FROM: Vice President & Corporate Secretary Minutes of 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 December 5, 2017 at 10:04 a.m. 1. There were present: CHAIR: J.Y. Kim, President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: J. Allford N. Khosa T. Almutairi K. Koguchi J. Baker A. Lushin O. Canuto F. Odey H. de Villeroche P. Pagano F. Godts R. Pierini W. Gruber M. Robinson A. Hadiyanto A. Subramani M. Hasan J-C. Tchatchouang C. Hogan S. Ulbaek F. Jimenez J. Yang A. Kabagambe J. Zattler R. Kachur OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary A. Kumar-Capoor, General Counsel K. Hemond, Acting General Counsel J. Levy, Managing Director and WBG Chief Financial Officer K. Honda, Executive Vice President and Chief Executive Officer, MIGA P. Le Houerou, Chief Executive Officer, IFC E. Sennhauser, Director, South Asia Region 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. Farewell to Alternate Executive Director 2. The Chair made the customary presentation to Mr. Nasir Mahmood Khosa, Alternate Executive Director, on expiration of his terms of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 10:23 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. FROM: Vice President & Corporate Secretary Minutes of 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 December 5, 2017 at 10:25 a.m. 1. There were present: CHAIR: J. Levy, Managing Director and WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim K. Nishikata T. Almutairi F. Odey O. Canuto P. Pagano H. de Villeroche K. Panov F. Godts X. Peng W. Gruber R. Pierini M. Hasan E. Smith C. Hogan A. Subramani F. Jimenez J-C. Tchatchouang A. Kabagambe S. Ulbaek R. Kachur J. Zattler H. Kim A. Zekri D. Kinder OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President & General Counsel Y. Tsikata, Vice President and Corporate Secretary H. Ghanem, Vice President, MNA Region *M. Wes, Country Director S. Msadek, Director M. Baroudi, Director, MIGA M. Makhlouf, Director, IFC *via videoconference 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. West Bank and Gaza – Assistance Strategy 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Assistance Strategy for West Bank and Gaza for the period FY18-FY21 (R2017-0233[IDA/R2017-0333, IFC/R2017- 0281, MIGA/R2017-0081], dated November 14, 2017). Adjournment 2. The meeting adjourned 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. FROM: Vice President & Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on December 5, 2017 at 11:56 a.m. 1. There were present: CHAIR: J. Levy, Managing Director & WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim D. Kinder T. Almutairi B. Kunene J. Baker A. Lushin O. Canuto K. Nishikata H. de Villeroche P. Pagano R. Eletreby R. Pierini F. Godts X. Peng W. Gruber A. Subramani C. Hogan J-C. Tchatchouang F. Jimenez S. Ulbaek A. Kabagambe J. Zattler R. Kachur A. Zekri H. Kim OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President & General Counsel Y. Tsikata, Vice President and Corporate Secretary H. Ghanem, Vice President, MNA Region A. Alam, Country Director A. Bjerde, Director M. Makhlouf, Director, IFC A. Khanna, Program Leader 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. Egypt – Development Policy Loan – Third Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2017-0238, dated November 14, 2017) and approved the loan in the amount of US$1,150 million to Egypt for the Third Fiscal Consolidation, Sustainable Energy and Competitiveness Programmatic Development Policy Financing on the terms and conditions set out in the President’s Memorandum. Adjournment 2. The meeting adjourned 3:35 p.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 December 1-5, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Operationalizing the IDA18 IFC-MIGA Private Sector Window 1. The Executive Directors recorded their approval on December 1, 2017 of the updated Memorandum and document entitled "Operationalizing the IDA18 IFC-MIGA Private Sector Window� (IDA/R2017-0347[IFC/R2017-0292, MIGA/R2017-0086], dated November 20, 2017). Rwanda – Credit – First Programmatic Energy Sector Development Policy Financing 2. The Executive Directors recorded their approval on December 1, 2017 of the First Programmatic Energy Sector Development Policy Financing in the amount of SDR 88.5 million (US$125 million equivalent) to Rwanda on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0330, dated November 8, 2017). India – Loan – Tamil Nadu Irrigated Agriculture Modernization Project 3. The Executive Directors recorded their approval on December 1, 2017 of the loan in the amount of US$318 million to India for the Tamil Nadu Irrigated Agriculture Modernization Project the terms and conditions set out in the President’s Memorandum (R2017-0240, dated November 10, 2017). India – Loan – Tamil Nadu Rural Transformation Project (TNRTP) 4. The Executive Directors recorded their approval on December 1, 2017 of the loan in the amount of US$100 million to India for the Tamil Nadu Rural Transformation Project (TNRTP) on the terms and conditions set out in the President’s Memorandum (R2017-0239), dated November 10, 2017). Burkina Faso, Chad, Mali, Mauritania, Niger, Senegal and Permanent Interstate Committee for Drought Control in the Sahel – Credits and Grants – Sahel Irrigation Initiative Support Project 5. The Executive Directors recorded their approval on December 5, 2017 of the grant in the amount of SDR 4.50 million (US$6.25 million equivalent), Global Partnership for Output Based Aid (GPOBA) grant in the amount of US$5.85 million and credit in the amount of EUR 15.90 million (US$18.75 million equivalent) to Burkina Faso; a grant in the amount of SDR 17.70 million (US$25 million equivalent) to Chad; a grant in the