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 held in the Board Room on August 30, 2018 at 10:11 a.m. 1. There were present: CHAIR: J.Y. Kim, President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy L. Laraia F. Bellocq H. Mohammed E. Bethel K. Nishikata S. Bouda K. Panov O. Canuto M. Robinson A. Carrigan G. Schoenleitner J. Diaz Palacios A. Subramani W. Gruber S. Tarar A. Hadiyanto M. Torero M. Hasan S. Ulbaek F. Heemskerk Y. Yang A. Kabagambe J. Zattler H.J. Kim OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel E. Tafara, Vice President and General Counsel, IFC A. Kumar-Capoor, General Counsel, MIGA Y. Tsikata, Vice President and Corporate Secretary K. Georgieva, Chief Executive Officer, IBRD/IDA K. Honda, Executive Vice President and Chief Executive Officer, MIGA 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 Executive Director 2. The Chair made the customary presentation to Mr. Khalid Alkhudairy, Executive Director, on expiration of his terms of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 10:21 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. Minutes of a Meeting of the Executive Directors of the Bank and IDA held in the Board Room on August 30, 2018 at 10:30 a.m. 1. There were present: CHAIRS: K. Georgieva, Chief Executive Officer, IBRD/IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim L. Laraia V. Agapov K. Nishikata A. Alkhalaf D. Quintero F. Bellocq M. Robinson S. Bouda C. Rose Innes A. Carrigan G. Schoenleitner C. DeLuca A. Subramani J. Diaz Palacios S. Tarar W. Gruber M. Torero M. Hasan S. Ulbaek F. Heemskerk J. Zattler A. Kabagambe M. Zhang H.J. Kim OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary H. Ghanem, Vice President L. Tuck, Vice President M. Gill, Director J-C. Carret, Country Director P. Fernandes, Senior Social Development 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. Democratic Republic of Congo - Grant - DRC Gender-Based Violence Prevention and Response Project 2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2018-0204; /2, dated June 19, 2018) and approved a grant to the Democratic Republic of Congo in the amount of SDR 69.6 million (US$100 million equivalent) for the DRC Gender- Based Violence Prevention and Response Project on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 12:14 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 August 10, 2018 – August 30, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Sudan – Additional Trust Fund Grant from the Global Environment Facility (GEF) – Sustainable Natural Resources Management Project 1. The Executive Directors recorded their approval on August 10, 2018 of the additional trust fund grant from the Global Environment Facility (GEF) to Sudan in the amount of US$5,504,586 for a Sustainable Natural Resources Management Project on the terms and conditions set out in the President’s Memorandum (GEF/R2018-0006, dated July 27, 2018). Mr. Bethel wished to be recorded as objecting. West Bank and Gaza – Grant from the Trust Fund for Gaza and the West Bank – Gaza Emergency Cash for Work and Self-Employment Support Project 2. The Executive Directors recorded their approval on August 10, 2018 of the grant from the Trust Fund for Gaza and West Bank to the NGO Development Center, in the amount of US$17 million for a Gaza Emergency Cash for Work and Self-Employment Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0267, dated August 1, 2018). West Bank and Gaza – Additional Grant from the Trust Fund for Gaza and the West Bank – Second Finance for Jobs Project 3. The Executive Directors recorded their approval on August 10, 2018 of the grant from the Trust Fund for Gaza and the West Bank to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority), in the amount of US$5 million for a Second Finance for Jobs Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018- 0263, dated July 24, 2018). Tonga – Grant – Skills and Employment for Tongans Project 4. The Executive Directors recorded their approval on August 28, 2018 of the grant, in the amount of SDR13.2 million (US$18.51 million equivalent) to Tonga for a Skills and Employment for Tongans Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0277, dated August 9, 2018). 