FROM: Vice President & Corporate Secretary 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 February 27, 2020 at 10:02 a.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Agustin A. Kouagou A. Alhosani R. Marshavin H. Alogeel K. Nishikata G. Antioch T. Nyamadzabo S. Bazzoni Parjiono D. Beyea N. Putscher E. Bouzis G. Schoenleitner A. Buisse L. Shuaibu J. Chavez Presa R. Singh A. Fernandez S. Tarar W. Gruber N. Vujosevic D. Kinder Y. Yang L. Klemola OFFICERS AND STAFF PARTICIPATING: R. Pastor, Acting Senior Vice President and General Counsel G. Tanyi, Chief Counsel, IFC Y. Tsikata, Vice President and Corporate Secretary H. Lopez, Acting Regional Vice President M. Baroudi, Director, MIGA G. Goldschmidt, Director, IFC P. Saavedra, Country Director J. Chakeri, Lead Country Economist 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. Mexico – Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Mexico for the period FY20-FY25 (R2020-0018[IFC/R2020-0021, MIGA/R2020-0007], dated February 4, 2020). Adjournment 3. The meeting adjourned at 11:57 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 a Meeting of the Executive Directors of the Bank and IDA held in the Board Room on February 27, 2020 at 12:07 p.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: V. Agapov D. Kinder E. Agustin L. Klemola A. Alqifari A. Kouagou G. Antioch K. Nishikata M. Barrett T. Nyamadzabo D. Beyea Parjiono A. Buisse P. Sewing R. Eletreby L. Shuaibu A. Fernandez L. Soderini N. Francken A. Subramani Y. Gavish S. Tarar W. Gruber M. Zhang F. Jimenez OFFICERS AND STAFF PARTICIPATING: I. Kichigina, Acting Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary H. Ghanem, Vice President, Africa Region S. Pimenta, Regional Vice President, IFC C. Jaramillo, Country Director H. Riddell, Country Manager P. Schuler, Lead Economist 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. Somalia – Reengagement and Reform Development Policy Financing 2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2020-0026, dated February 4, 2020) and approved an arrears clearance set-aside grant in the amount of SDR 271.2 million (up to US$375.0 million equivalent) and an IDA Turn-Around Regime grant in the amount of SDR 32.6 million (US$45.0 million equivalent) to Somalia for the Reengagement and Reform Development Policy Financing. Adjournment 3. The meeting adjourned at 1:20 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. FROM: Vice President & Corporate Secretary 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 February 27, 2020 at 2:19 p.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Agustin K. Hwang A. AlMutlak J. Isaacs D. Beyea F. Jimenez O. Bougara M. Linjouom Njonap P-O. Chotard A. Manuel K. Davidse K. Nishikata R. Eletreby T. Nyamadzabo A. Fernandez K. Panov N. Francken L. Soderini J. Freeman A. Subramani G. Haarde K. Tantitemit S. Heuser Y Yang A. Hilber OFFICERS AND STAFF PARTICIPATING: A. Iorio, Acting Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary 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. Konstantin Panov, Alternate Executive Director, on the expiration of his term of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 2:35 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 February 19, 2020 and February 27, 2020 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Bolivia – Credits - Bolivia Urban Resilience Project 1. The Executive Directors approved on February 19, 2020 two credits to Bolivia in the total amount of US$70 million, consisting of a credit in the amount of US$50 million and a credit in the amount of US$20 million for the Bolivia Urban Resilience Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0023, dated January 30, 2020). Georgia – Additional Loan - Irrigation and Land Market Development Project 2. The Executive Directors approved on February 20, 2020 an additional loan to Georgia in the amount of EUR 18.2 million (US$20.43 million equivalent) for the Irrigation and Land Market Development Project on the terms and conditions set out in the President’s Memorandum (R2020-0017, dated January 31, 2020). Tajikistan – Grant - Power Utility Financial Recovery Program for Results 3. The Executive Directors approved on February 25, 2020 a grant to Tajikistan in the amount of SDR 97.2 million (US$134 million equivalent) for the Power Utility Financial Recovery Program for Results on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0030, dated February 5, 2020). Ms. Nordquist and Mr. Davidse wished to be recorded as abstaining. Inspection Panel – India Rural Water Supply and Sanitation Project for Low Income States - Request for Postponement of the Management Report and Recommendation 4. The Executive Directors approved on February 26, 2020 the request for postponement of the Management Report and Recommendation entitled “Inspection Panel – India Rural Water Supply and Sanitation Project for Low Income States - Request for Postponement of the Management Report and Recommendation” (R2020-0037[IDA/R2020-0061], dated February 20, 2020). Solomon Islands – Additional Grant - Rural Development Program II 5. The Executive Directors approved on February 26, 2020 an additional grant to Solomon Islands in the amount of SDR 1.7 million (US$2.2 million equivalent) for the Rural Development Program II on the terms and conditions set out in the President’s Memorandum (IDA/R2020- 0029, dated February 6, 2020). Maldives – Credit and Grant - Urban Development and Resilience Project 6. The Executive Directors approved on February 27, 2020 a credit in the amount of SDR 6 million (US$8.25 million equivalent) and a grant in the amount of SDR 6 million (US$8.25 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. million