Approved by the Board on: 11 November 2009
The Board notes the concepts set out in the Letter of Intent (GF/FAC13/20, Annex 2) to be signed with a property developer, and requests the Secretariat to engage in further negotiations for the construction of a building to be leased by the Secretariat.
The Board notes the importance for the Secretariat to identify a suitable entity that, at the time the Secretariat signs a lease agreement, provides a binding commitment to share the rent for space in this office building, in the case where the building contains more space than what would be necessary to house the Fund at that time. The Board also encourages the Secretariat to minimize the Fund's financial exposure for the costs of the building prior to occupancy, and to provide additional information about interim arrangements between the date of the expiration of the current lease and the expected date of occupancy of the new space.
The Board requests the Finance and Audit Committee to oversee the arrangements for the Secretariat's future office space.