Minutes of a Meeting of the Executive Directors of the Bank and IDA
                           and the Boards of Directors of IFC and MIGA
                   held in the Board Room on November 29, 2022, at 10:00 a.m.


1.        There were present:
                                                             CHAIR:

                               A. van Trotsenburg, Managing Director, Operations

EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES
ACTING AS EXECUTIVE DIRECTORS:

      Y.          Al Yaarubi                                       C.         Hieronymus
      M.          Alsharif                                         J.         Jonasson
      N.          Baloch                                           A.         Kugler
      M.          Bugamelli                                        R.         Kumar
      A.          Buisse                                           D.         Medzhidova
      K.          Davidse                                          F.         Ngaruko
      H.          Demircan                                         I.         Park
      M.          Diallo                                           K.         Rechico
      A.          Dlodlo                                           W.         Saputra
      D.          Favre                                            T.         Tsuda
      O.          Fuentes Contreras                                E.         Valle Maestro
      V.          Gnanendran                                       T.         Zhang
      E.          Gomes


OFFICERS AND STAFF PARTICIPATING:

      M.          Garcia Jauregui, Acting Vice President and Corporate Secretary
      J.          Rieger, Chief Counsel
      O.          Diagana, Regional Vice President
      *S.         Pimenta, Regional Vice President, IFC
      E.          Huybens, Director, Strategy and Operations
      *C.         De Sousa, Country Director
      C.          Bahnson, Senior Operations Officer
      S.          Dreyhaupt, Principal Economist, IFC
      M.          Baroudi, Director, MIGA


OTHER PARTICIPANTS:

      E.          Martin, Mission Chief, IMF
      M.          Mikhael, Senior Economist, IMF


*via videoconference


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contents may not otherwise be disclosed without World Bank Group authorization.
Chad - Country Engagement Note

2.     The Executive Directors discussed the joint IDA/IFC/MIGA Country Engagement Note
for Chad for the period of FY23-FY24 (IDA/R2022-0406[IFC/R2022-0339, MIGA/R2022-
0132], dated November 9, 2022).

Adjournment

3.        The meeting adjourned at 11:36 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 23, 2022, and November 29, 2022

THE BOARD OF DIRECTORS OF IFC

Poland - Investment in Cyfrowy Polsat S.A. for the Polsat Project

1.      The Board of Directors approved on November 28, 2022 an investment in Poland -
Cyfrowy Polsat S.A. for the Polsat Project (IFC/R2022-0343, dated November 14, 2022)
consisting of: (i) a subscription to an investment of the zloty equivalent of up to US$100 million
in the form of a Senior Loan with Options; and (ii) subsequently selling all or part of IFC’s
investment in the secondary market at a time and a price to be determined by IFC management.
Ms. Chang wished to be recorded as objecting, and Mr. Marshavin wished to be recorded as
abstaining.

Mexico - Investment in CKD RF Estructurada S.A.P.I de C.V. SOFOM E.N.R. and
Fideicomiso de Inversión, Administración y Pago No. 4909 for the Altum CKD II Project

2.      The Board of Directors approved on November 28, 2022 an investment in Mexico - CKD
RF Estructurada S.A.P.I de C.V. SOFOM E.N.R. and Fideicomiso de Inversión, Administración
y Pago No. 4909 for the Altum CKD II Project (IFC/R2022-0341;/1, dated November 14, 2022
and December 8, 2022 respectively) consisting of two senior secured loans to CKD RF
Estructurada S.A.P.I de C.V. SOFOM E.N.R. (CKD RF) and Fideicomiso de Inversión,
Administración y Pago No. 4909 (Trust 4909), respectively, with a total amount of up to US$50
million (to be disbursed in both U.S. dollars and Mexican pesos), structured in up to two tranches
per loan, to be committed during a period of up to 18 months from approval by the IFC’s Board
of Directors.

Serbia - Investment in Aik Banka a.d. Belgrade for the Aik Banka SME Project

3.     The Board of Directors approved on November 29, 2022 an investment in Serbia - Aik
Banka a.d. Belgrade for the Aik Banka SME Project (IFC/R2022-0342, dated November 15,
2022) comprising of senior loan of up to EUR50 million (approximately equivalent of US$50
million) for IFC’s own account.

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THE EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARDS OF
DIRECTORS OF IFC AND MIGA

Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors, and
Advisors to Executive Directors as of November 17, 2022

4.     The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and
MIGA approved on November 23, 2022 the document entitled “Official Travel of Executive
Directors, Alternate Executive Directors, Senior Advisors, and Advisors to Executive Directors
as of November 17, 2022� (R2022-0242[IDA/R2022-0418, IFC/R2022-0347, MIGA/R2022-
0136], dated November 21, 2022).

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.