Boards Meeting

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In its 18 February 2009 meeting, the AfDB Board of Directors approved a US$ 30 million line of credit and US$ 7.5 million equity investment in Shelter-Afrique. The Company for Habitat and Housing in Africa (Shelter-Afrique) was established in 1982 by African governments, the African Development Bank, the Commonwealth Development Corporation Group, and Africa Reinsurance Corporation (Africa-Re) to address the need for a sustainable housing delivery system in Africa. Through this partnership, the AfDB aims at increasing its development impact on the continent by supporting sustainable provision of housing, creating jobs, and developing Africa’s private sector. Another approval concerns a line of credit of up to US$ 100 million to Nigeria’s Intercontinental Bank Plc. The line of credit will finance Small and Medium-Sized Enterprises (SMEs) projects with high-growth potential in the manufacturing, services and natural resources sectors across Nigeria. Finally, the ADF Board of Directors approved a loan of UA 30 million to finance a Rural Drinking Water and Sanitation Sub-Programme - Phase II in Senegal. Nearly one million people will directly benefit from this program.

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