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 December 14, 2020 at 11:15 a.m. 1. There were present: CHAIR: A. Van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: H. Ahmad L. Levonian A. Alqifari A. Manuel F. Bouvet R. Marshavin M. Bugamelli M. Medina H. Davidse N. Mireku H. Demircan DJ. Nordquist D. Favre T. Nyamadzabo D. Haarde N. Ray M. Hasan P. Sewing H. Ikarashi L. Uribe-Restrepo R. Khullar E. Valle-Maestro D. Kinder T. Zhang A. Kouagou OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel D. Gaye, Vice President and Corporate Secretary O. Diagana, Vice President, Africa Region S. Pimenta, Vice President, IFC S. Chaudhuri, Country Director M. Baroudi, Director, MIGA F. Okunmadewa, Lead Specialist 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. Nigeria – Country Partnership Framework Nigeria – Credit – COVID-19 Action Recovery and Economic Stimulus Program-for-Results 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Partnership Framework for Nigeria for the period FY21-FY25 (R2020-0214[IDA/R2020-0384, IFC/R2020-0231, MIGA/R2020-0088], dated November 18, 2020). The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2020-0380, dated November 20, 2020) and approved the credit in the amount of SDR 531.3 million ($750.0 million equivalent) to Nigeria for the COVID-19 Action Recovery and Economic Stimulus Program-for-Results. Adjournment 3. The meeting adjourned 1:11 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 11-14, 2020 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA IBRD Financial Sustainability Framework – FY21 Mid-Year Review 1. The Executive Directors approved on December 11, 2020 the recommendation in paragraph 19 of the Memorandum of the President entitled “IBRD Financial Sustainability Framework – FY21 Mid-Year Review”(R2020-0226; /1-3, dated November 23, 2020, December 1, 2020, December 2, 2020 and December 4, 2020, respectively) and adopted Resolution No.2020- 0006, and Resolution No. IDA2020-0005. Sao Tome and Principe – Grant – Girls Empowerment and Quality Education for All Project 2. The Executive Directors approved on December 11, 2020 the grant in the amount of SDR 11.0 million (US$15.0 million equivalent) to Sao Tome and Principe for the Girls Empowerment and Quality Education for All Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0393, dated November 20, 2020). Albania – Loan - Albania Fiscal Sustainability and Growth Development Policy Financing 3. The Executive Directors approved on December 11. 2020 the development policy loan in the amount of US$80 million to Albania for the Albania Fiscal Sustainability and Growth Development Policy Financing on the terms and conditions set out in the President’s Memorandum (R2020-0212, dated November 18, 2020). Bosnia and Herzegovina – Loan – Firm Recovery and Support Project 4. The Executive Directors approved on December 11, 2020 the loan in the amount of EUR56.0 million (US$65.3 million equivalent) to Bosnia and Herzegovina for the Firm Recovery and Support Project on the terms and conditions set out in the President’s Memorandum (R2020-0217, dated November 20, 2020). North Macedonia – Loan – Primary Education Improvement Project 5. The Executive Directors approved on December 11, 2020 the loan in the amount of EUR 21.5 million (US$25.0 million equivalent) to North Macedonia for the Primary Education Improvement Project on the terms and conditions set out in the President’s Memorandum (R2020-0218, dated November 20, 2020). Ukraine – Additional Financing – Social Safety Nets Modernization Project 6. The Executive Directors approved on December 11, 2020 the additional loan in the amount of US$300 million to Ukraine for the Social Safety Nets Modernization Project on the terms and conditions set out in the President’s Memorandum (R2020-0231, dated December 2, 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. Brazil – Loan – First Amazonas Fiscal and Environmental Sustainability Programmatic Development Policy Financing 7. The Executive Directors approved on December 11, 2020 the development policy loan in the amount of US$200 million to the State of Amazonas with the guarantee of the Federative Republic of Brazil for the First Amazonas Fiscal and Environmental Sustainability Programmatic Development Policy Financing on the terms and conditions set out in the President’s Memorandum (R2020-0219, dated November 18, 2020). Afghanistan – Grant – Afghanistan Water, Sanitation, Hygiene and Institutional Support Project 8. The Executive Directors approved on December 11, 2020 the grant in the amount of SDR 35.5 million (US$50.0 million equivalent) to