Minutes of a Meeting of the Executive Directors of IBRD and IDA
and the Boards of Directors of IFC and MIGA
held in the Board Room on October 8, 2024, at 9:31 a.m.

1. There were present:
CHAIR:

A. Bjerde, Managing Director, Operations

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

Z. Ahmed J. Medzhidova
R. Alfrayyan H. Modak
A. Almulla S. Otani
A. Atomate E. Panagiotarea
P. Bonmartin N. Putscher
J. Chang E. Rhuggenaath
R. Dawai C. Risso Dominguez
V. Gnanendran T. Shah
S. Guardado R. Srinivasakrishnan
M. Krukowski E. Sta. Ana
T. Lunde J. Van De Poel
L. Magagula H. Van Dyke
C. Mangan

OFFICERS AND STAFF PARTICIPATING:

S. Shah, Director, Corporate Secretariat, Policy and Operations
A. Musiime, Deputy General Counsel, Operations
M. Mpundu, Chief Counsel
G. Tanyi, Chief Counsel, IFC
V. Kwakwa, Regional Vice President
N. Belete, Country Director
A. Fock, Country Manager
S. Madan, Country Manager, MIGA
*M. Porter-Peschka, Regional Director, IFC
E. Fernandes, Country Manager
*C. Conceicao, Director, IFC

OTHER PARTICIPANTS:

*M. Martin, Mission Chief, IMF
*E. Lautier, Resident Representative, IMF
A. Ivanova, Advisor, IMF
C. Chuku, Economist, IMF

*via videoconference

2. The Executive Directors discussed the joint IDA/IFC/MIGA Country Partnership
Framework for Zambia for the period of FY25-FY29 (IDA/R2024-0257, IFC/R2024-0282,
MIGA/R2024-0101], dated September 16, 2024).

Zimbabwe - Country Engagement Note

3. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Engagement
Note for Zimbabwe for the period of FY25-FY26 (R2024-0219[IDA/R2024-0271, IFC/R2024-
0300, MIGA/R2024-0108];/1, dated September 24, 2024 and October 8, 2024 respectively).

Adjournment

4. The meeting adjourned at 11:53 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 October 2, 2024 and October 8, 2024

THE EXECUTIVE DIRECTORS OF IBRD AND IDA

Uzbekistan - Loan and Credits - Second Inclusive and Resilient Market Economy
Development Policy Operation

1. The Executive Directors approved on October 3, 2024 a loan and three credits in the total
amount of US$800 million comprising: (a) a US$-denominated IBRD Flexible Loan of US$260
million; (b) a US$-denominated single-currency IDA concessional credit of US$190.2 million;
(c) a US$-denominated IDA concessional Shorter-Maturity Loan of US$207.2 million, which
includes US$70.6 million from the IDA20 Scale-Up Window; and (d) a US$-denominated IDA
non-concessional credit of US$142.6 million from the IDA20 Scale-Up Window to Uzbekistan
for a Second Inclusive and Resilient Market Economy Development Policy Operation on the
terms and conditions set out in the President’s Memorandum (R2024-0199[IDA/R2024-
0250];/1-2, dated September 11, 2024, September 11, 2024, and September 27, 2024).

Montenegro - Loan - Montenegro First Resilient Fiscal and Sustainable Development
Development Policy Financing

2. The Executive Directors approved on October 4, 2024 a loan EUR 80 million (USD
86.6 million equivalent) to Montenegro for a Montenegro First Resilient Fiscal and Sustainable
Development Development Policy Financing on the terms and conditions set out in the
President’s Memorandum (R2024-0203, dated September 13, 2024).

Proposal to Establish an IBRD Framework of Restoration Measures (FRM) for Capital
Adequacy

3. The Executive Directors approved on October 4, 2024 the recommendation contained in
paragraph 6 of the Memorandum of the President entitled “Proposal to Establish an IBRD
Framework of Restoration Measures (FRM) for Capital Adequacy” (R2024-0210, dated
September 16, 2024).

Nepal - Credit - Nepal Disaster Resilience Development Policy Credit with Catastrophe
Deferred Drawdown Option (NDRC)

4. The Executive Directors approved on October 8, 2024 a credit in the amount of SDR
113,000,000 (US$150,000,000 equivalent) to Nepal for a Nepal Disaster Resilience
Development Policy Credit with Catastrophe Deferred Drawdown Option (NDRC) on the terms
and conditions set out in the President’s Memorandum (IDA/R2024-0260, dated September 17,
2024).

