36163 OFFICIAL USE ONLY M2006-0023 IDA/M2006-0023 May 10, 2006 For meeting of Board: Tuesday, May 23, 2006 FROM: The Acting Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA, held in the Board Room on Thursday, April 6, 2006, at 10:07 a.m. CHAIRMAN: Graeme Wheeler, Acting Managing Director * EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Alkhalifa (Temporary Alternate) T. O'Brien (Alternate) G. Alzetta L.P. Ong Seng (Alternate) M. Amr (Alternate) T. Oya (Alternate) O. Canuto K. Panov (Temporary Alternate) S. Dib J. Quijandria R. Fürrer (Temporary Alternate) F. Rossi (Temporary Alternate) G. Ganga (Alternate) J. Schmid (Temporary Alternate) R. Holland T. Scholar T. Ingolfsson M. Sinamenye A. Kohler (Alternate) R. Singh (Temporary Alternate) L. Marti J.W. van der Kaaij K. Maw (Temporary Alternate) J. Zou ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS: S. Aass S. Shah J. Dorn OFFICERS AND STAFF PARTICIPATING: W.P. Ofosu-Amaah, Vice President B. Gamarra, PRMED and Corporate Secretary M. Guerguil, IMF E. Adu, Deputy General Counsel, LEGVP D. Mattheisen, Corporate Secretariat V. Nehru, Director, PRMED ______________________________ *by agreement of Executive Directors. - 2 - M2006-0023 IDA/M2006-0023 Minutes of Previous Meetings 2. The Executive Directors approved the minutes of the meetings held on March 7 (M2006-0017[IDA/M2006-0017] and March 14, 2006 (M2006-0018[IDA/M2006-0018]. Heavily Indebted Poor Countries (HIPC) Initiative ­ List of Ring-Fenced Countries Potentially Eligible under the Initiative 3. The Executive Directors considered the Memorandum of the President and paper entitled "Heavily Indebted Poor Countries (HIPC) Initiative ­ List of Ring-Fenced Countries Potentially Eligible under the Initiative" (IDA/R2006-0041, dated March 16, 2006), and endorsed the list of 14 countries potentially eligible for the Enhanced HIPC Initiative presented in Table 1 of the paper, excluding Bhutan and Sri Lanka. The Bhutanese and Sri Lankan authorities indicated that they did not wish to participate in the initiative. 4. The Executive Directors approved the list, as explained in paragraphs 18 and 19 of the report, and as amended by paragraph 3 of the supplemental information note (IDA/R2006-0041/1, dated April 4, 2006). 5. The Executive Directors also agreed that Bank and Fund staff would consult and issue revised text on an absence of objection basis, incorporating the supplemental information note and feedback from the Board, to the Boards of both institutions prior to issuance of a Development Committee document. The document was subsequently revised and issued as IDA/R2006-0041/2, dated April 12, 2006). The revisions were approved at the close of business on April 13, 2006. Additional Financing (Credit) to Maldives ­ Third Education and Training Project 6. The Executive Directors approved the additional financing (credit) to the Republic of Maldives for the Third Education and Training Project in the amount of SDR 920,000 thousand (US$1.3 million) on the payment terms and other terms and conditions set out in the President's Memorandum (IDA/R2006-0043, dated March 20, 2006). Azerbaijan ­ Second Institution Building Technical Assistance ­ Amendment to the Credit Agreement 7. The Executive Directors recorded their approval on March 27, 2006 of the recommendation in paragraph 2 of the President's Memorandum entitled "Azerbaijan ­ Second Institution Building Technical Assistance ­ Amendment to the Credit Agreement" (IDA/R2006-0040, dated March 14, 2006). Request for Budget Allocation for Staff Resources to Continue Board Effectiveness Implementation Process 8. The Executive Directors recorded their approval on March 27, 2006 of the recommendation in the report entitled "Request for Budget Allocation for Staff Resources to Continue Board Effectiveness Implementation Process" (R2006-0043, dated March 16, 2006). 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 - M2006-0023 IDA/M2006-0023 Nicaragua ­ Poverty Reduction Support Credit (Credit No. 3850-NI) ­ Waiver of One Condition and Release of Second Tranche 9. The Executive Directors recorded their approval on March 29, 2006 of the recommendation in paragraph 4 of the President's Memorandum entitled "Nicaragua ­ Poverty Reduction Support Credit (Credit No. 3850-NI) ­ Waiver of One Condition and Release of Second Tranche" (IDA/R2006-0044, dated March 17, 2006). Inspection Panel ­ Honduras ­ Land Administration Project ­ Inspection Panel Investigation Report and Recommendation including Request for Inspection and Management Response to the Request for Inspection 10. The Executive Directors recorded their approval on March 30, 2006 of the recommendation in paragraphs 68 and 69 of the Report and Recommendation entitled "Inspection Panel ­ Honduras ­ Land Administration Project ­ Inspection Panel Investigation Report and Recommendation including Request for Inspection and Management Response to the Request for Inspection" (INSP/R2006-0002, dated March 20, 2006), namely, that the Inspection Panel would undertake an investigation into the matters alleged in the request. Date of Next Meeting 11. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Tuesday, April 11, 2006. Adjournment 12. The meeting adjourned at 11:24 a.m. Distribution: Executive Directors and Alternates President Bank Group Senior Management Vice Presidents, Bank, IFC and MIGA Directors and Department Heads, Bank, IFC and MIGA 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.