Minutes of a Meeting of the Executive Directors of the IBRD and IDA held in the Board Room on November 28, 2023, at 10:01 a.m. 1. There were present: CHAIR: A. Bjerde, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: C. Acosta L. Lind S. Ahmed Seinu D. Medzhidova L. Albisson C. Nahon K. Bawazier S. Otani M. Bugamelli A. Ouro Samah N. Cabiles K. Rechico H. Demircan W. Saputra A. Dlodlo H. Seifeldin B. Fleischman-Alaluf S. Suter P. Iyer R. Tasker Z. Kibwe K. Wijeyewardene M. Krake W. Yang J. Kurski OFFICERS AND STAFF PARTICIPATING: M. Garcia, Acting Vice President and Corporate Secretary A. Musiime, Deputy General Counsel, Operations V. Kwakwa, Regional Vice President G. Chen, Vice President S. Pimenta, Regional Vice President, IFC W. Hughes, Regional Director B. Guermazi, Director This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. The Common Market for Eastern and Southern Africa, Rwanda, São Tomé and Príncipe, Somalia, Tanzania, The Trade and Development Bank - IDA Financing Envelope, Grants, Credits, and a Waiver - Accelerating Sustainable and Clean Energy Access Transformation Program using the Multiphase Programmatic Approach 2. The Executive Directors discussed the President’s Memorandum and Recommendation (IDA/R2023-0297, dated November 15, 2023) and approved an IDA financing envelope in the amount of US$5 billion equivalent to the Common Market for Eastern and Southern Africa, Rwanda, São Tomé and Príncipe, Somalia, Tanzania, the Trade and Development Bank - Accelerating Sustainable and Clean Energy Access Transformation Program using the Multiphase Programmatic Approach (MPA), including Phases 1 to 6 of the Program in the amount of US$1.063 billion equivalent as follows: (i) a grant in the amount of SDR38.1 million (US$50 million equivalent) to the Common Market for Eastern and Southern Africa (COMESA); (ii) a credit in the amount of US$200 million and a financing from the IDA Scale-up Window Shorter Maturity Loan (SUW-SML) in the amount of US$100 million to Rwanda; (iii) a grant in the amount of SDR28.9 million (US$38 million equivalent) to São Tomé and Príncipe; (iv) a grant in the amount of SDR76.1 million (US$100 million equivalent) to Somalia; (v) a credit in the amount of US$300 million to Tanzania; and (vi) a credit in the amount of US$25 million and a credit from the IDA Regular Scale-up Window (SUW) in the amount of US$250 million to the Trade and Development Bank (TDB), and a waiver for use of the IDA Regular Scale-up Window (SUW) for the TDB on the terms and conditions set out in the President’s Memorandum. Ms. Chang wished to be recorded objecting. Adjournment 3. The meeting adjourned at 11:50 a.m. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis between November 17, 2023 and November 28, 2023 THE EXECUTIVE DIRECTORS OF THE IBRD AND IDA Cote d'Ivoire - Credit - Rural Land Tenure Management Strengthening Program - Program-for-Results 1. The Executive Directors approved on November 17, 2023 a credit in the amount of EUR188.6 million (US$200 million equivalent) to Cote d'Ivoire for a Rural Land Tenure Management Strengthening Program - Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0271, dated October 31, 2023). The Gambia - Grants - The Gambia First Boosting Resilience and Unlocking Productive Potential Development Policy Financing with a Catastrophe Deferred Drawdown Option 2. The Executive Directors approved on November 20, 2023 grants comprising of: (i) a grant of SDR 30.5 million (US$40 million equivalent); and (ii) a grant of SDR 15.3 million (US$20 million equivalent), which includes catastrophe deferred drawdown option (Cat DDO) to The Gambia for The Gambia First Boosting Resilience and Unlocking Productive Potential Development Policy Financing with a Catastrophe Deferred Drawdown Option on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0269, dated October 30, 2023). Malawi - Grant - De-risking Importation of Strategic Commodities Project 3. The Executive Directors approved on November 20, 2023 a grant in the amount of SDR 45.7 million (US$60 million equivalent) to Malawi for a De-risking Importation of Strategic Commodities Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0290, dated November 9, 2023). Cabo Verde - Credit - Improving Connectivity and Urban Infrastructure in Cabo Verde Project 4. The Executive Directors approved on November 21, 2023 a credit in the amount of SDR 30.6 million (US$40 million equivalent), comprising of SDR 15.3 million (US$20 million equivalent) from Scale-Up Window Shorter Maturity Loan (SUW - SML) and SDR 15.3 million (US$20 million equivalent) from Regular IDA to Cabo Verde for an Improving Connectivity and Urban Infrastructure in Cabo Verde Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0275, dated November 2, 2023). Cambodia - Credits - Water Supply and