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 3, 2017 at 10:04 a.m. 1. There were present: CHAIR: J.Y. Kim, President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: J. Allford A. Lushin M. Bhuiyan A. Marks F. Bilbeisi K. Mathiasen B. Catzaras P. Pagano A. Fernandez D. Quintero F. Godts A. Qureshi W. Gruber M. Robinson A. Hadiyanto C. Rose Innes C. Happe A. Shariif C. Hogan J.-C. Tchatchouang F. Jimenez S. Ulbaek N. Khosa Y. Yang K. Koguchi OFFICERS AND STAFF PARTICIPATING: J. Levy, Managing Director and WBG Chief Financial Officer S. Okoro, Senior Vice President and General Counsel D. Bichara, Acting Vice President and Corporate Secretary K. Honda, Executive Vice President and Chief Executive Officer B. Lauwers, Vice President and WBG Controller 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, 2017 2. The Executive Directors considered the financial statements of IBRD and IDA as of June 30, 2017, and Management's Discussion and Analysis (MD&A) for FY17 and approved the financial statements and authorized their submission (Resolution No. IBRD 2017-0003 [IDA No. 2017-0004]), following delivery of the independent auditors’ reports, to the Board of Governors to be considered by the Governors at the 2017 Annual Meetings (R2017-0190 [IDA/R2017- 0280]/1, dated August 1, 2017). IFC Financial Statements and Management's Discussion and Analysis for Year Ended June 30, 2017 3. The Board of Directors considered the financial statements of the Corporation as of June 30, 2017, and Management's Discussion and Analysis (MD&A) for FY17 and approved the financial statements and authorized their submission (Resolution No. IFC 2017-0020), following delivery of the independent auditors’ reports, to the Board of Governors to be considered b y the Governors at the 2017 Annual Meetings (IFC/R2017-0236/1, dated August 1, 2017). MIGA Financial Statements and Management's Discussion and Analysis for Year Ended June 30, 2017 4. The Board of Directors considered the financial statements of the Agency as of June 30, 2017, and Management's Discussion and Analysis (MD&A) for FY17 and approved the financial statements and authorized their submission (Resolution No. MIGA 2017-0002), following delivery of the independent auditors’ report, to the Council of Governors to be considered by the Governors at the 2017 Annual Meetings (MIGA/R2017-0068/2, dated August 1, 2017). Adjournment 5. The meeting adjourned 11:01 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 1, 2017 and August 3, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Uruguay –Loan - Improving Service Delivery to Citizens and Businesses through e- Government Project 1. The Executive Directors recorded their approval on August 3, 2017 of a loan to Uruguay in the amount of US$12 million for the Improving Service Delivery to Citizens and Businesses through e-Government Project on the terms and conditions set out in the President’s Memorandum (R2017-0181, dated July 17, 2017). India –Loan - National Agricultural Higher Education Project 2. The Executive Directors recorded their approval on August 3, 2017 of a loan to India in the amount of US$82.5 million for the National Agricultural Higher Education Project on the terms and conditions set out in the President’s Memorandum (R2017-0180, dated July 17, 2017). Allocation of FY17 Net Income: Final 3. The Executive Directors recorded their approval on August 3, 2017 of the recommendations contained in paragraphs 13, 14 and 15 of the President’s Memorandum entitled “Allocation of FY17 Net Income: Final� (R2017-0189; /1, dated July 26, 2017 and August 1, 2017, respectively), and adopted the Resolution No. 2017-0004. Mr. Lushin wished to be recorded as abstaining. ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Serbia – Investment in Opportunity Banka a.d. Novi Sad 4. The Board of Directors authorized on August 1, 2017 an investment in Serbia – Opportunity Banka a.d. Novi Sad (IFC/R2017-0217, dated July 20, 2017) in the form of a senior loan of up to EUR 8.5 million (approximately US$9.7 million) equivalent in local currency, Serbian Dinar (RSD). Peru – Investment in Edpyme Acceso Crediticio S.A. (Acceso Credito I) 5. The Board of Directors authorized on August 1, 2017 an investment in Peru – Edpyme Acceso Crediticio S.A. (Acceso Credito I) (IFC/R2017-0218, dated July 20, 2017) in the form of senior loan of up to US$20 million equivalent in Peruvian Soles. 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. China – Investment in Xiang Nian Noodle 6. The Board of Directors authorized on August 2, 2017 an investment in China – Xiang Nian Noodle (IFC/R2017-0219, dated July 21, 2017) in the form of equity of up to US$10 million. Ms. Mathiasen wished to be recorded as abstaining. Turkey – Investment in FIT Solutions 7 The Board of Directors authorized on August 2, 2017 an investment in Turkey – FIT Solutions (IFC/R2017-0220, dated July 21, 2017) in the form of equity of up to approximately US$5 million equivalent. Use of IFC's FY17 Net Income: Retained Earnings and Designation of Retained Earnings 8. The Board of Directors authorized on August 3, 2017 the President's Memorandum entitled " Use of IFC's FY17 Net Income: Retained Earnings and Designation of Retained Earnings " (IFC/R2017-0238; /1, dated July 28, 2016 and August 1, 2016, respectively), approved the recommendation in Section IV of the Report and adopted the Resolution No. IFC 2017-0021. Mr. Gruber, Mr. Lushin and Ms. Mathiasen wished to be recorded as abstaining. 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.