FROM: Vice President & Corporate Secretary

Minutes of 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 May 2, 2017 at 10:05 a.m.

1. There were present:
CHAIR:

K. Georgieva, Chief Executive Officer

EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES
ACTING AS EXECUTIVE DIRECTORS:

K. Alkhudairy D. Kinder
A. Bvumbe K. Koguchi
B. Catzaras B. Kunene
R. Eletreby E. Miagkov
S. Garg T. Mills
F. Godts P. Pagano
W. Gruber D. Quintero
C. Happe T. Souk Aloun
F. Heemskerk J-C. Tchatchouang
C. Hogan M. Torero
F. Jimenez S. Ulbaek
N. Khosa Y. Yang
H. Kim

OFFICERS AND STAFF PARTICIPATING:

S. Okoro, Senior Vice President and General Counsel
S. Boubacar, Acting Vice President and Corporate Secretary
J. Familiar, Vice President, LAC Region
A. Rodriguez, Country Director
*I. Arias, Director, IFC
M. Baroudi, Director, MIGA
P. Rodriguez, Program Leader
K. Olivas, Senior Country Officer
L. Gondim Harrington, Strategy Officer

*via videoconference

2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership
Framework for Peru for the period FY17-FY21 (R2017-0089[IFC/R2017-0073, MIGA/R2017-
0022], dated April 10, 2017).

Adjournment

3. The meeting adjourned 11:53 a.m.

Minutes of Meeting of the Executive Directors of the Bank and IDA
held in the Board Room on May 2, 2017 at 12:03 p.m.

1. There were present:
CHAIR

K. Georgieva, Chief Executive Officer

EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES
ACTING AS EXECUTIVE DIRECTORS:

K. Alkhudairy H. Kim
A. Bvumbe D. Kinder
B. Catzaras K. Koguchi
R. Eletreby B. Kunene
S. Garg A. Lushin
F. Godts P. Pagano
W. Gruber S. Pg Matarsat
C. Guest D. Quintero
C. Happe J-C. Tchatchouang
F. Heemskerk M. Torero
C. Hogan S. Ulbaek
F. Jimenez Y. Yang
H. Khosa

OFFICERS AND STAFF PARTICIPATING:

S. Okoro, Senior Vice President and General Counsel
S. Boubacar, Acting Vice President and Corporate Secretary
C. Muller, Vice President, ECA Region
S. Kahkonen, Country Director
M. Guadamillas, Practice Manager
I. Skamnelos, Lead Financial Sector Economist

*via videoconference

2. The Executive Directors considered the President’s Memorandum and Recommendation
(R2017-0065; /2), dated March 15, 2017 and March 28, 2017, respectively) and approved the
loan to JSC State Export-Import Bank of Ukraine (Ukreximbank) with a sovereign guarantee
from Ukraine in the amount of US$150 million for the Access to Long Term Finance Project on
the terms and conditions set out in the President’s Memorandum. Mr. Lushin wished to record
his objection.

Adjournment

3. The meeting adjourned 1:05 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, 2017 and May 2, 2017

THE EXECUTIVE DIRECTORS OF THE BANK AND IDA

Bosnia and Herzegovina – Loan – Banking Sector Strengthening Project

1. The Executive Directors recorded their approval on April 28, 2017 of the loan in the
amount of EUR 56.6 million (US$60 million equivalent) to Bosnia and Herzegovina for the
Banking Sector Strengthening Project on the terms and conditions set out in the President’s
Memorandum (R2017-0094, dated April 11, 2017.

Croatia – Loan and Guarantee – Modernization and Restructuring of the Road Sector
Project

2. The Executive Directors recorded their approval on April 28, 2017 of the loan in the
amount of EUR 22 million (US$23.32 million equivalent) and guarantee in the amount of EUR
350 million (US$370.7 million equivalent) to Croatia for the Modernization and Restructuring of
the Road Sector Project on the terms and conditions set out in the President’s Memorandum
(R2017-0092, dated April 11, 2017).

Georgia – Development Policy Loan – Second Programmatic Inclusive Growth
Development Policy Operation

3. The Executive Directors recorded their approval on April 28, 2017 of the development
policy loan in the amount of EUR 47.2 million to Georgia for the Second Programmatic
Inclusive Growth Development Policy Operation on the terms and conditions set out in the
President’s Memorandum (R2017-0086, dated April 7, 2017).

Kosovo – Additional Credit and Restructuring – Agriculture and Rural Development
Project

4. The Executive Directors recorded their approval on April 28, 2017 of the restructuring
and additional credit in the amount of EUR 20.80 million (US$22 million equivalent) to Kosovo
for the Agriculture and Rural Development Project on the terms and conditions set out in the
President’s Memorandum (IDA/R2017-0099, dated April 11, 2017). Messrs. Jimenez, Lushin
and Pierini wished to be recorded as abstaining.