Sanitation Acceleration Project 5. The Executive Directors approved on November 21, 2023 credits in the amount of: (i) SDR 98.9 million (US$130 million equivalent) on IDA blend terms; and (ii) US$33 million equivalent on IDA shorter maturity loans terms to Cambodia for a Water Supply and Sanitation Acceleration Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0276, dated November 2, 2023). This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. Uruguay - Loan - Institutional Strengthening for Greater Competitiveness in Uruguay 6. The Executive Directors approved on November 21, 2023 a loan in the amount of US$16 million to Uruguay for an Institutional Strengthening for Greater Competitiveness in Uruguay on the terms and conditions set out in the President’s Memorandum (R2023-0272, dated November 2, 2023). Mozambique - Grant - Second Institutions and Economic Transformation Development Policy Financing 7. The Executive Directors approved on November 22, 2023 a grant in the amount of SDR 228.2 million (US$300.0 million equivalent) to Mozambique for a Second Institutions and Economic Transformation Development Policy Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0270, dated November 1, 2023). Tajikistan - Additional Grant - CASA1000 Community Support Project 8. The Executive Directors approved on November 22, 2023 an additional grant in the amount of SDR7.7 million (US$10 million equivalent) to Tajikistan for a CASA1000 Community Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0278, dated November 3, 2023). Tajikistan - Additional Grant - Central Asia South Asia Electricity Transmission and Trade (CASA-1000) Project 9. The Executive Directors approved on November 22, 2023 an additional grant in the amount of SDR 8.4 million (US$11 million equivalent) to Tajikistan for a Central Asia South Asia Electricity Transmission and Trade (CASA-1000) Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0280;/1-2, dated November 3, 2023, November 3, 2023, and November 16, 2023 respectively). Uzbekistan - Credit - Uzbekistan Digital Inclusion Project 10. The Executive Directors approved on November 27, 2023 a credit in the amount of US$50 million to Uzbekistan for a Uzbekistan Digital Inclusion Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0281, dated November 6, 2023). Solomon Islands - Grant - Building Capacity in Statistics and Audit Project 11. The Executive Directors approved on November 28, 2023 a grant in the amount of SDR 5 million (US$6.5 million equivalent) to Solomon Islands for a Building Capacity in Statistics and Audit Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023- 0285, dated November 7, 2023). Dominican Republic - Loan - Support for the Implementation of the Public Administration Reform and Modernization Plan Project 12. The Executive Directors approved on November 28, 2023 a loan in the amount of US$40 million to the Dominican Republic for a Support for the Implementation of the Public This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. Administration Reform and Modernization Plan Project on the terms and conditions set out in the President’s Memorandum (R2023-0273, dated November 7, 2023). El Salvador - Loan -Promoting Job Opportunities and Skills Development in El Salvador Project 13. The Executive Directors approved on November 28, 2023 a loan in the amount of US$150 million to El Salvador for a Promoting Job Opportunities and Skills Development in El Salvador Project on the terms and conditions set out in the President’s Memorandum (R2023- 0276, dated November 7, 2023). Peru - Loan - Irrigation for Climate Resilient Agriculture Project 14. The Executive Directors approved on November 28, 2023 a loan in the amount of US$100 million to Peru for an Irrigation for Climate Resilient Agriculture Project on the terms and conditions set out in the President’s Memorandum (R2023-0274, dated November 7, 2023). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC Nigeria - Investment in Indorama Eleme Fertilizer and Chemicals Limited for the IFL Line 3 Project 15. The Board of Directors approved on November 20, 2023 an investment in Nigeria - Indorama Eleme Fertilizer and Chemicals Limited for the IFL Line 3 Project (IFC/R2023-0321, dated November 8, 2023) in the form of a debt package of up to US$1,129.5 million that consists of: (i) an “A” loan of up to US$285 million; (ii) a “B2” loan of up to US$44.5 million for the account of participants under IFC’s Managed Co-Lending Portfolio Program (MCPP); (iii) a Trust loan of up to US$50 million from IFC acting in its capacity as the implementing entity for MCPP; and (iv) mobilization of “B” loans from commercial banks and impact investors of up to US$750 million. Messrs. Gorordo and Marshavin wished to be recorded as abstaining. East Asia and Pacific Region - Investment in