Article 27. Board of Directors: Powers

(i) prepare the work of the Board of Governors;

(ii) in conformity with the general directions of the Board of Governors, establish policies and take decisions concerning loans, guarantees, investment in equity capital, borrowing by the Bank, the furnishing of technical assistance and other operations of the Bank;

(iii) submit the audited accounts for each financial year for approval of the Board of Governors at each annual meeting; and

(iv) approve the budget of the Bank.