This report is the final outcome of the Steering Committee of "wise persons" which was assigned, at the request of the European Parliament and the Council, the task of supervising an external evaluation of EIB activity outside the EU. It contains recommendations for short-term amendments to the EIB mandate, including the release of an optional mandate of EUR 2bn and steps to ensure maximum value-added and efficiency of EIB operations. In addition, the report also contains suggestions to address the challenges of the years ahead.