65581 The Republic of Cameroon: Kribi Gas Power Project SUMMARY OF DISCUSSION Meeting of the Executive Directors November 10, 2011 The Executive Directors of IDA approved the IDA Guarantee to Cameroon in the amount of up to CFA 40 billion (US$82 million equivalent) and a waiver to the World Bank policy summarized in paragraph 10 of OP 14.25, and the Board of Directors of IFC approved an A Loan in the amount of up to EUR 64 million (US$86 million equivalent) for the Kribi Gas Power Project, on the terms and conditions set out in the President’s Memorandum (IDA/R2011-0292; [IFC/R2011-0284]). Directors expressed support for the project, which will significantly expand the country’s energy generation capacity, helping bridge the period before further hydropower developments, and catalyze the first development of Cameroon's gas reserves. They noted that, as the first private local currency finance for an infrastructure project, the project will contribute to the development of the country’s financial markets. Directors highlighted that the project is as an exemplary Private Public Partnership (PPP) and a successful example of IDA-IFC collaboration, which could pave way for other PPPs in the region. They acknowledged the risks associated with the project but expressed satisfaction with the mitigation measures. Directors encouraged ongoing collaboration between IDA and IFC on sector, institutional, regulatory and governance reforms, as well as with other donors.  This summary is not an approved record.