During a closed session the Board decided to accredit the African Development Bank
(AfDB), subject to the following conditions:
(a) The AfDB describes in any project proposal the capability of the local office to implement, monitor and close the proposed project in light of the decentralization process of the AfDB;
(b) The AfDB delivers annually, and within three months after the end of the year, an independent grant audit report covering the open projects that the AfDB handles on behalf of the Adaptation Fund. This audit, which can be done by or under the supervision of The Office of the Auditor General of the AfDB, should:
(i) Confirm that for all open Adaptation Fund projects that the required reports that were due for the year reviewed were delivered to the Adaptation Fund secretariat or if this is not the case the report should explain what is missing and why;
(ii) Confirm that the AfDB has allocated the necessary monitoring activities to the open Adaptation Fund projects in accordance with the AfDB‟s policies to ensure the adequate progress and achievements of the projects. If that is not the case, the audit report should state what is missing; and
(iii) Provide information that in the view of the auditor should be brought to the attention of the Adaptation Fund secretariat.