Afghanistan for the Afghanistan Water, Sanitation, Hygiene and Institutional Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0382, dated November 20, 2020). Bangladesh – Additional Financing – Reaching Out of School Children Project 9. The Executive Directors approved on December 11, 2020 the second additional credit in the amount of SDR 4.7 million (US$6.5 million equivalent) to Bangladesh for the Reaching Out of School Children Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0391, dated November 20, 2020). Maldives – Grant, Clean Technology Fund (CTF) Loan and CTF Grant – Accelerating Renewable Energy Integration and Sustainable Energy Project 10. The Executive Directors approved on December 11, 2020 the grant in the amount of SDR 8.8 million (US$12.4 million equivalent) CTF loan in the amount of US$23.0 million and CTF grant in the amount of US$7.0 million to Maldives for the Accelerating Renewable Energy Integration and Sustainable Energy Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0394, dated November 20, 2020). Ms. Nordquist wished to be recorded as abstaining. Benin – Credit and Grant – Youth Inclusion Project 11. The Executive Directors approved on December 14, 2020 the credit in the amount of EUR 25.8 million (US$30.0 million equivalent) and the grant in the amount of SDR 21.3 million (US$30.0 million equivalent) to Benin for the Youth Inclusion Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0397, dated November 23, 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. Nigeria – Additional Financing – States Fiscal Transparency, Accountability and Sustainability Program-for-Results 12. The Executive Directors approved on December 14, 2020 the additional credit in the amount of SDR 531.3 million (US$750.0 million equivalent) to Nigeria for the States Fiscal Transparency, Accountability and Sustainability Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0400, dated November 23, 2020). ********************************************************************************** THE BOARD OF DIRECTORS OF IFC Mauritius – Investment in ETC Group for the ETG Term Facility Project 13. The Board of Directors approved on December 11, 2020 an investment in Mauritius – ETC Group (IFC/R2020-0241, dated December 1, 2020) in the form of an unsecured “A” loan of up to US$10 million. Ms. Nordquist and Mr. Davidse wished to be recorded as abstaining and Mr. Haarde wished to be recorded as opposing. Vietnam – Investment in Dragon Capital Group Ltd. for the Vietnam Debt Fund SPC – C Class Segregated Portfolio (DCM DCG VDeF C) 14. The Board of Directors approved on December 14, 2020 an investment in Vietnam – Dragon Capital Group Ltd. (IFC/R2020-0247, dated December 2, 2020) in the form of a senior loan package of up to US$105 million, comprising of: (i) a senior “A” loan of up to US$50 million from IFC’s own account, (ii) an up to US$25 million Trust Loan from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program (MCPP), and (iii) a IFC-arranged syndicated “B1” loan of up to US$30 million for the account of participants. Messrs. Buisse, Davidse, Haarde and Putscher wished to be recorded as abstaining. Uzbekistan – Investment in Joint-Stock Commercial Bank TBC Bank (TBC UZ) for the TBC Uzbekistan Equity Project 15. The Board of Directors approved on December 14, 2020 an investment in Uzbekistan – Joint- Stock Commercial Bank TBC Bank (TBC UZ). (IFC/R2020-0244, dated December 2, 2020) in the form equity of up to US$10.0 million. Africa Region – Additional IFC Investment in AfricInvest Fund IV LLC 16. The Board of Directors approved on December 14, 2020 an investment in Africa Region – AfricInvest Fund IV LLC (IFC/R2020-0246, dated December 2, 2020) for an additional equity commitment of: (a) up to US$15.0 million. IFC’s aggregate commitment will remain below 15 percent of total Fund size; and (b) a separate co-investment envelope of up to US$20 million, on a delegated authority basis, and adopted Resolution No. IFC2020-0020. *********************************************************************************** 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 EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Ethic Committee – Appointment of Committee Members 17. The Executive Directors recorded their approval on December 11, 2020 of the recommendation in paragraph 3 contained in the Memorandum from the Chairman of the Board of Executive Directors entitled “Ethics Committee - Appointment of Committee Members” (R2020-0234[IDA/R2020- 0413, IFC/R2020-0265, MIGA/R2020-0058], dated December 9, 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.