equivalent) to Maldives for the Urban Development and Resilience Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0032, dated February 7, 2020). Mexico – Loan - Water Security and Resilience for the Valley of Mexico Project 7. The Executive Directors approved on February 27, 2020 a loan to Mexico in the amount of US$120 million for a Water Security and Resilience for the Valley of Mexico Project on the terms and conditions set out in the President’s Memorandum (R2020-0024, dated February 7, 2020). Colombia - Colombia Institutional Strengthening for Territorial Development Policy Loan 8. The Executive Directors approved on February 27, 2020 a loan to Colombia in the amount of US$400 million for a Colombia Institutional Strengthening for Territorial Development Policy Loan on the terms and conditions set out in the President’s Memorandum (R2020-0020, dated February 5, 2020). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC South Africa - Investment in SBSA Green Bond 9. The Board of Directors approved on February 21, 2020 an investment in South Africa –  SBSA Green Bond (IFC/R2020-0029, dated February 10, 2020) in the form of a senior loan of up to US$220 million. Egypt - Investment in LCP Fund II, L.P. 10. The Board of Directors approved on February 21, 2020 an investment in Egypt – LCP Fund II, L.P. (IFC/R2020-0027, dated February 10, 2020) in the form of an equity investment of up to US$25 million in the Fund, not to exceed 20 percent of the Fund’s total commitments. In addition, IFC has requested a separate co-investment envelope of up to US$25 million on a delegated authority basis to participate in future co-investment opportunities alongside the Fund. Uzbekistan - Investment in DAVR Bank Loan 11. The Board of Directors approved on February 26, 2020 an investment in Uzbekistan–  DAVR Bank Loan (IFC/R2020-0031, dated February 13, 2020) consisting of an up to US$5 million Working Capital Solutions (WCS) loan (for IFC’s own account) to be disbursed as an Uzbek sum-linked loan. Vietnam - Investment in Indo Trans Logistics Corporation for the ITL Project 12. The Board of Directors approved on February 27, 2020 an investment in Vietnam - Indo Trans Logistics Corporation for the ITL Project (IFC/R2020-0034, dated February 14, 2020) in a form of a senior “A” loan of up to US$50 million to ITL with tenor of up to seven years, guaranteed by ITL’s material subsidiaries. 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. Jordan - Investment in Microfund for Women (MfW Jordan) 13. The Board of Directors approved on February 27, 2020 an investment in Jordan - Microfund for Women (MfW Jordan) (IFC/R2020-0032, dated February 14, 2020) in the form of a senior loan of up to US$10 million equivalent in local currency to MfW. India - Investment in ETC India for the ETC India 2 Project 14. The Board of Directors approved on February 27, 2020 an investment in India - ETC India for the ETC India 2 Project (IFC/R2020-0035, dated February 14, 2020) in the form of an “A” loan in INR-denominated non-convertible debentures of up to INR1,600 million (approximately US$22.4 million) and authorized the disposal of all or part of the non-convertible debentures in the secondary market at a time and price to be determined by IFC management. Sri Lanka - Investment in Commercial Bank of Ceylon PLC (CBC) 15. The Board of Directors approved on February 27, 2020 an investment in Sri Lanka - Commercial Bank of Ceylon PLC (CBC) (IFC/R2020-0033, dated February 14, 2020) consisting of: (i) a straight equity investment in new voting common shares of CBC in an amount up to US$15 million or its equivalent in Sri Lankan rupees from IFC’s own account; (ii) mobilization from AMC of a straight equity investment in new voting common shares of CBC in an amount up to US$35 million or its equivalent in Sri Lankan rupees; and (iii) an investment of up to US$50 million from IFC’s own account. ***************************************************************************** THE BOARD OF DIRECTORS OF MIGA Bangladesh Guarantee for Investments in Ghorasal Polash Urea Fertilizer Project - Modification of Prior Approval 16. The Board of Directors approved by special majority on February 20, 2020 for the President to proceed with the modification of prior approval as set out in the Report from the President entitled “Bangladesh Guarantee for Investments in Ghorasal Polash Urea Fertilizer Project - Proposed Modification of Prior Approval” (MIGA/R2020-0013, dated February 7, 2020). Ms. Nordquist wished to be recorded as abstaining. ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of February 20, 2020 17. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on February 24, 2020 the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of February 20, 2020” (R2020-0040[IDA/R2020-0065, IFC/R2020-0042, MIGA/R2020-0019], dated February 21, 2020). 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. Minutes of Previous Meetings 18. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on February 25, 2020 the minutes of the meeting held on February 11, 2020, and the record of approvals and authorizations between February 5, 2020 and February 11, 2020 (M2020-0007[IDA/M2020-0007, IFC/M2020-0007, MIGA/M2020-0007], dated February 18, 2020). Togo - Performance and Learning Review of the Country Partnership Framework 19. The Executive Directors of the Bank and the Boards of Directors of IFC and MIGA noted on February 27, 2020 the Performance and Learning Review of the joint IDA/IFC/MIGA Country Partnership Framework for Togo for the period FY17-FY20 (IDA/R2020- 0025[IFC/R2020-0020, MIGA/R2020-0006], dated February 5, 2020). 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.