African Development Bank. the conferring by that borrower, in respect of a debt of that borrower, of that level of priority of payment of that debt to the relevant lenders which results in that debt being repaid by that borrower to the relevant lenders, notwithstanding that that borrower defaults in the repayment of any of the other debt of that borrower to any other lender(s). "project" means the development or exploitation, within the Region, of a right, natural resource or other asset with economic or financial value located in any territory; "project cycle" means the different phases of a project, including (i) project identification and preparation, (ii) financing the project and negotiations between the relevant borrower and lender, (iii) obtaining credit approval in respect of the relevant borrower in relation to the project, as well as such other approvals as are required by the board/governing body of the relevant lender, (iv) drafting and reviewing the relevant loan and related project documentation, (v) implementing, supervising and completing the project; and (vi) evaluating the project; "project finance" means a mechanism for financing a project where, ordinarily, the bulk of such financing is by way of debt finance (which is repaid principally out of the revenues produced by the Project) and not by way of equity capital; "public entity" means, in relation to a State Party: (a) any agency, department or instrumentality of the government of the State Party; (b) the Central Bank of the State Party or any entity holding all or a substantial part of the foreign reserves or investments of the State Party; (c) any province, region, state or other political subdivision of that State Party including municipalities; and 86