FROM: Vice President and 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 April 29, 2021 at 10:02 a.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Acevedo L. Levonian A. Alkhalaf A. Manuel A. Bedjaoui R. Marshavin E. Bouzis M. Medina M. Bugamelli R. Montgomery K. Davidse T. Nyamadzabo H. Demircan Parjiono D. Favre N. Putscher G. Haarde N. Ray T. Hara C. Roman M. Hasan A. Weintraub R. Khullar T. Zhang A. Kouagou OFFICERS AND STAFF PARTICIPATING: M. Garcia Jauregui, Acting Vice President and Corporate Secretary A. Iorio, Acting Senior Vice President and General Counsel F. Belhaj, Regional Vice President S. Pimenta, Regional Vice President, IFC M. Baroudi, Director, MIGA B. Maser, Director, IFC K. Shankar, Country Director OTHER PARTICIPANT(S): M. Griffiths, Deputy Chief, IMF I. Ioannou, Senior Economist, IMF T. Laursen, Resident Representative, IMF 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. West Bank and Gaza - Assistance Strategy 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Assistance Strategy for West Bank and Gaza for the period FY22-25 (R2021-0052[IDA/R2021-0073, IFC/R2021-0055, MIGA/R2021- 0015] dated April 7, 2021). Adjournment 3. The meeting adjourned at 11:39 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. FROM: Vice President and Corporate Secretary Minutes of a Meeting of the Executive Directors of the Bank via WebEx on April 29, 2021 at 11:45 a.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Acevedo L. Levonian A. Alqifari A. Manuel N. Baloch M. Medina A. Bello R. Montgomery E. Bouzis T. Nyamadzabo M. Coelho Parjiono E. Comolet N. Putscher K. Davidse N. Ray H. Demircan V. Tamozhnikov R. Eletreby T. Tsuda D. Favre A. Weintraub G. Haarde T. Zhang R. Khullar OFFICERS AND STAFF PARTICIPATING: M. Garcia Jauregui, Acting Vice President and Corporate Secretary I. Kichigina, Acting Senior Vice President and General Counsel H. Ghanem, Vice President J-C. Carret, Country Director 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. Angola – Loan – Girls’ Empowerment and Learning for All Project 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2021-0054, dated April 9, 2021) and approved the loan in the amount of US$250 million to Angola for the Girls’ Empowerment and Learning for All Project on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 1:10 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 April 28, 2021 and April 29, 2021 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Accountability Mechanism Secretary Appointment 1. The Executive Directors approved on April 28, 2021 the appointment of Ms. Orsolya Szekely as an Accountability Mechanism Secretary as set out in the Memorandum of the President entitled “Accountability Mechanism Secretary Appointment” (R2021- 0065[IDA/R2021-0087], dated April 26, 2021). Romania – Loan - Safer, Inclusive and Sustainable Schools Project 2. The Executive Directors approved on April 29, 2021 a loan in the amount of EUR 100 million (US$121.07 million equivalent) to Romania for the Safer, Inclusive and Sustainable Schools Project on the terms and conditions set out in the President’s Memorandum (R2021- 0058, dated April 12, 2021). Serbia – Loan - Public Sector Efficiency and Green Recovery Development Policy Loan 3. The Executive Directors approved on April 29, 2021 a loan in the amount of EUR 82.6 million (US$100 million equivalent) to Serbia for the Public Sector Efficiency and Green Recovery Development Policy Loan on the terms and conditions set out in the President’s Memorandum (R2021-0053, dated April 8, 2021). Benin – Additional Credit and Grant - Cross-Border Tourism and Competitiveness Project 4. The Executive Directors approved on April 29, 2021 an additional credit in the amount of EUR 10.7 million (US$12.5 million equivalent) and an additional grant in the amount of SDR 8.9 million (US$12.5 million equivalent) to Benin for the Cross-Border Tourism and Competitiveness Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0082, dated April 20, 2021). ***************************************************************************** THE BOARD OF DIRECTORS OF IFC World Region - Investment in the Engine Fund II L.P. (the Fund) 5. The Board of Directors approved on April 28, 2021 an investment in World Region - Engine Fund II L.P. (the Fund) (IFC/R2021-0064, dated April 16, 2021) in the form of an equity investment of (i) up to US$20 million in the Fund; and (ii) a co-investment envelope of up to US$20 million on a delegated authority basis (IFC/R2015-0313/2) to enable IFC to invest in companies of the Fund. The total amount invested by IFC, including reinvestments, will be limited to 120 percent of IFC’s total 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. Indonesia - Investment in PT Farpoint Realty Indonesia and PT Investasi Semesta Indonesia for the Farpoint Indo Project 6. The Board of Directors approved on April 28, 2021 an investment in Indonesia - PT Farpoint Realty Indonesia and PT Investasi Semesta Indonesia for the Farpoint Indo Project (IFC/R2021-0065, dated April 16, 2021) in the form of an “A” loan of up to US$50 million equivalent in Indonesian rupiahs to Farpoint and its subsidiary PT Investasi Semesta Indonesia (ISI) as co-borrowers. The IFC loan will be fully guaranteed by Gunung Sewu Kencana. Romania - Investment in Profi Rom Food S.R.L. for the Profi Loan Project 7. The Board of Directors approved on April 29, 2021 an investment in Romania - Profi Rom Food S.R.L. for the Profi Loan Project (IFC/R2021-0068, dated April 19, 2021) comprising an A loan of up to EUR 50 million (or its equivalent in Romanian lei) in Profi Rom Food S.R.L. Messrs. Beger, Buisse, Haarde wished to be recorded as abstaining. ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, AND THE BOARD OF DIRECTORS OF IFC Sub-Saharan Africa Region - Investment in BMCE Bank International Plc (BBI) for the BBI IDA RSF Project and Support from IDA19 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) to the Proposed International Finance Corporation (IFC) Investment in BMCE Bank International (BBI) 8. The Board of Directors approved on April 28, 2021 an investment in Sub-Saharan Africa Region - BMCE Bank International Plc (BBI) for the BBI IDA Risk Sharing Facility (RSF) Project (IFC/R2021-0066, dated April 15, 2021) in the form of a risk sharing facility under the Global Trade Liquidity Program (“GTLP”) of up to US$75 million, to share the risk on a portfolio of African financial institutions or emerging-market issuing banks with BMCE Bank International Plc (“BBI”) on the back of trade finance-related assets for a total portfolio of up to US$150 million. The project will benefit from a pooled first loss guarantee from IFC acting as implementing entity of the International Development Association Private Sector Window (IDA PSW) Blended Finance Facility (BFF). The investment is supported by an allocation from the IDA19 IFC-MIGA Private Sector Window BFF. 9. The Executive Directors approved on April 28, 2021 an allocation from the IDA19 IFC- MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) in an amount up to US$11.25 million to provide a pooled first loss guarantee in support of IFC’s US$75 million investment in a US$150 million RSF with BMCE Bank International Plc (BBI) on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0079, dated April 16, 2021). ***************************************************************************** EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARDS OF DIRECTORS OF IFC AND MIGA Minutes of Previous Meetings 10. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on April 29, 2021 the minutes of the meeting held on April 16, 2021 and the 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. record of approvals and authorizations between April 2, 2021 and April 16, 2021 (M2021- 0019[IDA/M2021-0019, IFC/M2021-0019, MIGA/M2021-0016], dated April 22, 2021). 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.