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 February 28, 2017 at 10:04 a.m.
1.There were present:
CHAIR:
S. Yang, Managing Director and WBG Chief Administrative Officer
EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:
K. AlkhudairyH.Kim
M.BhuiyanD.Kinder
O.BoudaA.Lushin
O.BougaraK.Mathiasen
A.BvumbeU.Mueller
B.CatzarasP.Pagano
C.DoltuM.Poder
P.DonaldsonD.Quintero
D.FujiiC.Rose Innes
F.GodtsP.Sirinupongs
W.GruberM.Torero
M.HasanY.Yang
F.Jimenez
OFFICERS AND STAFF PARTICIPATING:
K.Honda, Executive Vice President and Chief Executive Officer
S.Okoro, Senior Vice President and General Counsel
E.Tafara, Vice President and General Counsel, IFC
Y.Tsikata, Vice President and Corporate Secretary
V.Kwakwa, Vice President, EAP Region
A.Kapoor, General Counsel, MIGA
*M.Kerf, Country Director
*V.Pathak, Director, IFC
C.Goldie, Manager, IFC
L.Melgaard, Senior Operations Officer
*via videoconference
Farewell to Executive Director
2.The Chair made the customary presentation to Ms. Ursula Mueller, Executive Director, Germany, on expiration of her term of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation.
Kiribati, Nauru, Marshall Islands, Micronesia, Palau, Samoa, Tonga, Tuvalu and Vanuatu – Regional Partnership Framework
3.The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Regional Partnership Framework for Kiribati, Nauru, Marshall Islands, Micronesia, Palau, Samoa, Tonga, Tuvalu and Vanuatu for the period FY17-FY21 (R2017-0028[IDA/R2017-0016, IFC/R2017-0029, MIGA/R2017-0006], dated February 6, 2017).
Adjournment
4.The meeting adjourned 11:27 a.m.
FROM: Vice President & Corporate Secretary
Minutes of Meeting of the Executive Directors of the Bank and IDA
held in the Board Room on February 28, 2017 at 11.27 a.m.
1.There were present:
CHAIR:
S. Yang, Managing Director and WBG Chief Administrative Officer
EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:
T. AlmutairiH.Kim
M.BhuiyanD.Kinder
S.BoudaB.Lvin
O.BougaraK.Mathiasen
O.CanutoP.Pagano
B.CatzarasD.Pierini
C.DoltuM.Poder
P.DonaldsonC.Rose Innes
R.EletrebyP.Sirinupongs
P.GomulakC.Tazaki
C.HappeP.Van der Stoelen
F.JimenezM.Zhang
A.Kabagambe
OFFICERS AND STAFF PARTICIPATING:
S.Okoro, Senior Vice President and General Counsel
Y.Tsikata, Vice President and Corporate Secretary
J.Familiar, Vice President, LAC Region
J.Hentschel, Country Director
G.Goldschmidt, Senior Manager, IFC
L.Spinelli, Senior Energy Specialist
A.Braud, Infrastructure Finance Specialist
*via videoconference
Argentina – IBRD Guarantee – Fund for Development of Renewable Energy (FODER)
2.The Executive Directors considered the President’s Memorandum and Recommendation (R2017-0025), dated February 7, 2017) and approved the IBRD guarantee to Argentina in the amount of US$480 million for the Fund for Development of Renewable Energy (FODER) on the terms and conditions set out in the President’s Memorandum. Ms. Mathiasen wished to be recorded as abstaining.
Adjournment
3.The meeting adjourned 12:53 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
between
February 17, 2017 and February 28, 2017
THE EXECUTIVE DIRECTORS OF THE BANK AND IDA
Saint Vincent and the Grenadines – Proposal to Restructure - Regional Disaster Vulnerability Reduction Project
1.The Executive Directors recorded their approval on February 17, 2017 of the recommendation contained in paragraph 4 of the President’s Memorandum entitled “St. Vincent and the Grenadines – Regional Disaster Vulnerability Reduction Project – Proposal to Restructure (IDA/R2017-0022, dated February 7, 2017).