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. Benin – Development Policy Credit and Policy-based Guarantee - Second Fiscal Reform and Growth Development Policy Financing 5. The Executive Directors recorded their approval on August 30, 2018 of the development policy credit in the amount of EUR12.9 million (equivalent to US$15 million) and the policy- based guarantee in the amount of up to EUR154.8 million (equivalent to US$180 million) to Benin for a Second Fiscal Reform and Growth Development Policy Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0273, dated August 9, 2018). Madagascar – Development Policy Grant – Second Inclusive and Resilient Growth Development Policy Operation 6. The Executive Directors recorded their approval on August 30, 2018 of the development policy grant, in the amount of SDR42.7 million (US$60.0 million equivalent) to Madagascar for a Second Inclusive and Resilient Growth Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0275, dated August 9, 2018). Tuvalu – Development Policy Grant – Fourth Development Policy Operation 7. The Executive Directors recorded their approval on August 30, 2018 of the development policy grant, in the amount of SDR 5.2 million (US$7.5 million equivalent) to Tuvalu for a Fourth Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0272, dated August 9, 2018). Moldova – Credit – Land Registration and Property Valuation Project 8. The Executive Directors recorded their approval on August 30, 2018 of the credit, in the amount of € 30.1 million (US$35 million equivalent) to Moldova for a Land Registration and Property Valuation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0278, dated August 13, 2018). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC Colombia and Mexico - Investment in Liftit 9. The Board of Directors authorized on August 10, 2018 an investment in Colombia and Mexico - Liftit (IFC/R2018-0255, dated July 31, 2018), in the form of equity consisting of a subscription of up to US$4 million of preference shares for a minority stake of up to 13.3 percent of fully diluted shareholding. Kenya - Investment in Twiga Foods 10. The Board of Directors authorized on August 28, 2018 an investment in Kenya – Twiga Foods (IFC/R2018-0258, dated August 16, 2018), in the form of equity consisting of a subscription of up to US$3 million out of the US$10.3 million convertible note financing. 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. US$1.5 million is on IFC’s own account and US$1.5 million is from the Private Sector Window of the Global Agriculture and Food Security Program (“GAFSP�), a blended finance facility financed through contributions by several governments and administered by IFC, to support agriculture-related projects in developing countries through investments and advisory services. Egypt - Investment in Bank Audi Egypt SAE 11. The Board of Directors authorized on August 28, 2018 an investment in Egypt - Bank Audi Egypt SAE (IFC/R2018-0262, dated August 16, 2018), which consists of a subordinated loan of up to US$80 million, with up to US$60 million for IFC’s own account and the balance funded by DFIs. Lebanon - Investment in Credit Libanais SAL 12. The Board of Directors authorized on August 28, 2018 an investment in Lebanon - Credit Libanais SAL (IFC/R2018-0254, dated August 16, 2018), in the form of: (i) a senior loan of up to US$50 million; and (ii) one or more U.S. dollar interest rate swaps with up to an aggregate of US$1 million loan equivalent exposure for IFC’s own account. Egypt - Investment in DrBridge Holding Limited (ESIP Vezeeta) 13. The Board of Directors authorized on August 29, 2018 an investment in Egypt - DrBridge Holding Limited (ESIP Vezeeta) (IFC/R2018-0270, dated August 17, 2018), in the form of equity investment by IFC of US$1 million in Series C preferred shares. Philippines - Investment in China Banking Corporation (China Bank) 14. The Board of Directors authorized on August 29, 2018 an investment in Philippines - China Banking Corporation (China Bank) (IFC/R2018-0266, dated August 17, 2018), in the form of a subscription to senior, unsecured green bonds of up to US$150 million, for IFC’s own account. Thailand - Investment in Ignite Thailand Holding Limited for the Roojai Project 15. The Board of Directors authorized on August 29, 2018 an investment in Thailand - Ignite Thailand Holding Limited for the Roojai Project (IFC/R2018-0263, dated August 17, 2018), in the form of equity of up to US$7 million. Tuvalu – Application for Membership 16. The Board of Directors recorded their approval on August 29, 2018 of the recommendation contained in paragraph 4 of the document entitled Tuvalu – Application for Membership"(IFC/R2018-0272, dated August 20, 2018), namely, that the Board of Directors’ Report and draft Resolution (Attachments I and II) be transmitted to the Board of Governors for a vote without meeting, and that the draft Resolution be adopted by the Governors. Mr. Yang wished to be recorded as objecting. 