Provide more impact without “additional costs”: That’s the message European Union member states are planning to send to the continent’s leading multilateral development banks, according to a draft policy document seen by Devex.
A three-year reflection on how to improve the European financial architecture for development will culminate with EU countries’ joint conclusions next month. Diplomats are set to discuss the draft this week, ahead of a meeting of EU development ministers Thursday.
The draft underlines the need for a more “efficient, coherent and visible” EU development system with “increased political guidance” by member states in the Council of the EU. The banks are told to “reinforce their comparative advantages in development finance, avoid fragmentation and achieve an increased development impact.” However, the conclusions state, “such improvements should not generate additional costs for [the banks’] shareholders.”