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Highlights – Board Meeting of 13 December 2018 - 10 am

04-Feb-2019

The proposed borrowing program consists of a maximum amount of UA 5.238 billion to be mobilized on the capital markets, and an additional amount of up to the yen equivalent of US $300 million (UA 215 million) under the Enhanced Initiative for Assistance to the Private Sector in Africa (EPSA2). Executive Directors took note of the proposal and commended Management for the initiatives and the various awards received. They appreciated the Bank's efforts to introduce local currency issues into the capital markets, but also encouraged the Bank to help countries build their domestic resource mobilization capacity and to carefully consider the envisaged recourse to commercial banks in certain RMCs in local currency loans. The Board finally wanted clarification on the impact of the proposed debt program on the Fitch ratio. At the end of the deliberations, the Board approved the African Development Bank's 2019 Borrowing Program.

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