FROM: Vice President & Corporate Secretary Minutes of a Meeting of the Board of Directors of IFC via WebEx on July 28, 2020 at 10:00 a.m. 1. There were present: CHAIR: S. von Friedeburg, Chief Operating Officer, IFC EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Agustin DJ. Nordquist A. Alqifari P. Pagano G. Antioch . Parjiono F. Bouvet G. Schoenleitner J. Chavez-Presa L. Shuaibu A. Fernandez G. Stoyanova W. Gruber A. Subramani G. Haarde V. Tamozhnikov D. Harris S. Tarar M. Hasan J-C. Tchatchouang H. Ikarashi J. Zattler A. Kabagambe M. Zhang R. Masood OFFICERS AND STAFF PARTICIPATING: C. Stephens, Vice President and General Counsel, IFC Y. Tsikata, Vice President and Corporate Secretary T. Telma, Senior Director M. Pate, Global Director, HNP E. Sterlin, Senior Manager K. Sierra-Escalante, Senior Manager Z. Kantur, Principal Investment Officer J-P. Hupez, Chief Counsel L. Tran, Adviser 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. World Region – Investment in Global Health Platform 2. The Board of Directors of IFC considered the President’s Memorandum and Report entitled “World Region – Proposed Investment in Global Health Platform - Revision” (IFC/R2020-0169; /1-2, dated July 2, 2020, July 14, 2020 and July 22, 2020, respectively) and approved the investments for IFC’s own account in an aggregate cumulative amount of up to US$2 billion; and additional investments in the form of B1 loans for the account of participants, B2 loans for the account of participants under the Managed Co-Lending Portfolio Program (MCPP); MCPP Trust Loans, and/or other Trust Loans, all in an additional aggregate cumulative amount of up to US$2 billion, and adopted the resolution (Resolution No. IFC2020-0006) in the recommendation as outlined in paragraph 3 of the President’s Memorandum. Adjournment 3. The meeting adjourned 11:51 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 via WebEx on July 28, 2020 at 11:58 a.m. 1. There were present: CHAIRS: M. Pangestu, Managing Director EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Agustin T. Nomoto A. Alqifari DJ. Nordquist G. Antioch P. Pagano O. Bougara G. Schoenleitner F. Bouvet L. Shuaibu J. Chavez-Presa A. Subramani A. Fernandez V. Tamozhnikov W. Gruber K. Tantitemit G. Haarde J-C. Tchatchouang D. Harris F. Vodita M. Hasan J. Zattler A. Kabagambe M. Zhang D. Kinder OFFICERS AND STAFF PARTICIPATING: S. Okoro, 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 Ms. Minwen Zhang, Alternate Executive Director, on the expiration of her term of service and tendered her good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 12:12 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 July 17 and -28, 2020 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Sudan – Second Additional Grant Financing – Sustainable Natural Resources Management Project 1. The Executive Directors approved on July 23, 2020 the second additional grant in the amount of US$5,936,073 to the Republic of Sudan consisting of US$4.566 million from the Least Developed Countries Fund (LDCF) for climate change adaptation (TF0B3243) and US$1.369 million from the Global Environment Facility (GEF) under Sudan’s allocation for GEF-7 land degradation (TF0B3244) for the Sustainable Natural Resources Management Project on the terms and conditions set out in the President’s Memorandum (GEF/R2020-0004/2, dated July 9, 2020). Ms. Nordquist wished to be recorded as opposing. Uganda – Credit and Grant – Uganda Secondary Education Expansion Project 2. The Executive Directors approved on July 23, 2020 the credit in the amount of SDR 65.6 million (US$90 million equivalent) and the grant in the amount of SDR 43.8 million (US$60 million equivalent) to Uganda for the Uganda Secondary Education Expansion Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0273/2, dated July 14, 2020). Ghana, Kenya, Senegal, Tanzania and Zambia – Global Environment Facility (GEF) Trust Fund Grants – Africa Environmental Health and Pollution Management Program 3. The Executive Directors approved on July 27, 2020 the GEF trust fund grants totaling US$37.89 million and comprising the amounts of US$8,073,395 to Kenya, US$8,715,596 to Ghana, US$8,256,881 to Zambia, US$7,339,450 to Tanzania, and US$5,504,587 to Senegal for the Africa Environmental Health and Pollution Management Program on the terms and conditions set out in the President’s Memorandum (GEF/R2020-0005, dated July 13, 2020). West Bank and Gaza – Grant – West Bank Emergency Social Protection COVID-19 Response Project 4. The Executive Directors approved on July 27, 2020 the grant to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) in the amount of US$30 million from the Trust Fund for Gaza and West Bank for the West Bank Emergency Social Protection COVID-19 Response Project on the terms and conditions set out in the President’s Memorandum (R2020-0156[IDA/R2020-0287, dated July 16, 