During fiscal 2004, MIGA’s Board of Directors concurred with or approved 39 individual investment guarantee operations. It also oversaw and reviewed MIGA’s budget and planning process. In addition, the Board took note of a report establishing MIGA’s Small Investment Program (SIP) and approved a waiver of the requirement to circulate to the Board reports of guarantees issued under the SIP prior to their approval by the President. The Board approved MIGA’s contribution to the creation of a joint guarantee facility— involving IDA, the Agence Française de Développement and MIGA. The facility supports investments in West African states that are members of the Banque OuestAfricaine de Développement (BOAD). In addition, the Board approved a waiver of the requirement to circulate to the Board reports of guarantees issued by the facility prior to their approval by the President. The Board approved and submitted to the Council of Governors a proposal to achieve voting power parity between MIGA’s Category One (developed) and Category Two (developing) member countries.