China – Loan – Anhui Road Maintenance Innovation and Demonstration Project
2.The Executive Directors recorded their approval on February 21, 2017 of the loan in the amount ofUS$150 millionto China for the Anhui Road Maintenance Innovation and Demonstration Project on the terms and conditions set out in the President’s Memorandum (R2017-0016, dated February 1, 2017). Ms. Mathiasen wished to be recorded as abstaining.
Serbia – Loan – Inclusive Early Childhood Education and Care (ECEC) Project
3.The Executive Directors recorded their approval on February 21, 2017 of the loan in the amount of EUR 47 million (US$50 million equivalent) to Serbia for the Inclusive Early Childhood Education and Care (ECEC) Project on the terms and conditions set out in the President’s Memorandum (R2017-0018, dated February 1, 2017).
Argentina – Loan – Modernization and Innovation for Better Public Services in Argentina Project
4.The Executive Directors recorded their approval on February 21, 2017 of the loan in the amount of US$80 million to Argentina for the Modernization and Innovation for Better Public Services on the terms and conditions set out in the President’s Memorandum (R2017-0021, dated February 1, 2017).
Liberia – Proposal to Restructure - Health Systems Strengthening Project
5.The Executive Directors recorded their approval on February 23, 2017 of the recommendation contained in paragraph 3 of the President’s Memorandum entitled “Liberia – Health Systems Strengthening Project – Proposal to Restructure (IDA/R2017-0013; /1, dated February 3, 2017 and February 13, 2017, respectively).
Burundi – IDA Grant – Health System Support Project
6.The Executive Directors recorded their approval on February 24, 2017 of the grant in the amount of SDR 37.2 million (US$50 million equivalent) to Burundi for the Health System Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0015, dated February 6, 2017).
Cambodia – Credit – Livelihood Enhancement and Association of the Poor Project (LEAP)
7.The Executive Directors recorded their approval on February 24, 2017 of the credit in the amount of SDR 15.1 million (US$20.17 million equivalent) to Cambodia for the Livelihood Enhancement and Association of the Poor Project (LEAP) on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0014, dated February 6, 2017).
China – Loan – Second Gansu Cultural and Natural Heritage Protection and Development Project
8.The Executive Directors recorded their approval on February 24, 2017 of the loan in the amount of US$100 million to China for the Second Gansu Cultural and Natural Heritage Protection and Development Project on the terms and conditions set out in the President’s Memorandum (R2017-0019, dated February 6, 2017. Ms. Mathiasen wished to be recorded as abstaining.
Tanzania – Second Additional Credit – Tanzania Strategic Cities Project
9.The Executive Directors recorded their approval on February 27, 2017 of the second additional credit in the amount of SDR 96.1 million (US$130 million equivalent) to Tanzania for the Tanzania Strategic Cities Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0017, dated February 8, 2017).
Indonesia – Restructuring and Additional Financing – Dam Operational Improvement and Safety Project (DOISP) Phase II
10.The Executive Directors recorded their approval on February 27, 2017 of the restructuring and additional loan in the amount of US$125 million to Indonesia for the Dam Operational Improvement and Safety Project (DOISP) Phase II on the terms and conditions set out in the President’s Memorandum (R2017-0024, dated February 7, 2017).
Argentina – Loan – Integrated Habitat and Housing Project
11.The Executive Directors recorded their approval on February 27, 2017 of the loan in the amount of US$200 million to Argentina for the Integrated Habitat and Housing Project on the terms and conditions set out in the President’s Memorandum (R2017-0029, dated February 7, 2017).
Argentina – Loan – Metropolitan Buenos Aires Urban Transformation Project
12.The Executive Directors recorded their approval on February 27, 2017 of the loan to the Autonomous City of Buenos Aires with a sovereign guarantee from Argentina in the amount of US$170 million, and a loan to the Province of Buenos Aires with a sovereign guarantee from Argentina in the amount of US$30 million for the Metropolitan Buenos Aires Transformation Project on the terms and conditions set out in the President’s Memorandum (R2017-0030, dated February 8, 2017). Ms. Mathiasen wished to be recorded as abstaining.
Mali – IDA Grant – Reinsertion of Ex-Combatants Project
13.The Executive Directors recorded their approval on February 28, 2017 of the grant in the amount of SDR 11.2 million (US$15 million equivalent) to Mali for the Reinsertion of Ex-Combatants Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0021, dated February 8, 2017).
