FROM: Acting 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 June 16, 2020 at 9:59 a.m. 1. There were present: CHAIRS: S. Yang, Managing Director and WBG Chief Administrative Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Agustin R. Montogomery A. Almutlak N. Nishikata G. Antioch DJ. Nordquist S. Bazzoni G. Schoenleitner F. Bouvet A. Subramani K. Davidse L. Shuaibu A. Fernandez K. Tantitemit G. Haarde S. Tarar M. Hasan J-C. Tchatchouang F. Jimenez Y. Yang A. Kabagambe K. Zajdel-Kurowska L. Levonian J. Zattler R. Marshavin OFFICERS AND STAFF PARTICIPATING: Y. Tsikata, Vice President and Corporate Secretary I. Kichigina, Deputy General Counsel, Operations 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 Mr. Antero Klemola, Alternate Executive Director, on the expiration of his term of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 10:13 a.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 June 10-16, 2020 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Central African Republic – Supplemental Financing Grant – Consolidation and Social Inclusion Development Program: Supplemental Financing 1. The Executive Directors approved on June 10, 2020 the supplemental financing grant in the amount of SDR 18.3 million (US$25.0 million equivalent) to Central African Republic for the Consolidation and Social Inclusion Development Program: Supplemental Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0199, dated June 1, 2020). Nepal – Nepal Strategic Road Connectivity and Trade Improvement Project 2. The Executive Directors approved on June 10, 2020 the IDA credit in the amount of SDR 219.6 million (US$300.0 million equivalent) and IDA Scale-Up Facility credit in the amount of EUR 138.0 million (US$150.0 million equivalent) to Nepal for the Nepal Strategic Road Connectivity and Trade Improvement Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020- 0184, dated May 21, 2020). Ms. Nordquist wished to be recorded as abstaining. Jordan – Additional Financing – Economic Opportunities for Jordanians and Syrian Refugees Program-for-Results 3. The Executive Directors approved on June 10, 2020 the additional credit in the amount of SDR 73.62 million (US$100.0 million equivalent) to Jordan for the Economic Opportunities for Jordanians and Syrian Refugees Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0183, dated May 21, 2020). West Bank and Gaza – Grant – Wastewater Management Sustainability Project 4. The Executive Directors approved on June 10, 2020 the grant in the amount of US$10.0 million to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority) from the Trust Fund for Gaza and West Bank for the Wastewater Management Sustainability Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0194, dated June 1, 2020). Democratic Republic of the Congo – Fourth Additional Financing for the Health System Strengthening for Better Maternal and Child Health Results Project 5. The Executive Directors approved on June 11, 2020 the additional credit in the amount of US$121.0 million and the additional grant in the amount of SDR 57.9 million (US$79.0 million equivalent) to the Democratic Republic of the Congo for the Fourth Additional Financing for the Health System Strengthening for Better Maternal and Child Health Results Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0207, dated June 2, 2020). Somalia – Grant – Recurrent Cost and Reform Financing Project – Phase III 6. The Executive Directors approved on June 11, 2020 the grant in the amount of SDR 49.8 million (US$68.0 million equivalent) to Somalia for the Recurrent Cost and Reform Financing Project – Phase III on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0205, dated June 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. Chad – Grants - Chad ALBIÄ – Local Development and Adaptation Project 7. The Executive Directors approved on June 12, 2020 the IDA grant in the amount of SDR 36.6 million (US$50.0 million equivalent) and Global Environment Facility (GEF) Trust Fund grant in the amount of US$4.45 million to Chad for the Chad ALBIÄ – Local Development and Adaptation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0217[GEF/R2020- 0003], dated June 3, 2020). Cote d’Ivoire – IDA Scale-Up Facility Credit – Urban Resilience and Solid Waste Management Project 8. The Executive Directors approved on June 12, 2020 the IDA Scale-Up Facility credit in the amount of EUR 287.7 million (US$315.0 million equivalent) to Cote d’Ivoire for the Urban Resilience and Solid Waste Management Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0186, dated May 26, 2020). Ms. Nordquist wished to be recorded as abstaining. Kyrgyz Republic – Additional Financing – Enhancing Resilience in Kyrgyzstan Project 9. The Executive Directors approved on June 12, 2020 the additional credit in the amount of SDR 20.2 million (US$27.5 million equivalent) and the additional grant in the amount of SDR 20.2 million (US$27.5 million equivalent) to Kyrgyz Republic for the Enhancing Resilience in Kyrgyzstan Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0187, dated May 26, 2020) Honduras – Credit – Water Security in the Dry Corridor of Honduras Project 10. The Executive Directors approved on June 12, 2020 the credit in the amount of US$70.0 million to Honduras for the Water Security in the Dry Corridor of Honduras Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0188, dated May 26, 2020) Tunisia – Development Policy Loan – First Resilience and Recovery Emergency Development Policy Financing 11. The Executive Directors approved on June 12, 2020 the development policy loan in the amount of EUR 161.0 million (US$175.0 million equivalent) to Tunisia for the First Resilience and Recovery Emergency Development Policy Financing on the terms and conditions set out in the President’s Memorandum (R2020-0124, dated June 3, 2020). Turkey – IBRD Guarantee – Long Term Export Finance Guarantee Project 12. The Executive Directors approved on June 12, 2020 the IBRD guarantee in the amount of EUR 250.0 million (US$273.58 million equivalent) to Turkey for the Long Term Export Finance Guarantee Project on the terms and conditions set out in the President’s Memorandum (R2020-0114, dated May 26, 2020). West Bank and Gaza – Grant – Technology for Youth and Jobs Project 13. The Executive Directors approved on June 12, 2020 the grant in the amount of US$15.0 million to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) from the Trust Fund for Gaza and West Bank for the Technology for Youth and Jobs Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0191, dated May 26, 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. Democratic Republic of the Congo – Emergency Equity and System Strengthening in Education Project 14. The Executive Directors approved on June 15, 2020 the credit in the amount of US$444.0 million and the grant in the amount of SDR 260.6 million (US$356.0 million equivalent) to the Democratic Republic of the Congo for the Emergency Equity and System Strengthening in Education Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0201; /2, dated June 2, 2020 and June 11, 2020, respectively). Senegal – Third Multi-Sectoral Structural Reforms Development Policy Financing: Supplemental Financing 15. The Executive Directors approved on June 15, 2020 the development policy credit in the amount of EUR 46.0 million (US$50.0 million equivalent) to Senegal for the Third Multi-Sectoral Structural Reforms Development Policy Financing: Supplemental Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0181, dated May 22, 2020). Cameroon and Chad – Cameroon-Chad Power Interconnection Project 16. The Executive Directors approved on June 16, 2020 the credit to Cameroon in the amount of EUR 271.3 million (US$295.0 million equivalent) and the grant to Chad in the amount of SDR 65.9 million (US$90.0 million equivalent) for the Cameroon-Chad Interconnection Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0193, dated May 28, 2020). Ms. Nordquist wished to be recorded as abstaining. Egypt – Loan – Supporting Egypt’s Universal Health Insurance System Project 17. The Executive Directors approved on June 16, 2020 the loan in the amount of US$400.0 million to Egypt for the Supporting Egypt’s Universal Health Insurance System Project on the terms and conditions set out in the President’s Memorandum (/R2020-0115, dated May 28, 2020). Morocco – Additional Financing – Improving Primary Health in Rural Areas and Responding to COVID-19 Pandemic Emergency Program-for-Results under the World Bank’s Fast Track COVID-19 Facility 18. The Executive Directors approved on June 16, 2020 the additional loan in the amount of US$35.0 million to Morocco for the Improving Primary Health in Rural Areas and Responding to COVID-19 Pandemic Emergency Program-for-Results under the World Bank’s Fast Track COVID-19 Facility on the terms and conditions set out in the President’s Memorandum (R2020-0137, dated June 10, 2020). ********************************************************************************** THE BOARD OF DIRECTORS OF IFC China – Investment in Shandong Hekangyuan Poultry Breeding Inc., Ltd for the HKY Duck Breeding Project 19. The Board of Directors approved on June 10, 2020 an investment in China – Shandong Hekangyuan Poultry Breeding Inc., Ltd (IFC/R2020-0121, dated May 29, 2020) in the form of a senior secured “A” loan of up to CNY 107 million (approximately US$15 million equivalent). Ms. Nordquist and Mr. Yoshida wished to be recorded as abstaining. 