Minutes of a Meeting of the Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA held via WebEx on May 19, 2022, at 9:59 a.m. 1. There were present: CHAIR: S. Yang, Managing Director and WBG Chief Administrative Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Acevedo L. Lind N. Baloch M. Medina K. Bawazier T. Nyamadzabo F. Bouvet A. Ouro Samah A. Clark Parjiono M. Coelho N. Putscher M. Delaporte N. Ray H. Demircan A. Sasaki E. Gomes I. Shervarli E. Grigoryan C. Sinckler M. Hasan T. Zhang G. Henriques R. Khullar A. Kugler OFFICERS AND STAFF PARTICIPATING: A. Shayne, Acting Senior Vice President and General Counsel D. Gaye, Vice President and Corporate Secretary C. Jaramillo, Regional Vice President M. Spicer, Director, IMF M. Baroudi, Director, MIGA L. Burunciuc, Country Director P. Economou, Senior Risk Management Officer, CTR OTHER PARTICIPANTS: A. McIntyre, Mission Chief, IMF Organization of Eastern Caribbean States - Regional Partnership Framework 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Regional Partnership Framework for the Organization of Eastern Caribbean States for the period FY22-FY25 (R2022- 0068[IDA/R2022-0125, IFC/R2022-0090, MIGA/R2022-0045];/3, dated April 25, 2022, May 6, 2022, May 16, 2022, and May 17, 2022, respectively). Adjournment 3. The meeting adjourned at 11:34 a.m. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis between May 11, 2022 and May 19, 2022 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Albania – Loan and Grant - Albania National Water Supply and Sanitation Sector Modernization Program 1. The Executive Directors approved on May 12, 2022 a loan in the amount of EUR 67.3 million (equivalent of US$75.0 million) and a grant in an initial amount of US$3 million (and a final amount of up to US$6.3 million) to Albania for the Albania National Water Supply and Sanitation Sector Modernization Program on the terms and conditions set out in the President’s Memorandum (R2022-0072, dated April 25, 2022). Brazil – Loan - Recovering Learning Losses from COVID-19 Pandemic in Brazil - Program-for-Results 2. The Executive Directors approved on May 12, 2022 a loan in the amount of US$250 million to Brazil for a Recovering Learning Losses from COVID-19 Pandemic in Brazil Program-for-Results on the terms and conditions set out in the President’s Memorandum (R2022-0070, dated April 25, 2022). Jordan – Loan - Jordan: Support for Industry Development Fund 3. The Executive Directors approved on May 12, 2022 a loan in the amount of US$85 million to Jordan for a Jordan: Support for Industry Development Fund on the terms and conditions set out in the President’s Memorandum (R2022-0071, dated April 25, 2022). Kenya, Rwanda, Tanzania, East African Community, and Africa Union – Credits and Grants - Eastern Africa Regional Statistics Program-for-Results 4. The Executive Directors approved on May 13, 2022 the following financing: (i) a credit in the amount of EUR 107.2 million (US$120 million equivalent) to Kenya; (ii) a credit in the amount of EUR 26.8 million (US$30 million equivalent) and a grant in the amount of SDR 21.6 million (US$30 million equivalent) to Rwanda; (iii) a credit in the amount of SDR 58.8 million (US$82 million equivalent) to Tanzania; (iv) a grant in the amount of SDR 20.8 million (US$29 million equivalent) to the East African Community; and (v) a grant in the amount of SDR 7.2 million (US$10 million equivalent) to the African Union for an Eastern Africa Regional Statistics Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0129, dated April 26, 2022). Kiribati – Grant - Kiribati Outer Islands Resilience and Adaptation Project 5. The Executive Directors approved on May 13, 2022 a grant in the amount of SDR14.50 million (US$20 million equivalent) to Kiribati for a Kiribati Outer Islands Resilience and Adaptation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0127, dated April 29, 2022). China - Grant from the Global Environment Facility (GEF) - GEF7: Green and Carbon- Neutral Cities Project 6. The Executive Directors approved on May 13, 2022 a grant from the Global Environment Facility (GEF) in the amount of US$26,909,050 to China for a GEF7: Green and Carbon Neutral Cities Project on the terms and conditions set out in the President’s Memorandum (GEF/R2022- 0001, dated April 29, 2022). Ms. Bouzis wished to be recorded as objecting. Mr. Miyahara wished to be recorded as abstaining. Republic of Congo – Additional