Minutes of Meeting of the Executive Directors of the Bank and IDA
and the Board of Directors of IFC
held in the Board Room on February 16, 2017 at 10:02 a.m.
1.There were present:
CHAIRS:
Kristalina Georgieva, Chief Executive Officer, IBRD/IDA
Philippe H. Le Houerou, Executive Vice President and CEO
EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:
T. AlmutairiA.Kabagambe
S.BoudaH.Kim
B.CatzarasP.Kunene
C.DoltuC.Landers
R.EletrebyX.Li
D.FujiiA.Lushin
S.GargN.Mireku
F.GodtsP.Pagano
P.GomulakD.Quintero
A.HadiyantoM.Robinson
C.HappeM.Torero
D.HernandezS.Ulbaek
C.Hogan
OFFICERS AND STAFF PARTICIPATING:
A.Ninio, Deputy General Counsel, Operations
E.Tafara, Vice President and General Counsel
Y.Tsikata, Vice President and Corporate Secretary
M.Diop, Vice President
L.Tuck, Vice President
L.Monari, Director
B.De La Borde, Senior Manager
*I.-M.Ruthenberg, Country Manager
*via videoconference
Zambia –IDA Guarantee and IFC Investment - West Lunga Scaling Solar Energy Project
2.The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2017-0009[IFC/R2017-0018], dated January 30, 2017) andapproved an IDA Guarantee in the amount of up to US$3.5 million,and the Board of Directors authorized an investment in the form of an “A” loan of up to US$15 million; a senior loan of up to US$15 million from IFC acting as implementing entity of the IFC-Canada Climate Change Program; and one or more U.S. dollar interest rate swaps representing a Loan Equivalent Exposure (“LEQ”) of up to US $3 million to the Project Company, in Bangweulu Power Company Ltd for the West Lunga Scaling Solar Energy on the terms and conditions set out in the President’s Memorandum, and adopted Resolution No. IFC 2017-0003.
Adjournment
3.The meeting adjourned at 11:47 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 16, 2017 at 11:55 a.m.
1.There were present:
CHAIR:
Kristalina Georgieva, Chief Executive Officer, IBRD/IDA
EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:
T. AlmutairiK.Koguchi
J.BakerP.Kunene
S.BoudaX.Li
O.CanutoB.Lye
B.CatzarasE.Miagkov
R.EletrebyN.Mireku
S.GargC.Mordini
P.GomulakM.O’Dea
C.HappeZ.Pedic
D.HernandezP.Sirinupongs
A.KabagambeM.Torero
D.KinderS. Ulbaek
P.Van der Stoelen
OFFICERS AND STAFF PARTICIPATING:
A.Ninio, Deputy General Counsel, Operations
Y.Tsikata, Vice President and Corporate Secretary
M.Diop, Vice President
L.Tuck, Vice President
G.Castro, Chairperson, Inspection Panel
J.Mattsson, Member, Inspection Panel
Z.Elbakri, Member, Inspection Panel
*D.Gaye, Country Director
*via videoconference
Addendum to ManagementReport and Recommendation in Response to the Inspection Panel Investigation Report - Kenya -Electricity Expansion Project
2.The Executive Directors considered the report entitled “Management Report and Recommendation in Response to the Inspection Panel Investigation Report on the Kenya Electricity Expansion Project – Addendum” (IDA/R2016-0286; /3, dated November 28, 2016, December 7, 2016, December 14, 2016 and January 18, 2017, respectively) and approved the actions set out in Section III of the report. Management will update the Board on the implementation of the action plan annually. Should there be specific developments, Management will report to the Board earlier.
Adjournment
3.The meeting adjourned 12:36 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 1, 2017 and February 16, 2017
THE EXECUTIVE DIRECTORS OF THE BANK AND IDA
Benin, Guinea, Niger and Togo – AdditionalCredits - West Africa Agricultural Productivity Program
1.The Executive Directors recorded their approval on February 3, 2017 of the additional credits to Benin, Guinea, Niger and Togo in the amount of US$68 millionfor the West Africa Agricultural Productivity Programon the terms and conditions set out in the President’s Memorandum (IDA/R2017-0004, dated January 13, 2017).The credits come from the national IDA allocations in amounts equivalent to Euro 18,300,000 (US$20 million equivalent) for Benin, SDR 16,800,000 (US$23 million equivalent) for Guinea, Euro 13,700,000 (US$15 million equivalent) for Niger, and Euro 9,200,000 (US$10 million equivalent) for Togo.
Lebanon - Loan and Concessional Financing Facility (CFF) Grant - Roads and Employment Project
2.The Executive Directors recorded their approval on February 6, 2017 of the loan to Lebanon in the amount of US$200 million consisting of a non-concessional portion of US$154.6 million and a concessional portion of US$45.4 million from the Concessional Financing Facility (CFF) for the Roads and Employment Projecton the terms and conditions set out in the President’s Memorandum (R2017-0014, dated January 26, 2017).