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. Tunisia – Investment in Boudjebel S.A. VACPA (VACPA) for the VACPA Project 20. The Board of Directors approved on June 10, 2020 an investment in Tunisia – Boudjebel S.A. VACPA (VACPA) (IFC/R2020-0122, dated May 29, 2020) in the form of an “A” loan of up to EUR 10 million (approximately US$10.9 million equivalent). Jordan – Investment in Luminus II 21. The Board of Directors approved on June 11, 2020 an investment in Jordan – Luminus II (IFC/R2020-0124, dated June, 2020) in the form of a senior loan of up to US$12 million comprising (i) an “A” loan of up to US$9 million; and (ii) a blended finance concessional loan of up to US$3 million. Nepal – Investment in NMB Bank Limited 22. The Board of Directors approved on June 12, 2020 an investment in Nepal – NMB Bank Limited (IFC/R2020-0127, dated June 2, 2020) in the form of a senior loan of up to US$50 million. Egypt – Investment in Egyptian Centers for Real Estate Development for the ECRED Expansion Project 23. The Board of Directors approved on June 12, 2020 an investment in Egypt – Egyptian Centers for Real Estate Development (IFC/R2020-0126, dated June 2, 2020) in the form of (i) an “A” loan of up to US$85 million; and (ii) a loan of up to US$50 million from IFC acting in its capacity as an implementing entity for the Managed Co-lending Portfolio Program (MCPP) to support Egyptian Centers for Real Estate Development in Egypt directly and through an affiliated entity in the Kingdom of Saudi Arabia. Indonesia – Investment in Pasarpolis 24. The Board of Directors approved on June 15, 2020 an investment in Nepal - Pasarpolis (IFC/R2020-0131, dated June 3, 2020) in the form of equity of up to US$5 million. Turkey – Investment in Turkey Growth Fund IV L.P. 25. The Board of Directors approved on June 15, 2020 an investment in Turkey – Turkey Growth Fund IV l.P. (IFC/R2020-0130, dated June 3, 2020) in the form of equity of up to US$50 million, not to exceed 20 percent of total fund commitments, and a separate delegated authority co- investment envelope of up to US$50 million. Bangladesh – Investment in Fiber@Home Limited for the Fiber@Home Debt Project 26. The Board of Directors approved on June 15, 2020 an investment in Bangladesh – Fiber@Home Limited (IFC/R2020-0129, dated June 3, 2020) in the form of an “A” loan of up to US$20 million. India – Investment in India Alternative Fund II 27. The Board of Directors approved on June 15, 2020 an investment in India – India Alternative Fund II (IFC/R2020-0132, dated June 3, 2020) in the form of equity of up to US$10.5 million, to include an equity commitment of up to US$10 million from IFC’s own account, and up to US$0.5 million from the We-Fi facility, not to exceed 20 percent of total fund commitments. *********************************************************************************** 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 MIGA COVID-19 Response Program 28. The Board of Directors approved on June 10, 2020 the recommendation contained in paragraph 3 of the President’s Memorandum entitled "MIGA COVID-19 Response Program" (MIGA/R2020-0046; /2, dated June 2, 2020 and June 8, 2020, respectively). *********************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, AND THE BOARD OF DIRECTORS OF IFC World Region – Investment in COVID-19 Working Capital Solution (WCS) Loans and World Region – Support from the IDA18 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) to the International Finance Corporation (IFC) Investment in COVID-19 Working Capital Solution (WCS) Loans 29. The Board of Directors approved on June 16, 2020 an investment by IFC in World Region – COVID-19 Working Capital Solution (WCS) Loans (IFC/R2020-0128, dated June 8, 2020) in the form of (i) IFC as implementing entity of the IDA Private Sector Window (PSW) Blended Finance Facility (BFF) of up to US$215 million for WCS loans in IDA PSW countries, and (ii) IFC as implementing entity of Global SME Finance Facility (GSMEF), Women Entrepreneurs Opportunity Facility (WEOF) and Women Entrepreneurs Finance Initiative (We-Fi) of up to US$2.4 million to WCS clients agreeing to earmark a portion of WCS loan proceeds for on-lending to women customers and women-own/led enterprises. 30. The Executive Directors approved on June 16, 2020 an allocation from the IDA18 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) to support the IFC investment in COVID- 19 Working Capital Solution (WCS) Loans on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0215, dated June 8, 2020). *********************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Terms of Reference of the Audit Committee (Revised) 31. The Executive Directors approved on June 10, 2020 the “Terms of Reference of the Audit Committee (Revised)” (R/2020-0120[IDA/R2020-0206, IFC/R2020-0125, MIGA/R2020-0045], dated June 1, 2020). Minutes of Previous Meeting 32. The Executive Directors of the Bank and IDA and the Board of Directors of IFC approved on June 11, 2020 the minutes of the meeting held on May 16, 2019 and the record of approvals and authorizations between May 15, 2019 and May 16, 2019 (M2019-0023[IDA/M2019- 0023, IFC/M2019-0023, MIGA/M2019-0023], dated June 4, 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.