Credit - Lisungi Emergency COVID-19 Response Project 7. The Executive Directors approved on May 16, 2022 an additional credit in the amount of EUR 74.9 million (US$83 million equivalent) to the Republic of Congo for the Lisungi Emergency COVID-19 Response Project on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0131, dated April 27, 2022). Liberia – Grant and Credit - Liberia Urban Resilience Project 8. The Executive Directors approved on May 17, 2022 a grant in the amount of SDR 14.5 million (US$20 million equivalent), and a credit in the amount of SDR 14.5 million (US$20 million equivalent) to Liberia for a Liberia Urban Resilience Project on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0134, dated April 28, 2022). Grenada – Credit - Resilience Improvement Project 9. The Executive Directors approved on May 17, 2022 a credit in the amount of US$15 million to Grenada for a Resilience Improvement Project on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0130, dated April 28, 2022). Grenada, Saint Lucia, Saint Vincent and the Grenadines, Organization of Eastern Caribbean States Commission – Credits and Grant - OECS Data for Decision Making Project 10. The Executive Directors approved on May 17, 2022 credits in the amount of US$8 million to Grenada, US$8 million to Saint Lucia, and US$6 million to Saint Vincent and the Grenadines, and a grant in the amount of SDR3.6 million (US$5 million equivalent) to the Organisation of Eastern Caribbean States (OECS) Commission for the OECS Data for Decision Making Project on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0133, dated April 28, 2022). Lao People's Democratic Republic - Southeast Asia Regional Economic Corridor and Connectivity Project 11. The Executive Directors approved on May 18, 2022 a credit in the amount of SDR 95.5 million (US$131.9 million equivalent) to the Lao People's Democratic Republic for a Southeast Asia Regional Economic Corridor and Connectivity on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0142;/3, dated April 29, 2022, and May 24, 2022, respectively). Côte d’Ivoire – Credit - Social Safety Nets System Strengthening Program - Program-for- Results 12. The Executive Directors approved on May 19, 2022 a credit in the amount of EUR 180.3 million (US$200 million equivalent) to Côte d’Ivoire for a Social Safety Nets System Strengthening Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2022-0141, dated May 2, 2022). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC India - Investment in Hikal Limited for the Hikal III Project 13. The Board of Directors approved on May 11, 2022 an investment in India - Hikal Limited for the Hikal III Project (IFC/R2022-0100, dated April 29, 2022) consisting a senior secured loan for an amount of up to INR3,750 million (approximately US$50 million) by subscribing to non- convertible debentures (NCD) issued by the Hikal Limited and authorized the disposal of all or part of the NCDs in the secondary market at a time and price to be determined by IFC’s management. China - Investment in Haier Financial Services China Co., Ltd (DCM Haier Social Bond) 14. The Board of Directors approved on May 12, 2022 an investment in China - Haier Financial Services China Co., Ltd (DCM Haier Social Bond) (IFC/R2022-0102, dated May 2, 2022) consisting of IFC’s subscription to the five-year social bond to be issued by Haier Leasing of up to US$100 million (or RMB equivalent), and the future disposal of all or part of IFC’s subscription to the social bonds which may be undertaken at a time and price to be determined by IFC Management. Ms. Bouzis wished to be recorded as abstaining. Colombia - Investment in Corporación Nariño Empresa y Futuro Contactar for the Contactar Loan Project 15. The Board of Directors approved on May 12, 2022 an investment in Colombia - Corporación Nariño Empresa y Futuro Contactar for the Contactar Loan Project (IFC/R2022- 0101, dated May 2, 2022) consisting of a Colombian peso linked “A” loan for IFC’s own account with a notional principal amount of up to US$15 million in Colombian peso equivalent. Pakistan - Investment in Khaadi Corporation SMC-Private Limited (Khaadi) for the Khaadi Corp Project 16. The Board of Directors approved on May 13, 2022 an investment in Pakistan - Khaadi Corporation SMC-Private Limited (Khaadi) for the Khaadi Corp Project (IFC/R2022-0107, dated May 3, 2022) comprising a quasi-equity investment of up to