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 Ukraine – Guarantee for Investments in Can-Pack (Ukraine) LLC - Proposed Modification of Prior Concurrence 17. The Board of Directors recorded its authorization on August 28, 2018 for the President to proceed with the modification of prior concurrence as set out in the Memorandum from the President entitled “Ukraine – Guarantee for Investments in Can-Pack (Ukraine) LLC - Proposed Modification of Prior Concurrence� (MIGA/R2018-0120, dated August 16, 2018). ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Proposal to Extend the Mandate of the Sanctions Board Chair 18. The Executive Directors recorded their approval on August 10, 2018 of the document entitled “Proposal to Extend the Mandate of the Sanctions Board Chair� (R2018- 0201[IDA/R2018-0276, IFC/R2018-0261, MIGA/R2018-0119], dated August 6, 2018). Committee on Governance and Executive Directors’ Administrative Matters (Nomination of Successor to Mr. Kazuhiko Koguchi) 19. The Executive Directors recorded their approval on August 28, 2018 of the appointment of Mr. Juergen Zattler to serve the remainder of the term of office of Mr. Kazuhiko Koguchi on the Committee on Governance and Executive Directors’ Administrative Matters, that is, until October 31, 2018 (R2018-0204 [IDA/R2018-0283, IFC/R2018-0269, MIGA/R2018-0124], dated August 15, 2018). Official Travel Rules for Executive Directors, Alternate Executive Directors, Senior Advisors, Advisors, and their Administrative Support Staff 20. The Executive Directors recorded their approval on August 28, 2018 of the document entitled “Official Travel Rules for Executive Directors, Alternate Executive Directors, Senior Advisors, Advisors, and their Administrative Support Staff� (R2018-0193[IDA/R2018-0266, IFC/R2018-0253, MIGA/R2018-0113];/1, dated July 27, 2018, and August 8, 2018, respectively). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of August 9, 2018 21. The Executive Directors recorded their approval on August 28, 2018 of the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors 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. and Advisors to Executive Directors as of August 9, 2018� (R2018-0203[IDA/R2018-0282, IFC/R2018-0267, MIGA/R2018-0122], dated August 10, 2018). Eswatini (formerly Swaziland) – Performance and Learning Review of the Country Partnership Strategy 22. The Executive Directors recorded their noting on August 29, 2018 of the Performance and Learning Review of the joint IBRD/IDA/IFC/MIGA Country Partnership Strategy for Eswatini (formerly Swaziland) for the period FY15 – FY18 (R2018-0199[IDA/R2018-0271, IFC/R2018-0259, MIGA/R2018-0117], dated August 8, 2018). Annual Meetings of the Boards of Governors 2017 – Draft Notice and Agenda 23. The Executive Directors recorded their approval on August 30, 2018 of the draft notice and agenda of the document entitled “Annual Meetings of the Boards of Governors 2018 – Draft Notice and Agenda� (R2018-0206[IDA/R2018-0285, IFC/R2018-0271, MIGA/R2018-0125], dated August 21, 2018). Minutes of Previous Meetings 24. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 13, 2018 of the minutes of the meeting held on June 5, 2018 and the record of approvals and authorizations between May 25, 2018 and June 5, 2018 (M2018-0022[IDA/M2018-0023, IFC/M2018-0022, MIGA/M2018-0022], dated August 6, 2018). Minutes of Previous Meetings 25. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 13, 2018 of the minutes of the meeting held on August 2, 2018 and the record of approvals and authorizations between July 27, 2018 and August 2, 2018 (M2018-0021[IDA/M2018-0022, IFC/M2018-0021, MIGA/M2018-0021], dated August 6, 2018). Minutes of Previous Meetings 26. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 14, 2018 of the minutes of the meeting held on June 12, 2018 and the record of approvals and authorizations between June 8, 2018 and June 12, 2018 (M2018-0025[IDA/M2018-0026, IFC/M2018-0025, MIGA/M2018-0025], dated August 7, 2018). Minutes of Previous Meetings 27. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 16, 2018 of the minutes of the meeting held on June 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. 