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New general conditions applicable to loan and guarantee agreements of the African Development Bank Group as well as protocol of agreements become effective as of January 1st 2009.
These new conditions had been adopted by the Boards of Directors of the Bank and the Fund in May 2008 in Maputo.
The revised general conditions contain standard provisions applicable to financing provided by the AfDB Group and knowledge of the provisions is essential to the proper negotiation of financing agreements as well as the implementation of the related projects.
The current General Conditions were adopted in 1989 and 1991 respectively. Since that time, the African Development Bank and the African Development Fund have evolved tremendously as well as the operations they finance. The AfDB Group has put in place new structures, introduced new financial products and services, as well as adopted new operations policies and guidelines, with the objective of improving responsiveness and ensuring development effectiveness. These developments together with the AfDB Group’s commitment to the harmonization initiative form the basis of the revision exercise.
The new general conditions are a product of a comprehensive review and consultation process led by the General Counsel and Legal Services Department of the AfDB, and involved both internal and external stakeholders including representatives of regional member countries (RMCs), sister institutions as well as members of each of the Boards of Directors of the Bank and the Fund.