Minutes of a Meeting of the Board of Directors of IFC held in the Board Room on March 16, 2023, at 10:01 a.m. 1. There were present: CHAIR: S. Pimenta, Regional Vice President, IFC DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: L. Albisson L. Lind M. AlShamali I. Menendez M. Alsharif S. Otani M. Coelho I. Rajabov R. Dawai R. Ramirez H. Demircan K. Rechico A. Dlodlo I. Shervarli S. El Ouazzani R. Tasker E Gomes H. Tavares R. Kachur A. Ursu-Williams Z. Kibwe K. Wijeyewardene M. Krake W. Yang R. Kumar OFFICERS AND STAFF PARTICIPATING: A. Gibbs, Acting Corporate Secretary R. Nagpal, Vice President and General Counsel S. Suri, Regional Industry Director H. Pederson, Regional Industry Director C. Sylla, Regional Director P. Gopalan, Global Manager H. Sfeir, Manager N. Souche, Acting Regional Industry Manager R. Kozar, Chief Investment Officer R. FitzGerald, Senior Investment Officer N. Shah, Senior Social Development Specialist Morocco - Investment in OCP S.A. for the OCP Solar #1 Project 2. The Board of Directors of IFC discussed the President’s Memorandum and a Report and approved an investment consisting of a green “A” loan of up to EUR 100 million in OCP S.A. for the OCP Solar #1 Project in Morocco (IFC/R2023-0047, dated March 3, 2023). The Board of Directors of IFC adopted Resolution No. IFC2023-0006. Ms. Chang wished to be recorded as objecting. Adjournment 3. The meeting adjourned at 11:17 a.m. 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 March 16, 2023, at 11:26 a.m. 1. There were present: CHAIR: A. Kant, Managing Director and WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: L. Albisson S. Martinez S. Almanza N. Mohd Yassin M. AlShamali A. Morozov M. Alsharif C. Nahon M. Bugamelli I. Rakauskas H. Demircan K. Rechico G. Ekwere R. Tasker M. Finaish H. Tavares R. Kachur A. Ursu-Williams Z. Kibwe K. Wijeyewardene R. Kumar T. Yamakawa J. Kurski W. Yang D. Lohan OFFICERS AND STAFF PARTICIPATING: M. Tembon, Vice President and Corporate Secretary A. Shayne, Deputy General Counsel, Operations G. Tanyi, Chief Counsel, IFC A. Bjerde, Regional Vice President R. Karadsheh, Regional Director, IFC M. Baroudi, Director, MIGA X. Yu, Regional Country Director C. Sanchez-Paramo, Director, Strategy and Operations E. Salinas Munoz, Country Manager A. Naim, Regional Manager, IFC L. Karadayi, Senior Economist, IFC OTHER PARTICIPANTS: F. Jamaludin, Senior Economist, European Department, IMF M. Pinat, Economist, European Department, IMF Albania - Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Albania for the period FY23-FY27 (R2023-0027[IFC/R2023-0039, MIGA/R2023-0018], dated February 22, 2023). Adjournment 3. The meeting adjourned at 1:09 p.m. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis on March 16, 2023 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Albania – Development Policy Loan - First Resilience and Green Development - Development Policy Loan 1. The Executive Directors approved on March 16, 2023 a development policy loan in the amount of EUR 110.8 million (US$120 million equivalent) to Albania for a First Resilience and Green Development - Development Policy Loan on the terms and conditions set out in the President’s Memorandum (R2023-0028, dated February 23, 2023). Albania – Loan - First Phase of Building Resilient Bridges Program using the Multiphase Programmatic Approach 2. The Executive Directors approved on March 16, 2023 a financing envelope in the amount of US$100 million for a Multiphase Programmatic Approach program to Albania including a loan in the amount of EUR 51.6 million (US$55 million equivalent) for the first phase of the Albania Building Resilient Bridges Program on the terms and conditions set out in the President’s Memorandum (R2023-0035, dated February 27, 2023). Albania – Loan - Climate Resilience and Agriculture Development Project 3. The Executive Directors approved on March 16, 2023 a loan in the amount of EUR 64.6 million (US$70 million equivalent) to Albania for a Climate Resilience and Agriculture Development Project on the terms and conditions set out in the President’s Memorandum (R2023-0034, dated February 27, 2023). Albania – Loan - Improving Equitable Access to High Standard Public Services through GovTech Operation 4. The Executive Directors approved on March 16, 2023 a loan in the amount of EUR 60 million (US$65 million equivalent) to Albania for an Improving Equitable Access to High Standard Public Services through GovTech Operation on the terms and conditions set out in the President’s Memorandum (R2023-0033, dated February 27, 2023). Serbia – Loan - Catalyzing Long Term Finance through Capital Markets Project 5. The Executive Directors approved on March 16, 2023 a loan in the amount of EUR 27.7 million (US$30 million equivalent) to Serbia for a Catalyzing Long Term Finance through Capital Markets Project on the terms and conditions set out in the President’s Memorandum (R2023-0036, dated February 27, 2023). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC China - Investment in Chongho Bridge Management Limited for the Chongho Bridge Social Bond Project 6. The Board of Directors approved on March 16, 2023 an investment in China - Chongho Bridge Management Limited for the Chongho Bridge Social Bond Project consisting of IFC’s subscription of a three-year social bond to be issued by Chongho Bridge of up to RMB500 million (approximately US$72 million equivalent) for IFC’s own account and disposal of all or part in the secondary market at a time and at a price to be determined by IFC’s management. (IFC/R2023-0048, dated March 6, 2023). Ms. Kugler wished to be recorded as objecting. Mr.  Miyahara wished to be recorded as abstaining. ****************************************************************************** THE BOARD OF DIRECTORS OF MIGA Türkiye - Modification of Prior Approval in relation to a Guarantee for Investments in Gaziantep Hastane Sağlık Hizmetleri İşletme Yatırım A.Ş. 7. The Board of Directors concurred on March 16, 2023 with a modification of prior approval in relation to a MIGA guarantee for investments in Gaziantep Hastane Sağlık Hizmetleri İşletme Yatırım A.Ş. in Türkiye. The MIGA guarantee under this modification consists of coverage on equity and quasi-equity investments including retained earnings and capitalized interest of up to EUR 126.08 million ($134 million) on behalf of Meridiam Eurasia SAS of France against the risks of Breach of Contract, Expropriation, and War & Civil Disturbance for a period of up to 15 years, as set out in the Memorandum from the President entitled “Türkiye - Modification of Prior Approval in relation to a Guarantee for Investments in Gaziantep Hastane Sağlık Hizmetleri İşletme Yatırım A.Ş..” (MIGA/R2023-0023, dated March 6, 2023). ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARD OF DIRECTORS OF IFC Minutes of Previous Meetings 8. The Executive Directors of the Bank and IDA and the Board of Directors of IFC approved on March 16, 2023 the minutes of the meeting held on June 9, 2022 and record of approvals on an absence-of-objection basis or authorizations to proceed on a streamlined basis between June 8, 2022 and June 9, 2022 (M2022-0037[IDA/M2022-0037, IFC/M2022-0036];/1, dated March 9, 2023, and March 15, 2023, respectively).