FROM: Acting 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 August 9, 2018 at 10:03 a.m. 1. There were present: CHAIRS: J. Levy, Managing Director and WBG Chief Financial Officer M. Gouled, Vice President, IFC K. Honda, Executive Vice President and Chief Executive Officer, MIGA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim S. Lumala A. Alkhalaf A. Lushin J. Allford T. Mills D. Beyea F. Nili P.-O. Chotard A. Ouro Samah W. Gruber P. Pagano C. Happe D. Quintero M. Hasan G. Schoenleintler F. Jimenez A. Subramani R. Kachur C. Tazaki D. Kinder M. Torero P. Kunene M. Zhang L. Klemola OFFICERS AND STAFF PARTICIPATING: C. Frazier, Acting Senior Vice President & General Counsel J.-P. Hupez, Chief Counsel, IFC A. Kumar-Capoor, General Counsel, MIGA B. Lauwers, Vice President and WBG Controller G. Berger, Acting Vice President and Corporate Secretary S. Assalini, Director, MIGA P. Bravery, Senior Manager, IFC 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. IBRD and IDA Financial Statements and Management's Discussion and Analysis for Year Ended June 30, 2018 2. The Executive Directors considered the financial statements of IBRD and IDA as of June 30, 2018, and Management's Discussion and Analysis (MD&A) for FY18 and approved the financial statements and authorized their submission (Resolution No. IBRD 2018-0001 [IDA No. 2018-0001]), following delivery of the independent auditors’ reports, to the Board of Governors to be considered by the Governors at the 2018 Annual Meetings (R2018-0195 [IDA/R2018- 0268]/1, dated August 6, 2018). IFC Financial Statements and Management's Discussion and Analysis for Year Ended June 30, 2018 3. The Board of Directors considered the financial statements of the Corporation as of June 30, 2018, and Management's Discussion and Analysis (MD&A) for FY18 and approved the financial statements and authorized their submission (Resolution No. IFC 2018-0016), following delivery of the independent auditors’ reports, to the Board of Governors to be considered by the Governors at the 2018 Annual Meetings (IFC/R2018-0256/1, dated August 7, 2018). MIGA Financial Statements and Management's Discussion and Analysis for Year Ended June 30, 2018 4. The Board of Directors considered the financial statements of the Agency as of June 30, 2018, and Management's Discussion and Analysis (MD&A) for FY18 and approved the financial statements and authorized their submission (Resolution No. MIGA 2018-0001), following delivery of the independent auditors’ report, to the Council of Governors to be considered by the Governors at the 2018 Annual Meetings (MIGA/R2018-0114/1, dated August 6, 2018). Adjournment 5. The meeting adjourned 11:16 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 August 8, 2018 – August 9, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Allocation of FY18 Net Income: Final 1. The Executive Directors recorded their approval on August 9, 2018 of the recommendations contained in paragraphs 12, 13 and 14 of the President’s Memorandum entitled “Allocation of FY18 Net Income: Final� (R2018-0198, dated August 2, 2018) and adopted the Resolution No. 2018-0002. Global Environment Facility (GEF): Seventh Replenishment of the GEF Trust Fund 2. The Executive Directors recorded their approval on August 9, 2018 of the recommendation contained in paragraph 6 of the Memorandum of the President entitled “Global Environment Facility (GEF): Seventh Replenishment of the GEF Trust Fund� (R2018- 0194[GEF/R2018-0008], dated July 30, 2018). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC Use of IFC's FY18 Net Income: Retained Earnings and Designation of Retained Earnings 3. The Board of Directors recorded their approval on August 9, 2018 of the recommendation in Section IV of the report entitled "Use of IFC's FY18 Net Income: Retained Earnings and Designation of Retained Earnings"(IFC/R2018-0257, dated August 1, 2018), and adopted the Resolution No. IFC 2018-0017. ****************************************************************************** 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 4. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on August 9, 2018 of the minutes of the meeting held on July 26, 2018 and the record of approvals and authorizations on July 26, 2018 (M2018- 0019[IDA/M2018-0020, IFC/M2018-0019, MIGA/M2018-0019], dated August 2, 2018). 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.