Moldova -Restructuring - Education Reform Project
- The Executive Directors recorded their approval on February 6, 2017 of the recommendation contained in paragraph 5 of the President’s Memorandum entitled “Moldova – Education Reform Project – Proposal to Restructure” (IDA/R2017-0007, dated January 26, 2017).
China - Loan - Shaanxi Poor Rural Areas Community Development Project
4.The Executive Directors recorded their approval on February 9, 2017 of the loan to China in the amount of US$100 million for the Shaanxi Poor Rural Areas Community Development Project on the terms and conditions set out in the President’s Memorandum (R2017-0010, dated January 23, 2017).
Indonesia–Clean Technology Fund (CTF) Contingent Recovery Grant and a Global Environmental Facility (GEF) Grant - Geothermal Energy Upstream Development Project
5.The Executive Directors recorded their approval on February 9, 2017 of the Contingent Recovery Grant of US$49 million from the Clean Technology Fund (CTF) and a grant of US$6.25 million from the Global Environment Facility (GEF) to PT Sarana Multi Infrastruktur (Persero) (PT SMI or Recipient), Indonesia to support the Geothermal Energy Upstream Development Projecton the terms and conditions set out in the President’s Memorandum (R2017-0013[GEF/R2017-0001], dated January 23, 2017). Ms. Mathiasen wished to be recorded as abstaining.
Kenya - Credit - Kenya Climate Smart Agriculture Project
6.The Executive Directors recorded their approval on February 9, 2017 of the credit to Kenya in the amount SDR 184.7 million (US$250 million equivalent) for the Kenya Climate Smart Agriculture Projecton the terms and conditions set out in the President’s Memorandum (IDA/R2017-0005, dated January 23, 2017).
Papua New Guinea -Credit - Water Supply and Sanitation Development Project
7.The Executive Directors recorded their approval on February 9, 2017 of the credit to Papua New Guineain the amount SDR 51.0 million (US$70.0 million equivalent) for the Water
Supply and Sanitation Development Projecton the terms and conditions set out in the President’s Memorandum (IDA/R2017-0006, dated January 23, 2017).
Cameroon - Restructuring - CEMAC Transport -Transit Facilitation Project
8.The Executive Directors recorded their approval on February 13, 2017 of the recommendation contained in paragraph 9 of the President’s Memorandum entitled “Cameroon - CEMAC Transport - Transit Facilitation Project – Proposal to Restructure” (IDA/R2017-0011, dated February 2, 2017).
Democratic Republic of Congo –Additional Grant and Restructuring - Public Financial Management and Accountability Project
9.The Executive Directors recorded their approval on February 14, 2017 of the additional grant and restructuring to the Democratic Republic of Congo (DRC) in the amount of SDR 37.0 million (US$50.0 million equivalent) for the Public Financial Management and Accountability Projecton the terms and conditions set out in the President’s Memorandum (IDA/R2017-0008, dated January 26, 2017).
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THE BOARD OF DIRECTORS OF IFC
Myanmar – Investments in Myanmar MFI Lending Facility and Maha MFI
10.The Board of Directors authorized on February 2, 2017 investments in Myanmar - Myanmar MFI Lending Facility and Maha MFI (IFC/R2017-0010, dated January 23, 2017) in the form of: (i) a senior loan facility of up to US$12 million in Myanmar MFI Lending Facility; and (ii) an equity investment of up to MMK1.93 billion (US$1.5 million equivalent) in Maha MFI.
Indonesia – Investment in PT. Bank Tabungan Pensiunan Nasional, Tbk. (BTPN MSME Loan)
11.The Board of Directors authorized on February 3, 2017 an investment in Indonesia – PT. Bank Tabungan Pensiunan Nasional, Tbk. (IFC/R2017-0011, dated January 24, 2017) in the form of a senior loan of up to US$100 million.
India – Investment in Shriram Transport Finance Company Limited
12.The Board of Directors authorized on February 6, 2017 an investment in India – Shriram Transport Finance Company Limited (IFC/R2017-0013, dated January 25, 2017) in non-convertible debentures of up to INR3.35 billion (approximately US$50 million equivalent).
Romania – Investment in Alpha Bank Romania S.A.
13.The Board of Directors authorized on February 6, 2017 an investment in Romania– Alpha Bank Romania S.A.(IFC/R2017-0014;/1, dated January 25, 2017, and February 3, 2017, respectively) in the form of a senior loan up to EUR50 million or its equivalent in Romanian leu.
Brazil – Investment in Bankfacil BKF
14.The Board of Directors authorized on February 7, 2017 an investment in Brazil– Bankfacil BKF(IFC/R2017-0015, dated January 26, 2017) in the form of (i) a preferred
equity investment of up to US$3.4 million (ii) an “A” loan of up to US$2.6 million.
El Salvador – Investment in Federacion de Cajas de Credito y de Bancos de los Trabajadores, S.C. de R.L. de C.V. (FDC III)
15.The Board of Directors authorized on February 8, 2017 an investment in El Salvador– Federacion de Cajas de Credito y de Bancos de los Trabajadores, S.C. de R.L. de C.V. (IFC/R2017-0016, dated January 27, 2017) in the form of a Diversified Payments Rights notes issuance for up to US$15 million.
