FROM: Vice President and Corporate Secretary Minutes of a Meeting of the Executive Directors of the Bank and the Boards of Directors of IFC and MIGA via WebEx on July 22, 2021 at 10:01 a.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Ahmad M. Hasan M. Alam L. Lind A. Alkhalaf A. Manuel A. Bedjaoui R. Marshavin G. Beger M. Medina A. Bello I. Menendez de Luarca F. Bouvet K. Nelson E. Bouzis T. Nyamadzabo M. Bugamelli N. Ray J. Chang T. Tsuda H. Demircan F. Vodita D. Favre A. Weintraub D. Harris OFFICERS AND STAFF PARTICIPATING: M. Garcia Jauregui, Acting Vice President and Corporate Secretary C. Frazier, Acting Senior Vice President and General Counsel G. Tanyi, Chief Counsel, IFC A. Kumar-Capoor, Director and General Counsel, MIGA H. Ghanem, Vice President S. Pimenta, Regional Vice President, IFC M. Baroudi, Director, MIGA M.F. Marie-Nelly, Country Director OTHER PARTICPANTS: A. Coronel, Assistant Director/Mission Chief, IMF M. Alier, 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.   South Africa - Country Partnership Framework FY22-FY26 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for South Africa for the period of FY22-FY26 (R2021-0130[IFC/R2021-0186, MIGA/R2021-0048], dated June 25, 2021). Adjournment 3. The meeting adjourned at 11:47 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 29, 2021, and July 22, 2021 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA India – Loan and Credits - Creating a Coordinated and Responsive Indian Social Protection System (CCRISP) Development Policy Operation 1. The Executive Directors approved on June 29, 2021 a loan in the amount of US$387.5million and credits made up of a concessional credit of SDR 12.6 million (US$18.0 million equivalent) and a non-concessional credit of US$94.5 million to India for a Creating a Coordinated and Responsive Indian Social Protection System (CCRISP) Development Policy Operation on the terms and conditions set out in the President’s Memorandum (R2021- 0119[IDA/R2021-0184], dated June 9, 2021). Burkina Faso – Credit and Grant - Support to Land and Mining Management Strengthening Project 2. The Executive Directors approved on June 29, 2021 a credit in the amount of EUR 61.6 million (US$75 million equivalent) and an IDA Grant in the amount of SDR 52 million (US$75 million equivalent) (together US$150 million equivalent) to Burkina Faso for a Support to Land and Mining Management Strengthening Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0187, dated June 10, 2021). Central African Republic - Grant from the IDA19 Crisis Response Window Early Response Financing (CRW ERF) - Emergency Food Crisis Response Project 3. The Executive Directors approved on June 29, 2021 a grant from the IDA19 Crisis Response Window Early Response Financing in the amount of SDR 34.7 million (US$50 million equivalent) to the Central African Republic for an Emergency Food Crisis Response Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0209, dated June 18, 2021). Democratic Republic of Congo - Additional Grant, Credit, and Restructuring - DRC COVID-19 Strategic Preparedness and Response Project 4. The Executive Directors approved on June 29, 2021 an additional grant, credit, and a level 1 restructuring in the respective amounts of SDR 69.3 million (US$100 million equivalent) and US$100 million to the Democratic Republic of Congo (DRC), for the DRC COVID-19 Strategic Preparedness and Response Project, which was prepared using the Multiphase Programmatic Approach on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0211, dated June 18, 2021). Madagascar – Credit - Madagascar Road Sector Sustainability Project 5. The Executive Directors approved on June 29, 2021 a credit in the amount of SDR 139.3 million (US$200 million equivalent) to Madagascar for a Madagascar Road Sector Sustainability 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.   Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021- 0186;/2, dated June 10, 2021, and June 21, 2021, respectively). Malawi – Additional Grant - Equity with Quality and Learning at Secondary (EQUALS) Project 6. The Executive Directors approved on June 29, 2021 an additional grant in the amount of SDR 3.5 million (US$5 million equivalent) to Malawi for the Equity with Quality and Learning at Secondary (EQUALS) Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0193, dated June 10, 2021). Vietnam – Development Policy Credit - Vietnam Inclusive and Sustainable Recovery Development Policy Operation 7. The Executive Directors approved on June 29, 2021 a development policy credit in the amount of SDR 154.3 million (US$221.5 million equivalent) to Vietnam for a Vietnam Inclusive and Sustainable Recovery Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0178, dated June 8, 2021). Ms. Bouzis wished to be recorded as abstaining. Vietnam - Development Policy Loan - Ho Chi Minh City Development Policy Operation - 2 8. The Executive Directors approved on June 29, 2021 a development policy loan in the amount of US$100 million to Vietnam for a Ho Chi Minh City Development Policy Operation - 2 on the terms and conditions set out in the President’s Memorandum (R2021-0116, dated June 8, 2021). Costa Rica - Second Fiscal and Decarbonization Management Development Policy Loan 9. The Executive Directors approved on June 29, 2021 a development policy loan in the amount of US$300 million to Costa Rica for the Second Fiscal and Decarbonization Management Development Policy Loan on the terms and conditions set out in the President’s Memorandum (R2021-0112, dated June 8, 2021). Ukraine – Loan with a Sovereign Guarantee from Ukraine, a Clean Technology Fund (CTF) Concessional Loan with a Sovereign Guarantee from Ukraine, and a CTF Grant - Improving Power System Resilience for European Power Grid Integration Project 10. The Executive Directors approved on June 30, 2021 an IBRD loan, with a sovereign guarantee from Ukraine, in the amount of US$177 million, a Clean Technology Fund (CTF) concessional loan, with a sovereign guarantee from Ukraine, in the amount of US$34 million and a CTF grant in the amount of US$1 million to Private Joint Stock Company “Ukrhydroenergo” for an Improving Power System Resilience for European Power Grid Integration (Installation of Hybrid Systems for electricity production in Ukrhydroenergo) Project on the terms and conditions set out in the President’s Memorandum (R2021-0120, dated June 11, 2021). Ms. Bouzis and Mr. Marshavin 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.   Update on IDA Financial Outlook and Recommendation on the FY22 Commitment Charge 11. The Executive Directors approved on June 30, 2021 the recommendations contained in paragraph 4 of the Memorandum of the President entitled “Update on IDA Financial Outlook and Recommendation on the FY22 Commitment Charge” (IDA/R2021-0221, dated June 22, 2021). Madagascar – Additional Grant - Sustainable Landscape Management Project 12. The Executive Directors approved on June 30, 2021 an additional grant in the amount of SDR 27.7 million (US$40 million equivalent) to Madagascar for the Sustainable Landscape Management Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0192, dated June 11, 2021). Yemen – Grants - Emergency Human Capital Project 13. The Executive Directors approved on June 30, 2021 grants in the combined amount of SDR 103.9 million (US$150 million equivalent) to the World Health Organization (WHO), the United Nations Children’s Fund (UNICEF), and the United Nations Office for Project Services (UNOPS)for a Yemen Emergency Human Capital Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0212, dated June 21, 2021). Republic of Congo - Trust Fund Grant from the Strategic Climate Fund - Support to Indigenous Peoples and Local Communities for Sustainable Resources Management Project 14. The Executive Directors approved on July 8, 2021 a trust fund grant in the amount ofUS$4.5 million, from the Forest Investment Program under the Strategic Climate Fund to Cipivie Caritas d’Owando in the Republic of Congo, for a Support to Indigenous Peoples and Local Communities for Sustainable Resources Management Project, also referred to as the Dedicated Grant Mechanism-Congo on the terms and conditions set out in the President’s Memorandum (R2021-0123[IDA/R2021-0210], dated June 16, 2021). Mexico - Grant from the Global Environment Facility (GEF) - Connecting Watershed Health with Sustainable Livestock and