The Steering Committee, co-chaired by the European Investment Bank Group and the World Bank Group, represents the interests of the members and defines the strategic and operational priorities. Additionally, the Steering Committee decides on the admission of any additional member institutions into the consortium. The Steering Committee currently is comprised of seven multilateral development banks: European Investment Bank (EIB), International Finance Corporation (IFC), International Bank for Reconstruction and Development (IBRD), African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD) and Inter-American Development Bank (IDB).

The Observer to the Steering Committee represents the interests of the General Assembly and takes part in the Steering Committee meetings as an invited participant, without voting rights. The role is held by an elected representative from one of the member institutions that are not represented in the Steering Committee.