67769   FROM: Vice President and Corporate Secretary       Minutes of Meeting of the Executive Directors of the Bank and IDA, held in the Board Room on Thursday, March 15, 2012, at 2:40 p.m.       1. There were present: CHAIR:   S.M. Indrawati, Managing Director   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas (Alternate) L. Laraia (Temporary Alternate)   I. Alturki (Alternate) R. Mokate M. Ayesu (Temporary Alternate) M.N. Prasad   D. Bohan (Alternate) I. Solomon A. Clark (Temporary Alternate) O. Storberg (Temporary Alternate)   V. Dhanpaul (Alternate) W. Szczuka (Alternate) S. Dybczakova (Temporary Alternate) Y. Takamura (Alternate)   E. Elfaki (Temporary Alternate) A. Touret-Blondy (Alternate) L. Gordon (Temporary Alternate) R. Treffers   R. Hernandez (Temporary Alternate) N. Viggiolo (Temporary Alternate) I. Hoven J. Whitehead   S. Katash (Temporary Alternate) F. Zang (Temporary Alternate) M.S.Kayad (Alternate)   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   K. Aminul Islam W. Rissmann   OFFICERS AND STAFF PARTICIPATING:     E. Marmolo, Acting Corporate Secretary R. Nitti, SASDU A. Toft, Deputy General Counsel, LEGVP J. Walliser, AFRVP I. Guerrero, Vice President, SARVP Y. Yoshino, AFTP2 D. Gaye, Director, SACSL M. Zhang, SASDU P. Dongier, TWICT O. Williams, IMF J. Humberto Lopez, AFTP2 R. Krech, Corporate Secretariat 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.    -2-   Tanzania - Development Policy Lending (Grant) - Ninth Poverty Reduction Support Credit (PRSC 9)   2. The Executive Directors considered the President's Memorandum and Recommendation   (IDA/R2012-0037, dated February 22, 2012) and approved the Ninth Poverty Reduction Support Credit to Tanzania (PRSC-9) in the amount of SDR 64.5 million (US$100 million equivalent) on the payment   terms and other terms and conditions set out in the President’s Memorandum.   Sri Lanka - Loan - Metro Colombo Urban Development Project   3. The Executive Directors considered the President's Memorandum and Recommendation (R2012-0028, dated February 24, 2012) and approved the loan to Sri Lanka for a Metro Colombo Urban   Development Project in the amount of US$213 million on the payment terms and other terms and conditions set out in the President’s Memorandum. Mr. Solomon wished to be recorded as opposed.   Benin - Additional Financing Grant and Proposal to Restructure - Health System Performance   Project   4. The Executive Directors approved the additional financing grant to Benin in the amount of SDR 6.5 million (US$10 million equivalent) and the proposal to restructure the Health System Performance   Project on the terms and conditions set out in the President’s Memorandum (IDA/R2012-0041, dated February 24, 2012).   Mozambique - Development Policy Lending (Credit) - Eighth Poverty Reduction Support Credit   (PRSC-8)   5. The Executive Directors approved the Eighth Poverty Reduction Support Credit (PRSC-8) to Mozambique in the amount of SDR 71.7 million (US$110 million equivalent) on the payment terms and   other terms and conditions set out in the President’s Memorandum (IDA/R2012-0036, dated February 22, 2012).   China - Loan - Zhanghu Railway Project   6. The Executive Directors approved the loan to China for a Zhanghu Railway Project in the amount   of US$200 million on the payment terms and other terms and conditions set out in the President’s Memorandum (R2012-0033, dated February 24, 2012). Mr. Solomon (via email dated March 14, 2012)   wished to be recorded as abstaining.     Georgia - Credit and Loan - Second Secondary and Local Roads Project 7. The Executive Directors approved the credit and the loan to Georgia for a Second Secondary and Local Roads Project in the amounts of SDR 25.8 million (US$40 million equivalent) and US$30 million, respectively, on the payment terms and other terms and conditions set out in the President’s Memorandum (R2012-0032 [IDA/R2012-0039], dated February 24, 2012). 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.    -3-   India - Credit - National Dairy Support Project   8. The Executive Directors approved the credit to India for a National Dairy Support Project in the amount of SDR 218.8 million (US$352 million equivalent) on the payment terms and other terms and   conditions set out in the President’s Memorandum (IDA/R2012-0038, February 24, 2012).   Minutes of Previous Meeting   9. The Executive Directors recorded their approval on March 9, 2012 of the Minutes of the meeting held on January 19, 2012 (M2012-0004[IDA/M2012-0004]).   Proposal to Offer IBRD Borrowers Additional Flexibility to Convert Loans with a Variable Spread   10. The Executive Directors recorded their approval on March 12, 2012 of the recommendation   contained in paragraph 5 of the President's Memorandum entitled "Proposal to Offer IBRD Borrowers Additional Flexibility to Convert Loans with a Variable Spread" (R2012-0042, dated March 1, 2012).   Date of Next Meeting   11. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Tuesday,   March 20, 2012.   Adjournment   12. The meeting adjourned at 3:43 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.