Southeast Asia Clean Energy Fund II, L.P. 16. The Board of Directors approved on November 20, 2023 an investment in East Asia and Pacific Region - Southeast Asia Clean Energy Fund II, L.P. (IFC/R2023-0322, dated November 8, 2023) in the senior equity tranche of the Southeast Asia Clean Energy Fund II, L.P. (the Fund) which includes: (i) an IFC equity investment from IFC’s own account of up to US$10 million; and (ii) an equity investment of up to US$5 million in IFC’s capacity as implementing partner of the Finland-IFC Blended Finance for Climate Program (BFCP). Ms. Chang wished to be recorded as objecting. Malaysia - Investment in Shandong Intco Recycling Resources Company Limited (Intco) for the Intco Recycling Project 17. The Board of Directors approved on November 22, 2023 an investment in Malaysia - Shandong Intco Recycling Resources Company Limited (Intco) for the Intco Recycling Project (IFC/R2023-0324, dated November 10, 2023) in the form of an “A” loan of up to US$70 million This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. or equivalent. Mexico - Investment in Axtel S.A.B. de C.V. for the Axtel UCL Project 18. The Board of Directors approved on November 22, 2023 an investment in Mexico - Axtel S.A.B. de C.V. for the Axtel UCL Project (IFC/R2023-0325, dated November 10, 2023) consisting of a senior loan for an aggregate amount of up to US$60 million to Axtel S.A.B. de C.V. (Axtel) comprising of: (i) an “A” loan of up to US$40 million for IFC's own account; and (ii) a trust loan of up to US$20 million from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program (MCPP). Mr. Gorordo wished to be recorded as abstaining. Kenya - Investment in IHS Kenya for the Green Affordable Housing Project 19. The Board of Directors approved on November 27, 2023 an investment in Kenya - IHS Kenya for the Green Affordable Housing Project (IFC/R2023-0326, dated November 13, 2023) consisting of: (i) an equity investment of up to €10 million (US$10.6 million) from IFC’s own account in an IFC and UK-IFC Market Accelerator for Green Construction Program (MAGC) “sidecar” investment structure, by using a newly formed Luxembourg vehicle with IFC as the only limited partner (the ManageCo); and (ii) an equity investment of up to US$10 million equivalent in euro (€9.4 million) from IFC acting as the implementing entity of the UK-IFC MAGC in the ManageCo; and (iii) equity mobilization of the funds raised during first closure, to help IHS Kenya achieve its target fund size. Bulgaria and Poland - Additional IFC Investment in CTP N.V. for the CTP UCL-Ins. Project 20. The Board of Directors approved on November 27, 2023 an additional investment in Bulgaria and Poland - CTP N.V. for the CTP UCL-Ins. Project (IFC/R2023-0327, dated November 13, 2023) by increasing the A Loan by €75 million (approximately US$80 million) and reducing the B Loan by US$100 million. Therefore, the revised syndicated package is consisting of: (i) an A Loan of up to €225 million (approximately US$240 million); (ii) a B Loan of up to US$200 million equivalent in euros for the account of participants; and (iii) a Trust Loan of up to US$50 million equivalent in euros from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program (MCPP). The Board of Directors adopted Resolution No. IFC2023-0022. Mr. Marshavin wished to be recorded as objecting. ****************************************************************************** THE EXECUTIVE DIRECTORS OF IBRD AND THE BOARDS OF DIRECTORS OF IFC AND MIGA India - Performance and Learning Review of the Country Partnership Framework 21. The Executive Directors of IBRD and the Boards of Directors of IFC and MIGA noted on November 20, 2023 the Performance and Learning Review of the Country Partnership Framework for India for the period FY18-FY22 (R2023-0266[IFC/R2023-0311, MIGA/R2023- 0135], dated October 30, 2023). This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE IBRD AND IDA AND THE BOARDS OF DIRECTORS OF IFC AND MIGA Minutes of Previous Meeting 22. The Executive Directors of the IBRD and IDA and the Boards of Directors of IFC and MIGA approved on November 22, 2023 the minutes of the meeting held on October 31, 2023 and the record of approvals and authorizations between October 25, 2023 and October 31, 2023 (M2023-0033[IDA/M2023-0032, IFC/M2023-0034, MIGA/M2023-0031]/1, dated November 15, 2023). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of November 16, 2023 23. The Executive Directors of the IBRD and IDA and the Boards of Directors of IFC and MIGA approved on November 27, 2023 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors, and Advisors to Executive Directors as of November 16, 2023” (R2023-0294[IDA/R2023-0316, IFC/R2023-0335, MIGA/R2023- 0142], dated November 22, 2023). This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.