Ukraine - Investment in Raiffeisen Bank Joint Stock Company for the RBUA SME RSF
and RBUA MidCap RSF Projects

5. The Board of Directors approved on October 3, 2024 an investment in Ukraine -
Raiffeisen Bank Joint Stock Company for the RBUA SME RSF and RBUA MidCap RSF
Projects (IFC/R2024-0294, dated September 23, 2024) comprising two unfunded risk-sharing
facilities (RSFs) with Raiffeisen Bank Joint Stock Company (RBUA) as follows: (a) a maximum
IFC risk amount of up to $25 million covering a portfolio of up to US$50 million Eligible small
and medium enterprises (SME) Facilities. IFC’s participation in this SME RSF will be
supported by a first loss guarantee of up to $9.25 million to be provided by IFC acting in its
capacity as the Implementing Entity of the Economic Resilience Action (ERA) Program for
Ukraine, which includes support from the Swiss Confederation acting through the State
Secretariat for Economic Affairs (SECO); and (b) a maximum IFC risk amount of up to €50
million covering a portfolio of up to €150 million Eligible Midcap Facilities. IFC’s participation
in this Midcap RSF will be supported by: (i) a first loss guarantee of up to €22.5 million to be
provided by IFC acting in its capacity as the Implementing Entity of the ERA Program for
Ukraine, which includes support from the government of the French Republic, represented by the
Ministry for the Economy, Finance and Industrial and Digital Sovereignty; and (ii) a capital
expenditure (CAPEX) buydown of up to €5.4 million provided by IFC in its capacity as
Implementing Entity of the ERA Program for Ukraine, which includes support from the United
Kingdom acting through the Foreign, Commonwealth and Development Office (UK FCDO).
Mr. Marshavin wished to be recorded as objecting and Ms. Chang wished to be recorded as
abstaining.

Türkiye - Investment in Çimsa Çimento San. ve Tic. A.Ş. (Cimsa) for the Cimsa
Decarbonization Project

6. The Board of Directors approved on October 4, 2024 an investment in Türkiye - Çimsa
Çimento San. ve Tic. A.Ş. (Cimsa) for the Cimsa Decarbonization Project (IFC/R2024-0299,
dated September 24, 2024) comprising a senior loan package for an aggregate amount of up to
US$200 million or its equivalent in euros and/or Turkish lira as follows: (i) “A” loans of up to
US$150 million or its equivalent in euros and/or Turkish lira on IFC’s own account; and (ii)
a B1 loan of up to US$50 million or its equivalent in euros. Ms. Chang wished to be recorded as
abstaining.

Türkiye - Investment in QNB Finansbank for the DCM QNB-F Blue Bond Project

7. The Board of Directors approved on October 8, 2024 an investment in Türkiye - QNB
Finansbank for the DCM QNB-F Blue Bond Project (IFC/R2024-0301, dated September 26,
2024) consisting of a purchase by IFC, for its own account, of senior unsecured bonds, in a
principal amount of up to $75 million to be issued by QNB Finansbank (QNB-F). The
investment also includes the ability to dispose of all or part of the bonds in the secondary market
at a time and at a price to be determined by IFC’s management. Ms. Chang 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.
******************************************************************************
THE EXECUTIVE DIRECTORS OF IBRD AND IDA AND THE BOARDS OF
DIRECTORS OF IFC AND MIGA
Appointment to Board Standing Committee - Budget Committee (Nomination of Successor
to Mr. Abdoul Salam Bello)

8. The Executive Directors of IBRD and IDA and the Boards of Directors of IFC and
MIGA approved on October 2, 2024 the appointment of Mr. Abdulaziz Almulla on the Budget
Committee to serve in place of Mr. Abdoul Salam Bellow until October 31, 2024 (R2024-
0224[IDA/R2024-0278, IFC/R2024-0305, MIGA/R2024-0111], dated September 30, 2024).

Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors, and
Advisors to Executive Directors as of September 27, 2024

9. The Executive Directors of the IBRD and IDA and the Boards of Directors of IFC and
MIGA approved on October 2, 2024 the document entitled “Official Travel of Executive
Directors, Alternate Executive Directors, Senior Advisors, and Advisors to Executive Directors
as of September 27, 2024” (R2024-0227[IDA/R2024-0279, IFC/R2024-0306, MIGA/R2024-
0112], dated September 30, 2024).

Minutes of Previous Meeting

10. The Executive Directors of the IBRD and IDA and the Boards of Directors of IFC and
MIGA approved on October 7, 2024 the minutes of the meeting held on July 30, 2024 and the
record of approvals and authorizations between July 26, 2024 and July 30, 2024 (M2024-
0017[IDA/M2024-0017, IFC/M2024-0018, MIGA/M2024-0016], dated September 30, 2024).

Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors, and
Advisors to Executive Directors as of October 4, 2024

11. The Executive Directors of the IBRD and IDA and the Boards of Directors of IFC and
MIGA approved on October 8, 2024 the document entitled “Official Travel of Executive
Directors, Alternate Executive Directors, Senior Advisors, and Advisors to Executive Directors
as of October 4, 2024” (R2024-0231[IDA/R2024-0283, IFC/R2024-0317, MIGA/R2024-0115],
dated October 4, 2024).