International Bank for Reconstruction and Development International Development Association FOR OFFICIAL USE ONLY FOR For consideration on EXECUTIVE t . July 21, 1987 DIRECTORS' __ __ _ MEETING 'M87-32 IDA/M87-31 FROM: Vice President and Secretary July 8, 1987 I-t Minutes of Meeting of the Executive Directors 1. There were present: the Bank and IDA held in the Board Room on June 23. 1987 at 10:00 a.m. _of | CHAIRMAN B. B. Conable, President EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS P. Arlman M. Benachenhou G. Boehmer F.A. Camarasa J.A.L. Faint (Alternate) R.M. Guimaraes (Alternate) M.IW. Hosny (Alternate) M. Jembere V. Kantola (Alternate) R.B. Keating J-P. Le Bouder (Alternate) H. Luschin (Alternate) Z. Mizoguchi (Alternate) H. Ploix N.F. Potter M. Ramli Wajib C.R.K. Rao Sahib C. Sanclemente (Alternate) M.A. Sherwin J.E. Suraisry F. Vannini (Alternate) Xu Naijiong ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS H.G. Barber C. Dujmovic J.S.A. Funna S.M. Omeish C.A. Pardo M.M. Rahman M. von Harpe K. Vongsay Zhang JunyiI OFFICERS AND STAFF PARTICIPATING M.A. Qureshi, Senior Vice President, S.S. Husain, Vice President, Operations LAC E.V.K. Jaycox, Vice President, Africa I.F.I. Shihata, Vice President & General Counsel 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 disclosedwithout World Bank authorization. - 2 - M87-32 IDA/M87-31 T.T. Thahane, Vice President P.P. Bottelier, Country & Secretary Director, LAC S.J. Burki, Country Director, Asia R.J. Cheetham, Country 4M.I.Serageldin, Country Director, Director, Asia Africa K. Di Tullio, Asia F. Earwaker, Asia J. Koch, Asia K. Marshall, LAC P. Miovic, LAC H. Nissenbaum, LAC B.C. Pasquier, Africa G. Smith, LAC K. Stephenson, Asia I.K. Sud, Asia S.H. Choi, Secretary's CREDIT AND SPECIAL AFRICAN FACILITY CREDIT - SAO TOME AND PRINCIPE 2. The Executive Directors considered the President's Report and Recommendation (IDA/R87-78 dated June 2, 1987) and approved the credit and African Facility Credit to the DemocraticRepublic of Sao Tome and Principe for a StructuralAdjustment Program, in the amounts of SDR 3.1 million (US$4 million equivalent) and SDR 2.3 million (US$3 million equivalent), respectively, on the payment terms and other terms and conditions set out in the President's Report (CREDIT APPROVAL NO. 87-76; AFC NO. 87-6). LOAN TO CHINA 3. The Executive Directors considered the President's Memorandum and Recommendation (R87-137 dated June 4, 1987) and approved the loan to the People's Republic of China for the Wujing Thermal Power Project in the amount of $190 million equivalent on the payment terms and other terms and conditions set out in the President's Memorandum (LOAN APPROVAL NO. 87-88). CREDIT TO LAO PEOPLE'S DEMOCRATIC REPUBLIC 4. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R87-84 dated June 4, 1987) and approved the credit to the Lao People's Democratic Republic for the Southern Provinces Electrifi- cation Project in the amount of SDR 19.8 million (US$25.8million equivalent) on the payment terms and other terms and conditions set out in the President's memorandum (CREDIT APPROVAL NO. 87-77). LOAN TO KOREA 5. The Executive Directors considered the President'sMemorandum and. Recommendation (R87-121 dated May 29, 1987) and approved the loan to the Republic of Korea for a Housing Finance Sector Project in the amount of $150 million equivalent on the payment terms and other terms and conditions set out in the President's Memorandum (LOAN APPROVAL NO. 87-89). -3- M87-32 IDA/M87-31 CREDIT TO BANGLADESH 6. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R87-83 dated June 4, 1987) and approved the credit to the People's Republic of Bangladesh for the Road Rehabilitationand Maintenance Project in the amountof SDR 78.1 million (US$102million equivalent) on the payment terms and other terms and conditions set out in the President's memorandum (CREDIT APPROVAL NO. 87-78). LOAN TO SERVICIOS ELECTRICOS DEL GRAN BUENOS AIRES (SEGBA) - ARGENTINA 7. The Executive Directors considered the President's Memorandum and Recommendation (R87-139dated June 5, 1987) and approved the loan to the Servicios Electricos del Gran Buenos Aires (SEGBA), with the guarantee of the Republic of Argentina, for the SEGBA V Power Distribution Project in the amount of $276 million equivalent on the payment terms and other terms and conditions set out in the President's Memorandum (LOAN APPROVAL NO. 87-90). CREDIT TO BOLIVIA 8. The Executive Directors considered the President's Report and Recommendation (IDA/R87-80 dated June 3, 1987) and approved the credit to the Republic of Bolivia for a Second Reconstruction Import Credit in the amount of SDR 36.1 million (US$47.1 million equivalent) on the payment terms and other terms and conditions set out in the President's report (CREDITAPPROVAL NO. 87-79). CREDIT TO BOLIVIA 9. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R87-86 dated June 5, 1987) and approved the credit to the Republic of Bolivia for the Emergency Social Fund Project in the amount of SDR 7.8 million (US$10 million equivalent) on the payment terms and other terms and conditions set out in the President'smemorandum (CREDIT APPROVAL NO. 87-80). CREDIT TO SAO TOME AND PRINCIPE 10. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R87-81dated June 4, 1987) and approved the credit to the Democratic Republic of Sao Tome and Principe for a Cocoa Rehabilitation Project in the amount of SDR 6.1 million (US$7.9 million equivalent) on the payment terms and other terms and conditions set out in the President's memorandum (CREDIT APPROVAL NO. 87-81). .~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I k. _ _ _ - 4 - M87-32 IDA/M87-31 DATE OF NEXT MEETING 11. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on June 25, 1987. ADJOURNMENT 12. The meeting adjourned at 12:00 noon. Distribution: Executive Directors and Alternates President Senior Vice Presidents Senior Management Council Vice Presidents, IFC Directors and Department Heads, Bank and IFC