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 December 12, 2019 at 11:53 a.m.

1. There were present:
CHAIR:

A. Kant, Managing Director and WBG Chief Financial Officer

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

A. Alqifari R. Marshavin
J. Alvarez J.C. Nachega
P-O. Chotard T. Nomoto
R. Eletreby V. Norambuena
A. Fernando P. Pagano
W. Gruber Parjiono
D. Harris G. Schoenleitner
K. Hwang M. Sotelino
F. Jimenez A. Sumra
R. Kachur S. Vaidya
D. Kinder J. Zattler
L. Klemola M. Zhang
A. Manuel

OFFICERS AND STAFF PARTICIPATING:

S. Okoro, Senior Vice President and General Counsel
J-P. Hupez, Acting Vice President and General Counsel, IFC
I. Illescas, Senior Counsel, MIGA
Y. Tsikata, Vice President and Corporate Secretary
C. Muller, Regional Vice President
L. Burunciuc, Country Director
* W. Schloemer, Director, IFC
J-F. Marteau, Country Manager
* C. Colbert, Manager, IFC
G. Carboni, Senior Risk Management Officer, CTR, MIGA
S. Djumena, Country Program Coordinator

*via videoconference

2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership
Framework for Kazakhstan for the period FY20-FY25 (R2019-0264[IFC/R2019-0329,
MIGA/R2019-0138] dated November 18, 2019).

Adjournment

3. The meeting adjourned 1:31 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 11, 2019 and December 12, 2019

THE EXECUTIVE DIRECTORS OF THE BANK AND IDA

Morocco - Disaster Risk Management Development Policy Loan with a Catastrophe
Deferred Drawdown Option

1. The Executive Directors approved on December 11, 2019 a Disaster Risk Management
development policy loan with a Catastrophe Deferred Drawdown Option in the amount of EUR
251.8 million (US$275 million equivalent) to Morocco on the terms and conditions as set out in
the President’s Memorandum (R2019-0259, dated November 18, 2019).

Benin - Development Policy Credit and Development Policy Grant - First Fiscal
Management and Structural Transformation Development Policy Operation

2. The Executive Directors approved on December 12, 2019 a development policy credit in
the amount of EUR 44.9 million (US$50.0 million equivalent), and a development policy grant
in the amount of SDR 36.3 million (US$50.0 million equivalent) to Benin for a First Fiscal
Management and Structural Transformation Development Policy Operation on the terms and
conditions as set out in the President’s Memorandum (IDA/R2019-0325, dated November 19,
2019).

Madagascar – Development Policy Grant - Madagascar Disaster Risk Management
Development Policy Financing with a Catastrophe Deferred Drawdown Option

3. The Executive Directors approved on December 12, 2019 a development policy grant in
the amount of SDR 36.3 million (US$50.0 million equivalent) to Madagascar for a Madagascar
Disaster Risk Management Development Policy Financing with a Catastrophe Deferred
Drawdown Option on the terms and conditions as set out in the President’s Memorandum
(IDA/R2019-0322, dated November 19, 2019).

Mali – Development Policy Credit and a Development Policy Grant - Sustainable Energy
and Improved Service Delivery for Increased Stability Development Policy Financing

4. The Executive Directors approved on December 12, 2019 a development policy credit in
the amount of EUR 188.3 million (US$210.0 million equivalent) and a development policy grant
in the amount of SDR 29.0 million (US$40.0 million equivalent) to Mali for a Sustainable
Energy and Improved Service Delivery for Increased Stability Development Policy Financing on
the terms and conditions as set out in the President’s Memorandum (IDA/R2019-0328, dated
November 19, 2019).

Niger – Development Policy Credit and a Development Policy Grant - First Laying the
Foundation for Inclusive Development Policy Financing

5. The Executive Directors approved on December 12, 2019 a development policy credit in
the amount of EUR 156.9 million (US$175.0 million equivalent) and a development policy grant
in the amount of SDR 126.9 million (US$175.0 million equivalent) to Niger for a First Laying

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 Foundation for Inclusive Development Policy Financing on the terms and conditions as set
out in the President’s Memorandum (IDA/R2019-0320, dated November 19, 2019).

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THE BOARD OF DIRECTORS OF IFC

Vietnam - Investment in Vietnam Prosperity Joint Stock Commercial Bank (VPBank
Green Loan)

6. The Board of Directors authorized on December 11, 2019 an investment in Vietnam -
Vietnam Prosperity Joint Stock Commercial Bank (VPBank Green Loan) (IFC/R2019-0340,
dated November 27, 2019) consisting of up to US$150 million of five-year senior loans
comprised of: (i) an up to US$50 million A loan, (ii) an up to US$37.5 million trust loan from
IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio
Program, and (iii) an up to US$62.5 million B1 loan.

Romania - Investment in Raiffeisen Bank Romania (DCM RBRO B3T2/SL)

7. The Board of Directors authorized on December 11, 2019 an investment in Romania -
Raiffeisen Bank Romania (DCM RBRO B3T2/SL) (IFC/R2019-0339, dated November 27,
2019) consisting of an investment in (i) a Basel III-compliant Tier 2 local currency bond in the
amount of up to RON240 million; and (ii) a senior loan in the amount of up to RON480 million.
Mr. Montgomery wished to be recorded as abstaining.

Côte d’Ivoire - Investment in SIB and BBCI for the PAMOSET RSF Project

8. The Board of Directors authorized on December 12, 2019 an investment in Côte d’Ivoire
- SIB and BBCI for the PAMOSET RSF Project (IFC/R2019-0343, dated December 2, 2019) in
a form of Risk Sharing Facility of up to US$60 million originated and serviced by Société
Ivoirienne de Banque (SIB) in Côte d’Ivoire and with Baobab Côte d’Ivoire (BBCI). IFC will
share 50 percent of the risk with SIB and BBCI and it will have a total maximum exposure
amount of US$30 million.

Armenia - Investment in Masrik Solar Project

9. The Board of Directors authorized on December 12, 2019 an investment in Armenia -
Masrik Solar Project (IFC/R2019-0341, dated December 2, 2019) consisting of: (i) an IFC
A loan of up to US$11 million; (ii) interest rate swaps to hedge the senior debt, representing a
Loan Equivalent Exposure estimated to be up to US$0.5 million; and (iii) a concessional senior
loan of up to US$11 million from IFC acting in its capacity as the implementing entity for the
Finland-IFC Climate Change Program.

Argentina - Investment in NSG UK Enterprises Limited (NSG U.K.) for the NSG
Argentina Project

10. The Board of Directors authorized on December 12, 2019 an investment in Argentina -
NSG UK Enterprises Limited (NSG U.K.) for the NSG Argentina Project (IFC/R2019-0342,
dated December 2, 2019) in a form of an “A” loan of up to US$80 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.
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THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF
DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA

Minutes of Previous Meeting

11. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and
MIGA approved on December 12, 2019 the minutes of the meeting held on November 14, 2019,
and the record of approvals and authorizations between November 8, 2019 and November 14,
2019 (M2019-0050[IDA/M2019-0050, IFC/M2019-0050, MIGA/M2019-0049], dated December
5, 2019).