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Developed countries – some of which have resisted accepting any refugees at all – would not simply accept 20 million newly displaced people.Rather than simply handing money from one state to another, as the world has done for the last 60 years, development funds must be used to mobilize the private sector – the real engine of economic growth and development.With the right approach, the 20 billion euros ($22 billion) in annual development funding provided by the European Union could be leveraged to mobilize 300 billion euros of capital for the developing world, changing millions of people's lives for the better. The model is straightforward: First, blend public, private and charitable contributions; second, invest the funds under rigorous private-sector standards, rather than entrusting them to profligate public-sector actors who often treat donor money with contempt.The good news is that European governments increasingly seem to recognize the need to tap the potential of the private sector to support development.
For the first time in decades, the Tigers may be tamed
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