Pakistani rupee equivalent of US$25 million through preference shares. Vietnam - Investment in VN Green Holding Pte. Ltd. for the VNGH Project 17. The Board of Directors approved on May 16, 2022 an investment in Vietnam - VN Green Holding Pte. Ltd. for the VNGH Project (IFC/R2022-0108, dated May 4, 2022) in a form of an “A” loan of up to US$45 million for IFC’s own account. Ms. Lind wished to be recorded as objecting. Messrs. Buisse, Davidse, and Putscher wished to be recorded as abstaining. Brazil - Investment in Red Asset for the DCM Red Real FIDC Project 18. The Board of Directors approved on May 19, 2022 an investment in Brazil - Red Asset for the DCM Red Real FIDC Project (IFC/R2022-0113, dated May 9, 2022) consists of an investment in senior quotas of the Red Asset Fundo de Investimentosem Direitos Creditórios Real L.P. of up to BRL480 million (up to US$104 million equivalent) for IFC’s own account. India - Investment in Shriram Transport Finance Company Limited 19. The Board of Directors approved on May 19, 2022 an investment in India - Shriram Transport Finance Company Limited (IFC/R2022-0112, dated May 9, 2022) consisting of subscription to PTCs of up to INR 11.4 billion (approximately US$150 million equivalent) issued by a trust, and backed by SHTF’s securitized assets and authorized the disposal of all or part of PTCs held by IFC at a time and a price to be determined by IFC’s management. ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK THE BOARD OF DIRECTORS OF MIGA 2022 Regular Election of Bank and MIGA Boards - Establishment of an Ad Hoc Committee 20. The Executive Directors of the Board of Directors of MIGA approved on May 12, 2022 the document entitled “2022 Regular Election of Bank and MIGA Boards - Establishment of an Ad Hoc Committee” (R2022-0088[MIGA/R2022-0055] dated May 3, 2022). ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARDS OF DIRECTORS OF IFC AND MIGA Appointment to Board Standing Committees Budget Committee and Committee on Development Effectiveness (Nomination of Successor to Mr. Gunther Beger) 21. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on May 11, 2022 the appointment of Mr. Michael Krake on the e Budget Committee and the Committee on Development Effectiveness to serve in place of Mr. Gunther Beger until October 31, 2022 (R2022-0098[IDA/R2022-0170, IFC/R2022-0117, MIGA/R2022- 0058] dated May 9, 2022). Minutes of Previous Meetings 22. The Executive Directors of the Bank and IDA and the Boards of Directors of IFA and MIGA approved on May 11, 2022 the minutes of the meeting held on May 3, 2022 in Restricted Executive Session (XM2022-0001[IDA/XM2022-0001, IFC/XM2022-0001, MIGA/XM2022- 0003], dated may 4, 2022. Georgia - Performance and Learning Review of the Country Partnership Framework 23. The Executive Directors of the Bank and the Boards of Directors of IFC and MIGA noted on May 13, 2022 the Performance and Learning Review of the Country Partnership Framework for Georgia for the period FY19-FY22 (R2022-0065[IFC/R2022-0088, MIGA/R2022-0043], dated April 22, 2022). Armenia - Performance and Learning Review of the Country Partnership Framework 24. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA noted on May 16, 2022 the Performance and Learning Review of the Country Partnership Framework for Armenia for the period FY19-FY23 (R2022-0067[IDA/R2022-0124, IFC/R2022- 0089, MIGA/R2022-0044], dated April 25, 2022). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of May 12, 2022 25. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on May 17, 2022 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of may 12, 2022” (R2022-0103[IDA/R2022-0189, IFC/R2022-0129, MIGA/R2022-0061], dated May 13, 2022). Mauritania - Performance and Learning Review of the Country Partnership Framework 26. The Executive Directors of IDA and the Boards of Directors of IFC and MIGA noted on May 18, 2022 the Performance and Learning Review of the Country Partnership Framework for Mauritania for the period FY18-FY23 (IDA/R2022-0135[IFC/R2022-0095, MIGA/R2022- 0049], dated April 27, 2022). Niger - Performance and Learning Review of the Country Partnership Framework 27. The Executive Directors of IDA and the Boards of Directors of IFC and MIGA noted on May 18, 2022 the Performance and Learning Review of the Country Partnership Framework for Niger for the period FY18-FY22 (DA/R2022-0128[IFC/R2022-0092, MIGA/R2022-0046], dated April 27, 2022).