European Commission president Jean Claude Juncker is being urged to use tomorrow's State of the European Union speech to back a plan which could channel €300 billion a year to the developing world.
It is understood Mr Juncker is considering taking forward a strategy steered through the European Parliament by Conservative Development spokesman Nirj Deva which involves using the private sector to supplement public funds for Africa and other areas.
Mr Deva said: "A joint initiative of this kind by the Parliament and Commission could transform the lives of millions of people in the developing world.
"The Deva-Juncker plan would turn the €20 billion a year of European Union international development funding into €300 billion by leveraging in private capital in the form of public private partnerships.
"We have invented a new phrase – economic blending. We use public and private sector money to create wealth, businesses, enterprise, jobs, small workshops, canning factories in Sub-Saharan Africa and other parts of the world.
"When we bring the private sector in we also bring the disciplines of the private sector. Proper accounting, tendering and reporting procedures all follow because private sector money is going to want a return."
Mr Deva argues such an approach is the only sustainable way of tackling the migration crisis.
"The thing we must understand is why are people coming to Europe. They want better opportunities, better income, better lives. They don't stay in their countries because those countries are underdeveloped so they march with their feet to the borders of the EU.
"International development is not just about helping poor people. It's about preventing people migrating and putting pressure on our societies. It's a two way thing."