Highlights of AfDB/ADF Board Meetings

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22-Nov-2018

Highlights – Board Meeting of 18 October 2018

The Board noted that the proposed investment is the first under the Boost Africa program, a partnership between the AfDB, the EIB and the European Commission, which seeks to provide investment funding for innovative start-ups in nine sub-Saharan African countries. Board members supported this project, the first to be facilitated by the new Policy on Non-Sovereign Operations and welcomed the focus on job creation, particularly for women. Specifically, they welcomed the collaborative investment model and the excellent capacity of the Fund's management team. However, Executive Directors...
17-Nov-2018

Highlights – Board Meeting of 18 October 2017

The above-mentioned proposal provides a country by country assessment of eligibility for resources in the ADF 14 cycle through the TSF to strengthen the re-engagement and recovery process in eligible countries, thereby enabling them over time to compete or qualify for larger PBA allocations. The Board expressed appreciation for the increase in ADF 14 resources to tackle the economic challenges associated with fragility and noted the steady progress made by certain countries to transit out of fragility. While recognizing the challenges associated with work in the fragile countries, some Chairs...
08-Nov-2018

Highlights – Board Meeting of 5 September 2018

Following the presentations by the Chair of CODE and Management, some Executive Directors congratulated the team on the efforts made to come up with this new Strategy and encouraged the team to put in place a strong action plan to avoid a weak implementation rate as it was with the 2013-2017 Country Strategy Paper. The Board also invited the Management to focus on actions that will reduce the growing inequality in the country both in terms of income distribution and access to services.The Board approved the two pillars, namely: (i) Supporting Agricultural Transformation for Economic...
08-Nov-2018

Highlights – Board Meeting of 12 September 2018

Following the review by CODE of its discussions of the Policy on Non-Sovereign Operations and a presentation by Management, most Board members commended Management for the quality of the document. Some Executive Directors pointed out the importance of the policy in enabling the Bank to attract additional resources for the continent and carry out more private sector development operations. They requested Management to support the development of financial centers and local financial markets in Africa with special attention to tax evasion and tax fraud risks. In this regards, some Members...
08-Nov-2018

Highlights – Board Meeting of 19 September 2018

The Board noted that the document under consideration is a proposal for a hybrid system that has the characteristics of both the defined benefit and defined contribution schemes. The aim of the hybrid system is to further strengthen the financial viability of the pension plan and to share the risks between the Bank and employees. Board members supported the proposal and requested that management reflect on the ways and means of further strengthening the long-term financial viability of the Staff Retirement Plan. They underscored the need for Management to ensure efficient communication with...
08-Nov-2018

Highlights – Board Meeting of 25 September 2018

The proposal to the Board concerns the Bank’s Strategy in Côte d'Ivoire for 2018-2022, which is based on two pillars, namely (i) strengthening transformative infrastructure and governance to ensure economic competitiveness and investment efficiency; and (ii) developing agro-industrial value chains for inclusive and sustainable growth. Board members commended Côte d'Ivoire on its strong economic performance and hoped that the new Bank’s Strategy in the country would contribute to job creation and a more inclusive growth. They requested Management to continue engaging with the authorities on...
27-Sep-2018

Highlights – Board Meeting of 11 july 2018

The Board noted that the document under review presents the main conclusions and recommendations resulting from the review of the compliance of the Sendou coal-fired power plant project with the Bank Group's policies and procedures, as well as the plan of action envisaged by Management in that regard. Board members took note of the presentation and expressed concern about the reputational risks associated with the project and the fact that disbursements were made despite all the problems identified. Executive Directors also felt that Management's response needed to be revised and further...
27-Sep-2018

Highlights – Board Meeting of 18 July 2018

Following a presentation by the Chairperson of CODE and Management, Board members commended Management for taking into accounts the comments and recommendations made during CODE discussions. The Board approved the choice of the two pillars, namely, promoting industrialization and deepening regional integration. In addition, the Board invited Management to ensure that the Bank closely and robustly supports the country in its reform of state-owned enterprises and particularly in stabilizing the situation of ESKOM which is currently undergoing a complete restructuring. In addition, Board members...
27-Sep-2018

Highlights – Board Meeting of 18 July 2018 - 2 PM

The Board noted that the purpose of the PSC-LED is to: (i) consolidate the achievements of past operations and support the efforts of the Cabo Verde authorities through reforms to improve overall competitiveness; and (ii) lay the foundation for local economic development. Board members supported this operation and its alignment with the interventions of other donors in the country. They pointed out that private sector development is crucial to drive sustainable growth, and requested Management to work together with development partners and dialogue with the authorities to ensure social...
27-Sep-2018

Highlights – Board Meeting of 20 July 2018

Board members noted that the proposed transaction will allow the Bank to manage its credit exposures and lending headroom more efficiently, while mobilizing additional financial resources. Executive Directors commended Management for the innovative tool and acnowledged its importance in optimizing the Bank’s balance sheet through the reduction of the risk-weigh of the portfolio, lowering of risk capital consumption and creation of between USD 600-700 million in additional lending headroom, while simultaneously leveraging private investment into Africa. A Chair, however, wondered whether the...
27-Aug-2018