Agroforestry Production Project 15. The Executive Directors approved on July 8, 2021 a GEF grant in the amount of US$13,761,468 to the Mexican Fund for the Conservation of Nature in Mexico for the Connecting Watershed Health with Sustainable Livestock and Agroforestry Production Project on the terms and conditions set out in the President’s Memorandum (GEF/R2021-0008;/2, dated June 21, 2021, and July 2, 2021). South Africa - Grant from the Global Environment Facility (GEF) - Catalyzing Financing and Capacity for the Biodiversity Economy around Protected Areas Project 16. The Executive Directors approved on July 8, 2021 a GEF grant in the amount of US$8.99 million to South Africa for a Catalyzing Financing and Capacity for the Biodiversity Economy around Protected Areas Project on the terms and conditions set out in the President’s Memorandum (GEF/R2021-0009, dated June 21, 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.   Nepal - Additional Credit - Nepal Health Sector Management Reform Program-for-Results 17. The Executive Directors approved on July 8, 2021 an additional credit in the amount of SDR 34.9 million (US$50 million equivalent) to Nepal for the Nepal Health Sector Management Reform Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0191, dated June 16, 2021). Nepal - Additional Credit - School Sector Development Program-for-Results 18. The Executive Directors approved on July 8, 2021 an additional credit in the amount of SDR 34.9 million (US$50 million equivalent) to Nepal for the School Sector Development Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0194, dated June 16, 2021). Yemen - Modification to the Support from the IDA-IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) for the IFC Investment in Global Trade Finance Project 19. The Executive Directors approved on July 14, 2021 a modification to the Support from the IDA-IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) for the IFC Investment in Global Trade Finance Project in Yemen on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0225, dated June 29, 2021). Burkina Faso, Niger, and Togo – Credits and Grants - Lomé-Ouagadougou-Niamey Economic Corridor Project 20. The Executive Directors approved on July 16, 2021 (i) a credit of EUR 106.7 million (US$130 million equivalent) and a grant of SDR 90 million (US$130 million equivalent) to Burkina Faso; (ii) a credit of EUR 37 million (US$45 million equivalent) and a grant of SDR 31.2 million (US$45 million equivalent) to Niger; and (iii) a credit of EUR 49.3 million (US$60 million equivalent) and a grant of SDR 41.6 million (US$60 million equivalent) to Togo for a Lomé-Ouagadougou-Niamey Economic Corridor Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0219, dated June 24, 2021). Proposed Modifications to IBRD and IDA New Loan Offers and Proposed Timeline for the Existing Loans Switch-over to New Market Reference Rates in the Context of LIBOR Transition - Corrigendum 21. The Executive Directors approved on July 22, 2021 the recommendations contained in paragraph 5 of the Memorandum of the President entitled “Proposed Modifications to IBRD and IDA New Loan Offers and Proposed Timeline for the Existing Loans Switch-over to New Market Reference Rates in the Context of LIBOR Transition” (R2021-0141[IDA/R2021-0232]; /1, dated July 13, 2021, and July 15, 2021, respectively). Mauritania – Development Policy Grant - Second Private Sector, Digital, and Human Capital Reform Development Policy Financing 22. The Executive Directors approved on July 22, 2021 a development policy grant in the amount of SDR 20.8 million (US$30 million equivalent) to Mauritania for a Second Private 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.   Sector, Digital, and Human Capital Reform Development Policy Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0220, dated June 28, 2021). ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Morocco - Investment in Dolidol 23. The Board of Directors approved on June 29, 2021 an investment in Morocco - Dolidol (IFC/R2021-0175, dated June 17, 2021) consisting of an A-loan of up to EUR25 million (equivalent to US$30 million). Ms. Bouzis wished to be recorded as abstaining. Latin America Region - Investment in Knight Therapeutics Inc. for the Knight CNS Project 24. The Board of Directors approved on July 1, 2021 an investment in Latin America Region - Knight Therapeutics Inc. for the Knight CNS Project (IFC/R2021-0176, dated June 21, 2021) comprising a senior loan for IFC’s own account of up to US$70 million equivalent. India - Investment in Kerala Infrastructure Investment Fund Board (KIIFB) for the KIIFB Green Loan Project 25. The Board of Directors approved on July 9, 2021 an investment in India - Kerala Infrastructure Investment Fund Board (KIIFB) for the KIIFB Green Loan Project (IFC/R2021- 0181, dated June 24, 2021) comprising an INR denominated senior loan to KIIFB or a subscription by IFC to an INR denominated bond or non-convertible debentures issued by KIIFB of up to the equivalent of US$150 million (approximately INR11 billion) for IFC’s own account. India - Modification of IFC’s Investment in Netafim Irrigation India Private Limited for the Netafim India Project 26. The Board of Directors approved on July 9, 2021 a modification of IFC’s Investment in Netafim Irrigation India Private Limited for the Netafim India Project in India (IFC/R2021-0182, dated June 24, 2021) to increase the IFC A loan amount to INR2,200 million and adopted the Resolution No. IFC2021-0011. ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARD OF DIRECTORS OF IFC Nigeria - Investment in Standard Chartered Nigeria, Limited for the SLGP SC Nigeria RSF 1 Project with Support from the IDA18 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) to the Proposed International Finance Corporation (IFC) Investment in Standard Chartered Nigeria, Limited Risk Sharing Facility (RSF) by way of Inclusion in the IFC Small Loan Guarantee Program (SLGP) 27. The Board of Directors approved on June 29, 2021 an investment in Standard Chartered Nigeria, Limited for the SLGP SC Nigeria RSF 1 Project (IFC/R2021-0163; /1, dated June 18, 2021, and June 21, 2021, respectively) consisting of an unfunded risk-sharing facility (RSF) of up to US$10 million equivalent in local currency, which will guarantee 50 percent of an up to 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$20 million equivalent portfolio of eligible small and medium enterprises (SME) and women- owned SME (WSME) facilities extended by Standard Chartered Nigeria, Limited. 28. The Executive Directors approved on June 29, 2021 the inclusion of an IFC investment in the form of a Risk Sharing Facility (RSF) with Standard Chartered Nigeria, Limited in IFC Small Loan Guarantee Program (SLGP)on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0213/;1, dated June 18, 2021, and June 21, 2021, respectively). Uganda - Investment in HMH Rainbow Limited for the YoKuku Mezz Project with Support from the IDA19 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) to IFC Investment in HMH Rainbow Limited for the YoKuku Mezz Project 29. The Board of Directors approved on July 8, 2021 an investment in HMH Rainbow Limited for the YoKuku Mezz Project (IFC/R2021-0178, dated June 23, 2021) consisting of a convertible “C” loan of (i) up to US$5 million from IFC for its own account, and (ii) up to US$2 million from IFC as the Implementing Entity (IE) of the IDA-PSW BFF. Ms. Lind wished to be recorded as objecting. Mr. Beger wished to be recorded as abstaining. 30. The Executive Directors approved on July 8, 2021 an allocation in the amount of US$2 million from the IDA19 IFC-MIGA PSW BFF to support an IFC investment in HMH Rainbow Limited which is the parent company of YoKuku in Uganda on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0217, dated June 23, 2021). Ms. Lind wished to be recorded as objecting. Mr. Beger wished to be recorded as abstaining. Bangladesh - Investment in BRAC Bank Limited (BRAC Bank) for the DCM - BRAC Housing Project with Support from the IDA19 IFC-MIGA Private Sector Window (PSW) Local Currency Facility (LCF) for the IFC Investment in BRAC Bank Limited (BRAC Bank) for the DCM - BRAC Housing Project 31. The Board of Directors approved on July 12, 2021 an investment in BRAC Bank Limited (BRAC Bank) for the DCM - BRAC Housing Project (IFC/R2021-0185, dated June 25, 2021) comprising a subscription of up to US$50 million-equivalent in Bangladeshi taka (BDT) in an up to five-year senior, unsecured, privately placed bond to be issued by BRAC Bank. 32. The Executive Directors approved on July 12, 2021 an allocation of up to US$50 million from the IDA19 IFC-MIGA PSW LCF to support an IFC investment of up to US$50 million equivalent in Bangladeshi Taka (BDT) in a housing bond issued by BRAC Bank for the DCM - BRAC Housing Project on the terms and conditions set out in the President’s Memorandum (IDA/R2021-0223, dated June 25, 2021). ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARDS OF DIRECTORS OF IFC AND MIGA Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of June 24, 2021 33. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on June 29, 2021 the document entitled “Official Travel of Executive Directors, 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.   Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of June 24, 2021” (R2021-0131[IDA/R2021-0224, IFC/R2021-0187, MIGA/R2021-0049], dated June 25, 2021). Report to the Boards of Governors of the World Bank and the IMF by the 2021 Joint Committee on the Remuneration of Executive Directors and their Alternates - Submission to the Board of Governors 34. The Executive Directors approved on July 8, 2021 the recommendation in paragraph 2 of the document entitled “Report to the Boards of Governors of the World Bank and the IMF by the 2021 Joint Committee on the Remuneration of Executive Directors and their Alternates - Submission to the Board of Governors” (R2021-0133[IDA/R2021-0227, IFC/R2021-0189, MIGA/R2021-0052];/1, dated June 30, 2021). Minutes of Previous Meetings 35. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 9, 2021 the minutes of the meeting held on May 25, 2021 and the record of approvals and authorizations between May 21, 2021 and May 25, 2021 (M2021-0029 [IDA/M2021-0029, IFC/M2021-0029, MIGA/M2021-0025], dated July 1, 2021). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 8, 2021 36. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 13, 2021 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 8, 2021” (R2021-0138[IDA/R2021-0230, IFC/R2021-0191, MIGA/R2021-0055], dated July 9, 2021). Appointment to Board Standing Committees - Budget Committee and Human Resources Committee (Nomination of Successor to Mr. Geir Haarde) 37. The Executive Directors of the Bank and IDA and the Boards of Directors or IFC and MIGA approved on July 16, 2021 the appointment of Ms. Lene Natasha Lind on the Budget and Human Resources Committees to serve the remainder of the term of office of Mr. Geir Haarde that is until October 31, 2022 (R2021-0143[IDA/R2021-0233, IFC/R2021-0193, MIGA/R2021- 0058] dated July 14, 2021). Annual Audits of IBRD, IDA, IFC, MIGA, and Trust Funds for FY22 Nomination of a Firm of External Auditors 38. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approvals on July 19, 2021 of the Report from the Chair, Audit Committee entitled “Annual Audits of IBRD, IDA, IFC, MIGA, and Trust Funds for FY22 Nomination of a Firm of External Auditors" (R2021-0135[IDA/R2021-0229, IFC/R2021-0190, MIGA/R2021- 0054], dated July 8, 2021 and adopted the resolutions contained in paragraph 3 of the Report, namely: Resolution No.2021-0001 and Resolution No. IDA2021-0001 - Audit of Financial Statements; Resolution No. IFC2021-0012 - Audit of Financial Statements; and Resolution No. MIGA2021-0001- Audit of Financial Statements. 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.   Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 15, 2021 39. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 20, 2021 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 15, 2021” (R2021-0145[IDA/R2021-0236, IFC/R2021-0194, MIGA/R2021-0059], dated July 16, 2021). Guinea - Performance and Learning Review of the Country Partnership Framework 40. The Executive Directors of the IDA and the Boards of Directors of IFC and MIGA noted on July 20, 2021 the Performance and Learning Review of the joint IDA/IFC/MIGA Country Partnership Framework for Guinea for the period FY18-FY23 (IDA/R2021-0215[IFC/R2021- 0179, MIGA/R2021-0044], dated June 24, 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.