Mexico – Investment in Norson Holdings, S. de R.L. de C.V. for the Norson II Project
16.The Board of Directors authorized on February 8, 2017 an investment in Mexico– Norson Holdings, S. de R.L. de C.V. for the Norson II Project (IFC/R2017-0017, dated January 27, 2017) in the form of an “A” loan of up to MXN 290 million (approximately US$13 million equivalent).
Bulgaria– Investment in AHG Bulgaria
17.The Board of Directors authorized on February 9, 2017 an investment in Bulgaria– AHG Bulgaria(IFC/R2017-0019, dated January 30, 2017) in the form of equity of up to
EUR 15 million (approximately US$16 million equivalent).
Mexico – Additional Investment in Servicios de Cobranza, Recuperacion y Seguimiento, S.A. de C.V. (DARP Secorse SPV)
18.The Board of Directors authorized on February 10, 2017 an additional investment in Mexico – Servicios de Cobranza, Recuperacion y Seguimiento, S.A. de C.V. (IFC/R2017-0020, dated January 31, 2017) by an additional MXN560 million (approximately US$27 million) in the form of a Mexican Peso-denominated senior loan and adopted Resolution No. IFC 2017-0004.
Bangladesh – Strategic Climate Fund Investment in Small Enterprise Assistance Fund Bangladesh Ventures Fund
19.The Board of Directors authorized on February 13, 2017 an investment in Bangladesh from IFC acting as implementing entity of the Strategic Climate Fund in Small Enterprise Assistance Fund Bangladesh Ventures Fund (SEAF BV) (IFC/R2017-0021, dated February 1, 2017) in a form ofequity investment of up to US$10 millionand adopted Resolution No. IFC 2017-0005.
Nepal - Strategic Climate Fund and the Government of United Kingdom of Great Britain and Northern Ireland acting through the Department for International Development Funded Investments - Nepal Business Oxygen Pvt. Ltd
20. The Board of Directors authorized on February 13, 2017 investments from IFC acting as implementing entity of the Strategic Climate Fund of up to US$3.6 million as equity and a shareholder loan, and IFC acting as implementing entity of the Trust Fund TFC-15-A funded by the Government of United Kingdom of Great Britain and Northern Ireland acting through the Department for International Development (DFID) of up to US$3.7 million as equity and a shareholder loan in “Nepal Business Oxygen Pvt. Ltd (BO2)”, (IFC/R2017-0023, dated February 1, 2017), and adopted Resolution No. IFC 2017-0008.
Pakistan – Investment in Triconboston Wind
21.The Board of Directors authorized on February 15, 2017 an investment in Pakistan– Triconboston Wind (IFC/R2017-0024, dated February 3, 2017) in the form of “A” loan of up
to US$75 million.
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BOARD OF DIRECTORS OF MIGA
South Africa – Guarantees for Investments in South Africa Mainstream Renewable Power Khobab Wind (RF) PTY Ltd, South Africa Mainstream Renewable Power Loeriesfontein 2 (RF) PTY Ltd, South Africa Mainstream Renewable Power Noupoort (RF) PTY Ltd, South Africa Mainstream Renewable Power Kangnas (RF) PTY Ltd, and South Africa Mainstream Renewable Power Perdekraal East (RF) PTY Ltd
22.The Board of Directors recorded its authorization on February 7, 2017 for the President to proceed with the issuance of the guarantees as set out in the Report from the President entitled “South Africa – Guarantees for Investments in South Africa Mainstream Renewable Power Khobab Wind (RF) PTY Ltd, South Africa Mainstream Renewable Power Loeriesfontein 2 (RF) PTY Ltd, South Africa Mainstream Renewable Power Noupoort (RF) PTY Ltd, South Africa Mainstream Renewable Power Kangnas (RF) PTY Ltd, and South Africa Mainstream Renewable Power Perdekraal East (RF) PTY Ltd” (MIGA/R2017-0002, dated January 26, 2017). Ms. Mathiasen wished to be recorded as abstaining.
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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
Argentina – Performance and Learning Review of the Country Partnership Strategy
23.The Executive Directors recorded their noting on February 16, 2017 of the Performance and Learning Review of the joint IBRD/IFC/MIGA Country Partnership Strategy for FY15-18 for Argentina (R2017-0012[IFC/R2017-0012, MIGA/R2017-0001], dated January 26, 2017.
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 1, 2017 of the minutes of the meeting held on January 17, 2017 and the record of approval and authorizations between January 13, 2017and January 17, 2017(M2017-0003[IDA/M2017-0003, IFC/M2017-0003, MIGA/M2017-0003], dated January 25, 2017).
25.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on February 9, 2017 of the minutes of the meeting held on January 31, 2017 and the record of approval and authorizations between January 27, 2017and January 31, 2017(M2017-0004[IDA/M2017-0004, IFC/M2017-0004, MIGA/M2017-0004], dated February 2, 2017).
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