International Bank for Reconstruction and Development Intemational Development Association FOR OFFICIAL USE ONLY FOR For consideration on EXECUTIVE Tuesday, March 9, 1999 DIRECTORS' MEETING M99-7 IDA/M99-7 FROM: The Acting Secretary February 17, 1999 Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on Tuesday, February 9,1999 at 10:08 a.m. 1. There were present: CHAIRMAN S. Sandstrom, Managing Director EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS G. Abraham (Alternate) J. Hylewski (Alternate) K. Al-Aboodi (Alternate) S. Katash (Temporary Alternate) K. Al-Saad R. Maino (Temporary Alternate) E. Biskup (Alternate) M. Marek (Alternate) G. Bruno (Temporary Alternate) 1. Niemi F. Ferrer T. O'Leary G. Gaviria (Temporary Alternate) J. Pesme (Alternate) H. Hagan (Temporary Alternate) P. Stek 1. Haque B. Toure Y. Horimoto (Temporary Alternate) P. Versegi (Temporary Alternate) L. Hubloue (Alternate) S. Vyas (Temporary Alternate) J. Hutagalung Zhu Xian This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contentsmay not otherwisebe disclosedwithout World Bank authorization. 2 M99-7 IDA/ M99-7 OFFICERS AND STAFF PARTICIPATING A. Rigo, Deputy General Counsel J-C. Crochet, ECSIN K. Kodera, Director, ECCO8 H. Denton, Corporate Secretariat A. Sood, Director, ECAVP Minutes of Previous Meetings 2. The Executive Directors approved the minutes of the meetings held on: December 17, 1998 (M98-77[IDA/M98-76]) December 22, 1998 (M98-78[IDA/M98-77]) January 7, 1999 (M99- 1[IDA/M99- 1]) January 12, 1999 (M99-2[IDA/M99-2]) January 19, 1999 (M99-3 [Corr.] [IDA/M99-3[Corr.]) Loan to Kazakhstan - Road Transport Restructuring Project 3. The Executive Directors considered the President's Memorandum and Recommendation (R99-3 dated January 19, 1999) and approved the loan to the Republic of Kazakhstan for a Road Transport Restructuring Project in the amount of US$ 100.0 million on the payment terms and other terms and conditions set out in the President's Memorandum. Loan to Macedonia - Transport Sector Project 4. The Executive Directors approved the loan to the Former Yugoslav Republic of Macedonia for a Transport Sector Project in the amount of DEM52.8 million on the payment terms and other terms and conditions set out in the President's Memorandum (R99-7 dated January 20, 1999). Loan and Credit to China - Yangtze Flood Emergency Rehabilitation Project 5. The Executive Directors approved the loan in the amount of US$40.0 million, and the credit in the amount of SDR28.9 million (US$40.0 million equivalent) to the People's Republic of China for a Yangtze Flood Emergency Rehabilitation Project on the payment terms and other terms and conditions set out in the President's Report (R99-8(IDA/R99-5 dated January 21, 1999) and (R99-8/1[IDA/R99-5/1] dated February 1, 1999). Audit Committee - Nomination of Successor to Mr. Li Yong 6. The Board of Directors recorded its approval on January 26, 1999 of the appointment of Mr. Zhu Xian to serve the remainder of the term of office of Mr. Li Yong as member of the Audit Committee (R99-9). 3 M99-7 IDA/ M99-7 Budget Committee - Nomination of Successor to Mr. Li Yong 7. The Board of Directors recorded its approval on January 26, 1999 of the appointment of Mr. Zhu Xian to serve the remainder of the term of office of Mr. Li Yong as member of the Budget Committee (R99- 10). DATE OF NEXT MEETING 8. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Thursday, February 11, 1999. ADJOURNMENT 9. The meeting adjourned at 10:39 a.m. Distribution: Executive Directors and Alternates President Bank Group Senior Management Vice Presidents, Bank, IFC and MIGA Directors and Department Heads, Bank, IFC and MIGA