels, May 13 (IANS): A new policy paper was adopted by the European Commission Tuesday outlining a new strategic framework to ensure that private sector operations in developing countries have a positive impact on society.
The policy paper - or communication as it is officially known - proposes 12 concrete steps to improve the regulatory business environment in partner countries, support business development and increase access to finance with a focus on micro, small and medium-sized businesses, Xinhua reported Tuesday.
It also identifies actions in areas such as sustainable energy, agriculture, infrastructure and green sectors.
European Union (EU) Development Commissioner Andris Piebalgs said: "The private sector has a crucial role to play in helping people to lift themselves out of poverty."
Over the last decade, support by the EU for private sector development in partner countries has averaged 350 million euros ($480 million) per year.
Approximately 50 percent of overall EU support to private sector development in developing countries is granted to partner countries on the African continent, including countries in Sub-Saharan Africa and North Africa, according to an EU statement.