2020). World Bank Annual Report 2020 - Draft 5. The Executive Directors approved on July 28, 2020 the document entitled “World Bank Annual Report 2020 - Draft” (R2020-0157[IDA/R2020-0293], dated July 17, 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. Sierra Leone – Grant – Economic Diversification Project 6. The Executive Directors approved on July 28, 2020 the grant in the amount of SDR 29.2 million (US$40 million equivalent) to Sierra Leone for the Economic Diversification Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0280, dated July 9, 2020). Burkina Faso, Cote d’Ivoire, Guinea, Liberia, Mali and Sierra Leone – Development Policy Credits and Grants – West Africa Regional Energy Trade Development Policy Financing Program 7. The Executive Directors approved on July 28, 2020 the credit of EUR 27.0 million (US$30.0 million equivalent) and the grant of SDR 21.9 million (US$30 million equivalent to Burkina Faso; the credit of EUR 62.9 million (US$70 million equivalent) to Cote d’Ivoire; the credit of SDR 21.9 million (US$30.0 million equivalent) and the grant of SDR 21.9 million (US$30.0 million equivalent) to Guinea; the credit of EUR 27.6 million (US$30.0 million equivalent) and the grant of SDR22.0 million (US$30.0 million equivalent) to Mali; the credit of SDR 9.2 million (US$12.5 million equivalent) and the grant of SDR 9.2 million (US$12.5 million equivalent) to Liberia; and the grant of SDR 18.3 million (US$25.0 million equivalent) to Sierra Leone for the West Africa Regional Energy Trade Development Policy Financing Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0275, dated July 6, 2020). Nigeria – Credit – Adolescent Girls Initiative for Learning and Empowerment Project 8. The Executive Directors approved on July 28, 2020 the credit in the amount of SDR 364.5 million (US$500 million equivalent) to Nigeria for the Adolescent Girls Initiative for Learning and Empowerment (AGILE) Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0274, dated July 8, 2020). ********************************************************************************** THE BOARD OF DIRECTORS OF IFC Brazil – Investment in ODATA Brasil S.A. (ODATA SPO1/2/3) 9. The Board of Directors approved on July 21, 2020 an investment in Brazil – ODATA Brasil S.A. (IFC/R2020-0173, dated July 9, 2020) in the form of: (i) an IFC “A” loan (US$30 million) to ODATA Brasil; (ii) additional capital contributions from the shareholders (US$37.4 million); and (iii) internal cash generation (US$0.3 million). IFC Annual Report 2020 – Shock and Recovery - Draft 10. The Board of Directors approved on July 28, 2020 the document entitled “IFC Annual Report 2020 – Shock and Recovery - Draft” (IFC/R2020-0175, dated July 17, 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. THE BOARD OF DIRECTORS OF MIGA Ecuador – Guarantees for Non-Shareholder Loans to Surpapelcorp S.A. and Productora Cartonera S.A. – Modification of Prior Concurrence 11. The Board of Directors concurred on July 27, 2020 with the modification of prior concurrence and the issuance of the guarantees for non-shareholder loans to (i) Cordiant Capital Inc. (acting on behalf of any of the funds managed by it, including Cordiant Capital Funds and Allianz EM Loans S.C.S.) and/or any of its subsidiaries or affiliates, (ii) Finnfund, (iii) BIO, and (iv) any other lenders yet to be identified. as set out in the Report from the President entitled “Ecuador – Guarantees for Non-Shareholder Loans to Surpapelcorp S.A. and Productora Cartonera S.A. – Proposed Modification of Prior Concurrence” (MIGA/R2020-0062, dated July 15, 2020). MIGA Annual Report 2020-Draft 12. The Board of Directors approved on July 28, 2020 the document entitled “MIGA 2020 Annual Report – Draft” (MIGA/R2020-0063, dated July 17, 2020). *********************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Annual Audits of IBRD, IDA, IFC, MIGA, and Trust Funds for FY21 – Nomination of a Firm of External Auditors 13. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approvals on July 17, 2020 of the Report from the Chair, Audit Committee, entitled “Annual Audits of IBRD, IDA, IFC, and MIGA, and Trust Funds for FY21 - Nomination of a Firm of External Auditors" (R2020-00153[IDA/R2020-0281, IFC/R2020-0174, MIGA/R2020-0061], dated July 8, 2020 and adopted the resolutions contained in paragraph 3 of the Report, namely: Resolution No. 2020-0003, Resolution No. IDA 2020-0002 - Audit of Financial Statements; Resolution No. IFC 2020-0014 - Audit of Financial Statements; Resolution No. MIGA 2020- 0002 - Audit of Financial Statements. Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 23, 2020 14. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 28, 2020 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 23, 2020” (R2020-0160[IDA/R2020-0300, IFC/R2020-0179, MIGA/R2019-0065], dated July 24, 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.