# Council Decision (EU) 2019/597 of 9 April 2019 on the establishment of a High-level Group of Wise Persons on the European financial architecture for development, Division 3: Mandate

Extent: E+W+S+N.I.

For the purposes of these terms of reference, the European financial architecture for development includes the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the financial instruments managed by the Commission. In its analysis of the European financial architecture for development, the Wise Persons Group shall take a system-wide perspective.
In order to avoid duplication of existing activities and to encourage opportunities for further cooperation with other key development actors, the Wise Persons Group shall, in particular, consider how to maximise the added value of the European financial architecture for development within the existing diverse landscape of relevant national bodies in the Member States, such as national development financial institutions and agencies, and international and multilateral institutional bodies, such as the Council of Europe Development Bank or the World Bank. The Wise Persons Group shall also take into account the overall developments and needs that have shaped the global financial architecture for development over time and how the global financial architecture has been adapted to those developments and needs.
The Wise Persons Group shall describe the challenges to and opportunities for rationalising the European financial architecture for development, dealing in particular with the respective roles of the EIB and of the EBRD. It shall recommend scenarios for the evolution of the European financial architecture for development, including recommendations on clear prioritisation and sequencing, taking into account the potential associated costs, on the basis of:
an assessment of the capacity of the current European financial architecture for development to deliver on the Union's policy priorities for external action and development, notably in terms of development impact, effectiveness, additionality, overlaps and value for money;
an analysis of the respective strengths and weaknesses of the mandates and instruments of all actors involved, including the risk management, governance, shareholding and incentive structures of the EIB and the EBRD;
an examination of the strategies put forward by the EIB, the EBRD and the Commission to further develop their mandates with a view to enhancing private sector development and sovereign lending, including, as appropriate, in least-developed and fragile countries.

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Source: https://www.legislation.gov.uk/eudn/2019/597/annex/division/1/division/3 (the official version)
Page: https://openlegislation.uk/eu-decision-2019-597/annex/division-1/division-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.