Niger – Development Policy Grant – Second Public Investment Reforms Support Development Policy Financing
14.The Executive Directors recorded their approval on February 28, 2017 of the development policy grant in the amount of SDR 37.2 million (US$50 million equivalent) to Niger for the Second Public Investment Reforms Support Development Policy Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0010, dated February 6, 2017).
Rwanda – Additional Credit and Restructuring – Transformation of Agriculture Sector Program Phase 3 Program-for-Results
15.The Executive Directors recorded their approval on February 28, 2017 of the restructuring and additional credit in the amount of SDR 34.3 million (US$46 million equivalent) to Rwanda for the Transformation of Agriculture Sector Program Phase 3 Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0019, dated February 8, 2017).
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THE BOARD OF DIRECTORS OF IFC
Uzbekistan – Investment in JSC Uzbek Leasing International A.O.
16.The Board of Directors authorized on February 17, 2017 an investment in “Uzbekistan – JSC Uzbek Leasing International A.O.” (IFC/R2017-0027, dated February 7, 2017) in the form of a senior loan of up to US$5 million.
Brazil – Investment in DASA II
17.The Board of Directors authorized on February 17, 2017 an investment in “Brazil – DASA II” (IFC/R2017-0028, dated February 7, 2017) in the form of (i) two “A” loans of up to US$20 million, in aggregate; (ii) a “B” loan of up to US$100 million; and (iii) a “C” loan of up to US$10 million.
China – Investment in Maison China III
18.The Board of Directors authorized on February 21, 2017 an investment in “China – Maison China III” (IFC/R2017-0031, dated February 8, 2017) in the form of equity of up to US$20 million, not to exceed 20 percent of total fund commitments. Ms. Mathiasen wished to be recorded as abstaining.
Chile – Restructuring of IFC’s Investment in Luz del Norte SpA
19.The Board of Directors authorized on February 21, 2017 of the recommendation contained in paragraph 3 of the President’s Memorandum entitled “Chile – Restructuring of IFC’s Investment in Luz del Norte SpA” (IFC/R2017-0032, dated February 8, 2017) and adopted Resolution No. IFC 2017-0009.
Argentina – Investment in Banco CMF S.A. (CMF CL)
20.The Board of Directors authorized on February 23, 2017 an investment in “Argentina – Banco CMF S.A.” (IFC/R2017-0033, dated February 10, 2017) in the form of an “A” loan of up to US$40 million.
Democratic Republic of Congo – Investment in HTA DRC
21.The Board of Directors authorized on February 24, 2017 an investment in “Democratic Republic of Congo – HTA DRC” (IFC/R2017-0034, dated February 13, 2017) in the form of an “A” loan of up to US$30 million.
India – Investment in Blackbuck
22.The Board of Directors authorized on February 24, 2017 an investment in “India – Blackbuck” (IFC/R2017-0035, dated February 13, 2017) in the form of equity of up to US$10 million (currency equivalent to INR 671.9 million) by subscribing to Series C Preferred shared for a minority stake of approximately 6 percent on a fully diluted basis.
Bangladesh – Investment in Dhaka Bank Ltd. (WCS Dhaka Bank)
23.The Board of Directors authorized on February 28, 2017 an investment in “Bangladesh – Dhaka Bank Ltd.” (IFC/R2017-0036, dated February 15, 2017) in the form of senior loan of up to US$20 million.
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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
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 February 22, 2017 of the minutes of the meetings held on January 12, 2017 and the record of approval and authorizations between January 11, 2017 and January 12, 2017 (M2017-0001[IDA/M2017-0001, IFC/M2017-0001, MIGA/M2017-0001], dated February 15, 2017).
Mexico – Performance and Learning Review of the Country Partnership Strategy
25.The Executive Directors recorded their noting on February 23, 2017 of the Performance and Learning Review (PLR) of the joint IBRD/IFC/MIGA Country Partnership Strategy for Mexico for the period FY14-FY19 (R2017-0020[IFC/R2017-0022, MIGA/R2017-0003], dated February 1, 2017).
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