Major European development banks to provide proposals to enhance coordination on European development finance
Representatives of EU Member States have invited the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) to submit concrete proposals on measures to enhance coordination on development finance by the end of January 2020.
Member State representatives in the Council of the EU had previously commissioned a report by a ‘high-level wise persons group’ on the future of the European financial architecture for development. The report recommended several measures for reforming the existing architecture to increase coordination and to improve development impact. The Council, in turn, adopted recommendations aimed at making the current institutional set up more flexible, coherent, and strategic.
The Council has now called for proposals from EIB and EBRD on implementing the report’s recommendations. It has also invited the European Commission and the European External Action Service to report on the progress made on various measures to strengthen the development finance architecture at the end of January 2020.
Press release - Council of the EU
Council conclusions on strengthening the European financial architecture for development - Council of the EU
Report on the future of the European financial architecture for development - EU high-level Group of wise persons