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181st Executive Board Meeting Minutes

17-24 February 2025, meeting by email

Author: Daniella Coutinho
Publication date: 11 March 2025
Status: Draft

Attendees:

  • Ondřej Filip (OF), Chair
  • Maria Häll (MH), Member
  • Raymond Jetten (RJ), Treasurer
  • Remco van Mook (RvM), Member
  • Sander Steffann (SS), Member
  • Piotr Strzyżewski (PS), Secretary
  • Harald A. Summa (SU), Member

Further to the operationalisation of the RIPE NCC Middle East FZ-LLC, a bank account needs to be opened in the United Arab Emirates. The RIPE NCC Middle East FZ-LLC needs a working capital to become operational and the bank has a requirement regarding a minimum balance when an account is opened.

The RIPE NCC’s Chief Financial Officer, Simon-Jan Haytink, proposed to the Board via email that the requirement be fulfilled through a loan agreement from the RIPE NCC to the RIPE NCC Middle East FZ-LLC.

The terms of the loan are as follows:

  • AED 5 Million (+/- EUR 1.3 Million)
  • Fully repaid in 4 years
  • An interest rate of 5.48% which is at ‘arms length’ as confirmed by tax advisors

Resolution EB#181-R-01

The RIPE NCC Executive Board resolves the provision of a loan from the RIPE NCC to the RIPE NCC Middle East FZ-LLC of AED 5 million (EUR 1.3 million), which will be paid back in full with an annual interest rate of 5.48% within four years.

The resolution was adopted by majority.