70866
                  Africa: Southern African Power Market Project (APL 1)
                                 Second Additional Grant
                                           and
                                      Restructurings

                          CHAIR’S SUMMARY OF DISCUSSION

                               Meeting of the Executive Directors

                                          June 28, 2012


        The Executive Directors approved the second additional grant in the amount of SDR 130
million ($201.5 million equivalent) and restructurings for the Southern African Power Market
Project to the Democratic Republic of Congo and the Southern African Power Market Program
on the payment terms and conditions set out in the President’s Memorandum (IDA/R2012-0157).
Directors also approved a waiver of Operational Policy 13.20.

        The Directors underscored the key pivotal role of the Project as a critical infrastructure
for the Southern Africa region as a whole and the Democratic Republic of Congo. They
nonetheless reiterated the need for close Bank supervision to avoid recurrence of delays and cost
overruns. More broadly, Directors strongly emphasized the need for strong economic
governance and transparency. In this regard, they urged continued dialogue with the
Government and other donors to ensure that appropriate measures are in place related to the
Country Economic Governance Matrix in general, and transparency of mining contracts in
particular.





This summary is not an approved record.