[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110352-en":3,"doc-seo-110352-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110352,549758252649,"Ivy","https://ap-avatar.wpscdn.com/avatar/8000253669c5317157?_k=1778319167496531819",8,"Research & Report","IFC and MIGA Boards Meeting Minutes - June 17, 2021","Minutes record a joint meeting of the Boards of Directors of IFC and MIGA conducted via WebEx on June 17, 2021 at 2:01 p.m. The Boards reviewed the President’s Memorandum and a report covering IFC’s proposed Gabon investment and MIGA’s guarantees for the Kinguele Aval Hydropower Project. Actions include approval of the IFC investment structure with specified loan and swap components, and MIGA guarantee terms detailing covered risks, tenors, and exposure limits. The meeting adjourned at 3:08 p.m.","Public Disclosure Authorized Public Disclosure Authorized  \nFROM: Vice President and Corporate Secretary  \nMinutes of a Meeting of the Boards of Directors of IFC and MIGA via WebEx on June 17, 2021 at 2:01 p.m.  \n1. There were present:  \nCHAIRS:  \nS. von Friedeburg, Chief Operating Officer, IFC  \nV. Iyer, Vice President and Chief Operating Officer, MIGA  \nDIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS:  \nC.  \nA.  \nA.  \nF.  \nM.  \nH.  \nR.  \nD.  \nY.  \nD.  \nG.  \nS.  \nH.  \nAcosta Alkhalaf Bedjaoui Bouvet Coelho Demircan Eletreby Favre Gavish Gottfried Haarde Heuser Ikarashi  \nB.  \nL.  \nA.  \nL.  \nM.  \nK.  \nF.  \nV.  \nR.  \nA.  \nT.  \nKang Levonian Manuel Mba Medina Nelson Ngaruko Parjiono Tamozhnikov Topno Weintraub Zhang  \nOFFICERS AND STAFF PARTICIPATING:  \nD. Gaye, Vice President and Corporate Secretary  \nC. Stephens, Vice President and General Counsel, IFC  \nA. Kumar-Capoor, Director and General Counsel, MIGA  \nS. Pimenta, Regional Vice President, IFC  \nL. Munyengeterwa, Director, IFC  \nJ. Thureau, Senior Manager, IFC  \nS. Suri, Director, MIGA  \nM. Baroudi, Director, MIGA  \nM. Williams, Sector Manager, MIGA  \nY. Ibrahim, Sector Manager, MIGA  \nE. Mutambatsere, Sr Sector Economist, IFC  \nC. Savy, Environmental Specialist, IFC  \nA. Ouedraogo, Resident Representative, IBRD/IDA  \nThis document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.  \nGabon-IFC Investment in Asonha Energie S.A. and MIGA Guarantees to Meridiam Infrastructure Africa Fund FIPS, France and Group Companies, to Meridiam Infrastructure Africa Parallel Fund FIPS, France and Group Companies, and to Development Bank of Southern Africa Limited, South Africa and Other Financial Institutions for the Kinguele Aval Hydropower Project  \n2. The Boards of Directors of IFC and MIGA discussed the President’s Memorandum and a Report on Gabon-IFC Investment in Asonha Energie S.A. and MIGA Guarantees to Meridiam Infrastructure Africa Fund FIPS (MIAF), France and Group Companies, to Meridiam Infrastructure Africa Parallel Fund FIPS (MIAPF), France and Group Companies, and to Development Bank of Southern Africa Limited (DBSA), South Africa and Other Financial Institutions for the Kinguele Aval Hydropower Project (IFC/R2021-0146[MIGA/R2021-0034, dated May 7, 2021) .  \nThe Board of Directors ofIFC approved the investment consisting: (i) an “A” loan of up to EUR 33 million (approximately US$ 40 million); (ii) a BF Loan from the Canada Program of up to US$ 25 million (or up to EUR 20 million); (iii) client risk management interest rate swap(s) for the full EUR denominated senior debt of c. EUR 111.9 million and cross currency swap(s) for the US$ 25 million BF Loan, representing a combined loan-equivalent exposure (LEQ) of up to US$ 8.5 million and adopted Resolution No. IFC2021-0008 . The combined exposure of the investment from IFC's own account (i.e. the “A” loan and the client risk management swaps) isc. US$ 48.4 million. Ms. Bouzis wished to be recorded as abstaining.  \nThe Board of Directors of MIGA concurred with the issuance of guarantees covering both MIAFand MIAPF, and group companies, for their Equity, Quasi-Equity, and Shareholder Loan (EQS) investments and DBSA, and other financial institutions as needed, for its non-shareholder loan. The guarantees for EQS are for up to 20 years and for debt for up to 19 years, against the following risks: Breach of Contract (BOC), Expropriation (EXP), Transfer Restriction and Currency Inconvertibility (TR), and War and Civil Disturbance (WCD). The guaranteed percentages are 90 percent for equity investment and 95 percent for both shareholder loan and non-shareholder loan investments. MIGA’s overall gross and net exposure would be up to EUR  \n68.6 million (equivalent to US$ 83 million) . MIGA guarantees may be issued in either Euros or  \nU.S. dollars, or a combination thereof. Ms","cbCaijsLj0fIZyYK","https://ap.wps.com/l/cbCaijsLj0fIZyYK","pdf",137900,1,5,"English","en",105,"# Meeting Overview\n## Attendance\n## Key Discussions and Approvals\n# Adjournment\n# Absence-of-Objection / Streamlined Approvals\n## Somalia Grant Approval (June 16, 2021)\n## Uzbekistan Credit Approval (June 16, 2021)\n## Nepal Development Policy Credit Approval (June 16, 2021)\n## Indonesia Additional Loan Approval (June 17, 2021)","[{\"question\":\"When and how was the joint IFC and MIGA board meeting held?\",\"answer\":\"The meeting was held via WebEx on June 17, 2021 at 2:01 p.m.\"},{\"question\":\"What did the Boards approve for IFC in relation to the Kinguele Aval Hydropower Project?\",\"answer\":\"The Boards approved an investment consisting of an “A” loan up to EUR 33 million, a BF loan up to US$ 25 million (or up to EUR 20 million), and specified risk management interest rate and cross-currency swaps, adopting Resolution No. IFC2021-0008.\"},{\"question\":\"What were the main features of MIGA’s guarantees and the covered risks?\",\"answer\":\"MIGA concurred with guarantees for equity, quasi-equity, and shareholder loans, with tenors up to 20 years for EQS and up to 19 years for debt. Coverage includes Breach of Contract, Expropriation, Transfer Restriction and Currency Inconvertibility, and War and Civil Disturbance.\"}]",1784485027,13,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"ifc-and-miga-boards-meeting-minutes-june-17-2021","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/ifc-and-miga-boards-meeting-minutes-june-17-2021/110352/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"When and how was the joint IFC and MIGA board meeting held?","Question",{"text":74,"@type":75},"The meeting was held via WebEx on June 17, 2021 at 2:01 p.m.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What did the Boards approve for IFC in relation to the Kinguele Aval Hydropower Project?",{"text":79,"@type":75},"The Boards approved an investment consisting of an “A” loan up to EUR 33 million, a BF loan up to US$ 25 million (or up to EUR 20 million), and specified risk management interest rate and cross-currency swaps, adopting Resolution No. IFC2021-0008.",{"name":81,"@type":72,"acceptedAnswer":82},"What were the main features of MIGA’s guarantees and the covered risks?",{"text":83,"@type":75},"MIGA concurred with guarantees for equity, quasi-equity, and shareholder loans, with tenors up to 20 years for EQS and up to 19 years for debt. 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