amount of SDR 5.90 million (US$8.33 million equivalent) and credit in the amount of EUR 14.20 million (US$16.67 million equivalent) to Mali; a grant in the amount of SDR 17.70 million (US$25 million equivalent) to 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. Mauritania; a grant in the amount of SDR 4.50 million (US$6.25 million equivalent) and credit in the amount of EUR 15.90 million (US$18.75 million equivalent) to Niger; a credit in the amount of EUR 21.20 million (US$25 million equivalent) to Senegal; and a grant in the amount of SDR 14.20 million (US$20 million equivalent) to the Permanent Interstate Committee for Drought Control in the Sahel (CILSS) for the Sahel Irrigation Initiative Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0341, dated November 14, 2017). Cote d’Ivoire – Development Policy Credit – Second Fiscal Management, Education, Energy and Cocoa Reforms Development Policy Financing 6. The Executive Directors recorded their approval on December 5, 2017 of the development policy credit in the amount of EUR 105.9 million (US$125 million equivalent) to Cote d’Ivoire for the Second Fiscal Management, Education, Energy and Cocoa Reforms Development Policy Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0331, dated November 10, 2017). Mozambique – Strategic Climate Fund (SCF) Grant – Mozambique Dedicated Grant Mechanism for Local Communities Project 7. The Executive Directors recorded their approval on December 5, 2017 of the SCF grant in the amount of US$4.5 million to WWF – World Wide Fund for Nature for the Mozambique Dedicated Grant Mechanism for Local Communities Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0338, dated November 14, 2017). Niger – Development Policy Credit – Fostering Rural Growth Reform Development Policy Financing 8. The Executive Directors recorded their approval on December 5, 2017 of the development policy credit in the amount of EUR 50.8 million (US$60 million equivalent) to Niger for the Fostering Rural Growth Reform Development Policy Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0332, dated November 10, 2017). Jordan – Loan – Education Reform Support Program-for-Results 9. The Executive Directors recorded their approval on December 5, 2017 of the loan in the amount of US$200 million consisting of a concessional portion of US$52.3 million from the Global Concessional Financing Facility and a non-concessional portion of US$147.7 million to Jordan for the Education Reform Support Program-for-Results on the terms and conditions set out in the President’s Memorandum (R2017-0243, dated November 14, 2017). 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. West Bank and Gaza – Grant – Fiscal Stability and Business Environment Development Policy Grant 10. The Executive Directors recorded their approval on December 5, 2017 of the grant from the Trust Fund for Gaza and West Bank in the amount of US$30 million to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) for the Fiscal Stability and Business Environment Development Policy Grant on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0315, dated November 15, 2017). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC China – Investment in China Education Group 11. The Board of Directors authorized on December 1, 2017 an investment in China – China Education Group (IFC/R2017-0289, dated November 17, 2017) in the form of a straight equity of up to HK$ 230 million (approximately US$30 million equivalent) and an “A� loan of up to US$45 million. Mr. Tarbert wished to be recorded as abstaining. Colombia – Investment in Itau CorpBanca Colombia (Itau-CBC Subdebt) 12. The Board of Directors authorized on December 1, 2017 an investment in Colombia – Itau CorpBanca Colombia (IFC/R2017-0290, dated November 17, 2017) in the form of a subordinated loan of up to US$150 million consisting of: (i) a “C� loan of up to US$80 million on IFC’s own account; and (ii) a “B� loan of up to US$70 million for the account of participants. Africa Region – Investment in Partech Africa Fund 13. The Board of Directors authorized on December 5, 2017 an investment in Africa Region – Partech Africa Fund (IFC/R2017-0291/1, dated December 7, 2017) in the form of equity of up to EUR 15 million, not to exceed 20 percent of total fund commitments at any time, and a separate co-investment envelope of up to EUR 15 million on a delegated authority basis, to facilitate IFC’s ability to participate in potential future co-investment opportunities alongside the Fund. ****************************************************************************** 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 BOARD OF DIRECTORS OF MIGA South Africa - Guarantees for Investments in South Africa Mainstream Renewable Power Khobab Wind (RF) PTY Ltd, South Africa Mainstream Renewable Power Loeriesfontein 2 (RF) PTY Ltd, South Africa Mainstream Renewable Power Noupoort (RF) PTY Ltd, South Africa Mainstream Renewable Power Kangnas (RF) PTY Ltd, and South Africa Mainstream Renewable Power Perdekraal East (RF) PTY Ltd Proposed - Modification of Prior Approval 14. The Board of Directors recorded its authorization on December 5, 2017 for the President to proceed with the modification of prior approval as set out in the Report from the President entitled “Guarantees for Investments in South Africa Mainstream Renewable Power Khobab Wind (RF) PTY Ltd, South Africa Mainstream Renewable Power Loeriesfontein 2 (RF) PTY Ltd, South Africa Mainstream Renewable Power Noupoort (RF) PTY Ltd, South Africa Mainstream Renewable Power Kangnas (RF) PTY Ltd, and South Africa Mainstream Renewable Power Perdekraal East (RF) PTY Ltd� (MIGA/R2017-0085, dated November 21, 2017). 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.