Brazil – Loan – Fortaleza Sustainable Urban Development Project

5. The Executive Directors recorded their approval on April 28, 2017 of the loan in the
amount of US$73.3 million to the Municipality of Fortaleza with the sovereign guarantee of
Brazil for the Fortaleza Sustainable Urban Development Project on the terms and conditions set
out in the President’s Memorandum (R2017-0093, dated April 11, 2017).

6. The Executive Directors recorded their approval on April 28, 2017 of the credit in the
amount of SDR 9.9 million (US$13.3 million equivalent) to Guyana for the Guyana Education
Sector Improvement Project on the terms and conditions set out in the President’s Memorandum
(IDA/R2017-0100, dated April 11, 2017).

Peru – Loan – Integrated Water Resources Management in Ten Basins Project
7. The Executive Directors recorded their approval on April 28, 2017 of the loan in the
amount of US$40 million to Peru for the Integrated Water Resources Management in Ten Basins
Project on the terms and conditions set out in the President’s Memorandum (R2017-0090, dated
April 11, 2017).

Ethiopia – Additional Credit – Productive Safety Net IV Project

8. The Executive Directors recorded their approval on May 2, 2017 of the additional credit
in the amount of SDR 79.7 million (US$108.1 million equivalent) to Ethiopia for the Productive
Safety Net IV Project on the terms and conditions set out in the President’s Memorandum
(IDA/R2017-0116, dated April 21, 2017).

Honduras and Nicaragua – Proposal to Restructure – Catastrophe Risk Insurance Project

9. The Executive Directors recorded their approval on May 2, 2017 of the recommendation
contained in paragraph 5 of the President’s Memorandum entitled “Honduras and Nicaragua –
Catastrophe Risk Insurance Project – Proposal to Restructure (IDA/R2017-0117, dated April 21,
2017).

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THE BOARD OF DIRECTORS OF IFC

Ghana – Investment in Zenith Bank (Ghana) Limited

10. The Board of Directors authorized on May 1, 2017 an investment in “Ghana – Zenith
Bank (Ghana) Limited�? (IFC/R2017-0083, dated April 19, 2017) in the form of a senior loan of
up to US$40 million.

Senegal – Investment in Societe Industrielle Agro-Alimentaire for the Kirene 2 Project

11. The Board of Directors authorized on May 1, 2017 an investment in “Senegal – Societe
Industrielle Agro-Alimentaire�? (IFC/R2017-0085, dated April 19, 2017) in the form of (i) a
senior “A�? loan of up to Euro 3 million; and (ii) a concessional senior loan of up to Euro 1.5
million from IFC in its capacity as implementing entity for the Private Sector Window of the
Global Agriculture and Food Safety Program (GAFSP PrSW).

12. The Board of Directors authorized on May 1, 2017 an investment in “China – Chint New
Energy�? (IFC/R2017-0084, dated April 19, 2017) in the form of “A�? loan(s) of up to US$50
million, Managed Co-Lending Portfolio Program (MCPP) loan(s) of up to US$30 million, and
“B�? loan(s) of up to US$70 million. Ms. Mathiasen wished to be recorded as abstaining.

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THE BOARD OF DIRECTORS OF MIGA

Namibia – Agreement on Legal Protection for Guaranteed Foreign Investments

13. The Board of Directors recorded their approval by special majority on April 28, 2017 of
the recommendation contained in the President’s Memorandum entitled “Namibia – Agreement
on Legal Protection for Guaranteed Foreign Investments�? (MIGA/R2017-0026, dated April 17,
2017).

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THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF
DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA

Georgia – Performance and Learning Review of the Country Partnership Strategy

14. The Executive Directors recorded their noting on April 28, 2017 of the Performance and
Learning Review (PLR) of the joint IBRD/IDA/IFC Country Partnership Strategy for Georgia
for the period FY2014-2017 (R2017-0088[IDA/R2017-0093, IFC/R2017-0072, MIGA/R2017-
0021], dated April 7, 2017).

Minutes of Previous Meetings

15. The Executive Directors of the Bank and IDA and the Board of Directors of IFC recorded
their approval on April 28, 2017 of the minutes of the meeting held on April 4, 2017 and the
record of approval and authorizations between March 29, 2017 and April 4, 2017 (M2017-
0013[IDA/M2017-0013, IFC/M2017-0013], dated April 21, 2017).

16. The Executive Directors of the Bank and IDA recorded their approval on May 1, 2017 of
the minutes of the meeting held in Restricted Executive Session on April 13, 2017 (XM2017-
0001[IDA/XM2017-0001], dated April 25, 2017).

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.
17. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and
MIGA recorded their approval on May 2, 2017 of the minutes of the meeting held on April 6,
2017 and the record of approval and authorizations between April 5, 2017 and April 6, 2017
(M2017-0010[IDA/M2017-0010, IFC/M2017-0010, MIGA/M2017-0010], dated April 25,
2017).

18. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and
MIGA recorded their approval on May 2, 2017 of the minutes of the meeting held on April 11,
2017 and the record of approval and authorizations between April 7, 2017 and April 11, 2017
(M2017-0014[IDA/M2017-0014, IFC/M2017-0014, MIGA/M2017-0013], dated April 25,
2017).