FROM: Vice President & Corporate Secretary Minutes of a Meeting of the Executive Directors of the Bank and IDA held in the Board Room on July 30, 2019 at 3:54 p.m. 1. There were present: CHAIR: K. Georgieva, Chief Executive Officer, IBRD/IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. AlMutlak F. Kanczuk M. Bhuiyan A. Kibwe P-O. Chotard L. Laraia K. Davidse K. Nishikata F. Diallo F. Odey R. Eletreby K. Panov S. El Ouazzani Parjiono A. Fernandez G. Schoenleitner G. Haarde A. Shah T. Hemingway Y. Yang C. Hogan K. Zajdel-Kurowska K. Hwang J. Zattler F. Jimenez OFFICERS AND STAFF PARTICIPATING: I. Kichigina, Acting Senior Vice President and General Counsel M. Garcia, Acting Vice President and Corporate Secretary V. Kwakwa, Vice President, East Asia and Pacific Region M. Raiser, Country Director A. Mikhnev, Country Manager J-P. Nganou, Senior Economist 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. Mongolia – Development Policy Loan and Credit – Second Economic Management Support Development Policy Operation 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2019-0186[IDA/R2019-0241, dated July 8, 2019) and approved the development policy loan in the amount of US$20 million and the development policy credit in the amount of SDR 58.1 million (US$80 million equivalent) to Mongolia for the Second Economic Management Support Development Policy Operation on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned 5:01 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 July 24-30, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Mauritania – Development Policy Grant – First Competition and Skills Development Policy Operation 1. The Executive Directors approved on July 24, 2019 the development policy grant in the amount of SDR 36.1 (US$50 million equivalent) to Mauritania for the First Competition and Skills Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0236, dated July 1, 2019). Mr. Bethel wished to be recorded as opposing. Inspection Panel – Requests for Inspection – Kenya: Nairobi Metropolitan Services Improvement Project – Report and Recommendation 2. The Executive Directors approved on July 30, 2019 the Inspection Panel’s recommendation contained in Section F (paragraphs 81-84) of the document entitled “Inspection Panel – Requests for Inspection – Kenya: Nairobi Metropolitan Services Improvement Project – Report and Recommendation” (INSP/R2019-0006, dated July 19, 2019). Rwanda – Credit – Rwanda Quality Basic Education for Human Capital Development Project 3. The Executive Directors approved on July 30, 2019 the credit in the amount of SDR 145.2 million (US$200 million equivalent) to Rwanda for the Rwanda Quality Basic Education for Human Capital Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0248, dated July 11, 2019). Annual Risk Report and Single Borrower Limit FY20 – Second Revision 4. The Executive Directors approved on July 30, 2019 the recommendation contained in paragraph 230 of the President’s Memorandum entitled “Annual Risk Report and Single Borrower Limit FY20” (R2019-0146[IDA/R2019-0176; /2-3, dated July 10, 2019 and July 25, 2019, respectively). Messrs. Marshavin and Yang wished to be recorded as abstaining. ****************************************************************************** THE BOARD OF DIRECTORS OF IFC India – Investment in Ujjivan Small Finance Bank Limited 5. The Board of Directors authorized on July 26, 2019 an investment in India – Ujjivan Small Finance Bank Limited (IFC/R2019-0240, dated July 16, 2019) in the form of a subordinated debt in the amount of up to INR 3.5 billion (approximately US$50 million). 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. India – Investment in Aavas Financiers Limited 6. The Board of Directors authorized on July 29, 2019 an investment in India – Aavas Financiers Limited (IFC/R2019-0242, dated July 17, 2019) in the form of a secured debt investment of up to US$50 million (in equivalent INR). Kazakhstan – Investment in Limited Liability Company Microfinance Organization “KMF” for the KMF-HALP FY19 Project 7. The Board of Directors authorized on July 30, 2019 an investment in Kazakhstan – Limited Liability Company Microfinance Organization “KMF” (IFC/R2019-0243, dated July 18, 2019) in the form of a senior unsecured loan of up to US$70 million equivalent in Kazakhstani tenge, structured as (i) an “A” loan of up to US$10 million equivalent in Kazakhstani tenge for IFC’s own account; and (ii) a Hedged “A” loan Participation of up to US$60 million for the account of participants. ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA AND THE BOARD OF DIRECTORS OF IFC Nepal – Investment in Nirdhan Utthan Laghubitta Bittiya Sanstha Limited and Nepal – Support from the IDA18 IFC-MIGA Private Sector Window (PSW) Local Currency Facility (LCF) to the Proposed IFC Investment in Nirdhan Utthan Laghubitta Bittiya Sanstha Limited 8. The Board of Directors authorized on July 29, 2019 an investment in Nepal – Nirdhan Utthan Laghubitta Bittiya Sanstha Limited (IFC/R2019-0241, dated July 17, 2019) in the form of an “A” loan of up to US$10 million equivalent in Nepalese Rupees. The investment is supported by an allocation from the IDA18 IFC-MIGA Private Sector Window (PSW) Local Currency Facility (LCF). 9. The Executive Directors approved on July 29, 2019 an allocation from the IDA18 IFC- MIGA Private Sector Window (PSW) Local Currency Facility (LCF) of up to US$10 million equivalent to support the IFC investment in Nirdhan Utthan Laghubitta Bittiya Sanstha Limited in Nepal on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0250, dated July 17, 2019). ****************************************************************************** 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 THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Minutes of Previous Meeting 10. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 24, 2019 the minutes of the meeting held on June 4, 2019, and the record of approvals and authorizations between May 31, 2019 and June 4, 2019 (M2019- 0032[IDA/M2019-0032, IFC/M2019-0032, MIGA/M2019-0031], dated July 17, 2019). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 25, 2019 11. The Executive Directors approved on July 29, 2019 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 25, 2019” (R2019-0199[IDA/R2019-0253, IFC/R2019-0250, MIGA/R2019-0100], dated July 26, 2019). Cameroon – Performance and Learning Review (PLR) of the Country Partnership Framework 12. The Executive Directors took note on July 30, 2019 of the Performance and Learning Review of the joint IBRD/IDA/IFC/MIGA Country Partnership Framework for Cameroon for the period FY17-FY21 (R2019-0188[IDA/R2019-0244, IFC/R2019-0235, MIGA/R2019-0096], dated July 9, 2019). 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.