Highlights – Board Meeting of 20 juin 2018

Board members noted that the annual report of the African Water Facility (AWF) accounts of the activities and results achieved by the AWF in 2017 and compares them with the priorities and targets outlined in the 2017 Work Plan and the new 2017-2025 AWF Strategy. Board members acknowledged and appreciated the importance of the Facility's interventions, given the challenges facing the Continent in terms of access to water and sanitation, and the strong synergy with green and inclusive growth. They stressed the need to establish a clear linkage between the Facility's interventions and the Bank's...
17-Aug-2018

Highlights – Board Meeting of 6 June 2018

Board members thanked Management for incorporating CODE members’ comments and commended the choice of the two pillars of accelerating industrialization and reducing unemployment, as well as the focus on the private sector. They reiterated the importance of translating into Portuguese all Bank documents and procedures. They also acknowledged that the level of commitment was not as high as expected and welcomed Management's proposal to organise a seminar in July to discuss how best to support small island countries. Finally, they requested Management to ensure that solutions were found to the...
17-Aug-2018

Highlights – Board Meeting of 13 June 2018

Board members unanimously expressed support for this innovative project, which will not only help to improve access to electricity for low-income people who do not always have access to the electricity grid but also encourage the use of renewable energy. Some members suggested that Management should think of replicating this type of project in other countries, whereby the Bank’s guarantee has helped to mobilize local currency funding by commercial banks. Some Board members invited Management to ensure that the cost of solar kits actually make it easier for the poorest people in rural areas to...
17-Aug-2018

Highlights – Board Meeting of 27 juin 2018

Board members thanked Management for taking CODE’s comments and recommendations into account. They requested Management to work with the country on the issue of debt management and to consider the possibility technical assistance from the African Legal Support Facility (ALSF). The Board expressed support for the choice of the two pillars: infrastructure development and support for agricultural transformation and value chain development; and endorsed Management's decision to address the issue of governance in a crosscutting manner. Board members emphasized the need for coordination among other...
17-Aug-2018

Highlights – Board Meeting of 29 juin 2018

The Board noted that the above-mentioned operation involves obtaining an insurance cover of up to US$500 million as part of the balance sheet optimization exercise. The cover should lead to the possibility of freeing up adequate resources to create an additional headroom for new financing and address major exposure constraints by creating an additional 3% margin on the Bank's financial sector portfolio limit. The Board commended Management for the series of meetings and question-and-answer sessions as well as for the innovative nature of the proposal. They appreciated the fact that this...
15-Jun-2018

Highlights – Board Meeting of 9 May 2018

The Board noted that, based on the recommendations of the Auditor General’s Office, the spot-check advisory review of the Independent Review Mechanism will, for the year 2018, assess the implementation of the environmental and social management plan of three projects in Cameroon, namely: the potable water supply and sanitation project in semi-urban areas, the first phase of the KettaDjoum road rehabilitation project, and the Kumba-Mamfe road rehabilitation project. Board members questioned the criteria that justified the choice of the proposed projects. They recommended that, going forward,...
15-Jun-2018

Highlights – Board Meeting of 15 May 2018

Board members noted that the program under review is intended to contribute to the creation of sustainable jobs in rural areas in Morocco. They welcomed the programme as it will enhance the competitiveness of the agricultural sector through the promotion of value chains, the improvement of the business climate, and the sustainable management of natural resources. Executive Directors strongly supported the program and congratulated Management and the Moroccan authorities for the quality of its programs that will contribute to improving the living conditions of the populations in rural areas....
15-Jun-2018

Highlights – Board Meeting of 16 May 2018

The above-mentionned project is for a loan to Indorama Eleme in order to develop agricultural production through the efficient use of fertilizers. In addition to boost the Nigerian agriculture, this project aims to create employment and add value in a fragile region of the country. The Board pointed out that even though the Bank was not the main lender, this well structured project complied with the SDGs and was in line with the High 5s, especially Feed and Industrialize Africa. Board members would have liked Management to conduct further studies on the environmental impact, as well as a plan...
22-May-2018

Highlights – Board Meeting of 28 February 2018

The above-mentioned policy provides a framework to guide Bank Group staff on records management and archives to preserve the Bank Group’s vital records and institutional memory and improve timely access of the Bank Group records by all stakeholders. It also aims to improve the regulatory compliance of records through use of retention schedule and promotion of digital management of the Bank Group’s records, while supporting transparency and accountability in the most cost-effective way. Board Members commended staff for the timeliness of the policy and urged Management to focus more on...
22-May-2018

Highlights – Board Meeting of 7 March 2018

Board Members took note of the revised version of the above-mentioned document, which aims, inter alia, to support the AU Vision 2063 through the Bank's High-5s, strengthen infrastructure connectivity, increase linkages and market connectivity, and support financial integration and inclusion. The new version of the document takes into account the conclusions and recommendations of the CODE Committee meeting of 19 January 2018 as briefly recalled by ED Cudré-Mauroux, Vice-President of the Committee. Board members welcomed the pillars chosen, but called for particular emphasis on crosscutting...