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Highlights – Board Meeting of 13 December 2017
The proposed borrowing program amounted to a maximum of UA 5.616 billion to be raised from the markets plus an additional envelope of up to the JPY equivalent of USD 500 million (UA 356 million equivalent) under the Enhanced Private Sector Assistance (EPSA) facility. It is intended to raise cost-effective resources to finance development projects and programs in regional member countries, in line with the Bank’s 10-year strategy and the High 5s operational priorities. The program will also provide the Bank with sufficient liquidity to meet all cash flow requirements over a period of at least 12 months and comply with its liquidity policy. Executive Directors welcomed Management’s decision to issue fewer but larger bonds. In addition, they welcomed the diversification of the loan portfolio. They recommended an increase in local African currency issues, in order to develop the capital market on the continent. At the end of its deliberations, the Board took note of the financing strategy and approved the 2018 Borrowing Programme. In that regard, the Board adopted Resolution of 11 December 2017.