19, 2018 and the record of approvals and authorizations between June 15, 2018 and June 19, 2018 (M2018-0026[IDA/M2018-0027, IFC/M2018-0026, MIGA/M2018-0026], dated August 9, 2018). Minutes of Previous Meetings 28. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 16, 2018 of the minutes of the meeting held on May 17, 2018 and the record of approvals and authorizations between May 9, 2018 and May 17, 2018 (M2018-0017[IDA/M2018-0018, IFC/M2018-0017, MIGA/M2018-0017], dated August 9, 2018). Minutes of Previous Meetings 29. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 16, 2018 of the minutes of the meeting held on July 24, 2018 and the record of approvals and authorizations between July 20, 2018 and July 24, 2018 (M2018-0028[IDA/M2018-0029, IFC/M2018-0028, MIGA/M2018-0028], dated August 9, 2018). Minutes of Previous Meetings 30. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 16, 2018 of the minutes of the meeting held on June 7, 2018 and the record of approvals and authorizations between June 6, 2018 and June 7, 2018 (M2018-0024[IDA/M2018-0025, IFC/M2018-0024, MIGA/M2018-0024], dated August 9, 2018). Minutes of Previous Meetings 31. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 21, 2018 of the minutes of the meeting held on July 19, 2018 and the record of approvals and authorizations on July 18, 2018 (M2018- 0031[IDA/M2018-0032, IFC/M2018-0031, MIGA/M2018-0031], dated August 14, 2018). Minutes of Previous Meetings 32. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 22, 2018 of the minutes of the meeting held on August 7, 2018 and the record of approvals and authorizations between August 6, 2018 and August 7, 2018 (M2018-0032[IDA/M2018-0033, IFC/M2018-0032, MIGA/M2018-0032], dated August 15, 2018). 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. Minutes of Previous Meetings 33. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 27, 2018 of the minutes of the meeting held on June 14, 2018 and the record of approvals and authorizations between June 13, 2018 and June 14, 2018 (M2018-0030[IDA/M2018-0031, IFC/M2018-0030, MIGA/M2018-0030], dated August 20, 2018). Minutes of Previous Meetings 34. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 27, 2018 of the minutes of the meeting held on May 24, 2018 and the record of approvals and authorizations between May 23, 2018 and May 24, 2018 (M2018-0023[IDA/M2018-0024, IFC/M2018-0023, MIGA/M2018-0023], dated August 20, 2018). Minutes of Previous Meetings 35. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 27, 2018 of the minutes of the meeting held on June 28, 2018 and the record of approvals and authorizations on June 28, 2018 (M2018- 0034[IDA/M2018-0035, IFC/M2018-0034, MIGA/M2018-0034], dated August 20, 2018). Minutes of Previous Meetings 36. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 29, 2018 of the minutes of the meeting held on July 5, 2018 and the record of approvals and authorizations between June 29, 2018 and July 5, 2018, (M2018-0035[IDA/M2018-0036, IFC/M2018-0035, MIGA/M2018-0035], dated August 22, 2018). Minutes of Previous Meetings 37. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 29, 2018 of the minutes of the meeting held on June 21, 2018 and the record of approvals and authorizations between June 20, 2018 and June 21, 2018, (M2018-0033[IDA/M2018-0034, IFC/M2018-0033, MIGA/M2018-0033], dated August 22, 2018). Minutes of Previous Meetings 38. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 29, 2018 of the minutes of the meeting held on August 9, 2018 and the record of approvals and authorizations between August 8, 2018 and August 9, 2018 (M2018-0027[IDA/M2018-0028, IFC/M2018-0027, MIGA/M2018-0027];/1, dated August 9, 2018, and August 22, 2018, respectively). 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. Minutes of Previous Meetings 39. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 30, 2018 of the minutes of the meeting held on April 12, 2018 and the record of approvals and authorizations between April 11, 2018 and April 12, 2018 (M2018-0013[IDA/M2018-0014, IFC/M2018-0013, MIGA/M2018-0013], dated August 23, 2018). Minutes of Previous Meetings 40. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 30, 2018 of the minutes of the meeting held on July 12, 2018 and the record of approvals and authorizations between July 6, 2018 and July 12, 2018 (M2018-0036[IDA/M2018-0037, IFC/M2018-0036, MIGA/M2018-0036], dated August 23, 2018). 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.