FROM: Vice President & Corporate Secretary Minutes of Meetings of the Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA held in the Board Room on May 14, 2019 at 10:03 a.m. 1. There were present: CHAIRS: K. Georgieva, Chief Executive Officer, IBRD/IDA S. Pimenta, Regional Vice President, IFC V. Iyer, Vice President and Chief Operating Officer, MIGA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul-Karim F. Kanczuk H. Alogeel D. Kinder G. Antioch A. Kouagou M. Bhuiyan B. Lvin O. Bougara D. Malaspina Hernandez P-O. Chotard A. Manuel K. Davidse T. Nyamadzabo I. Dvorak P. Pagano R. Eletreby G. Schoeleitner A. Fernandez Y. Suzuki W. Gruber S. Ulbaek C. Hogan M. Zhang J. Jolles OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary F. Belhaj, Regional Vice President, MNA Region A. Dixon, Vice President, HD Practice Group M. Wes, Country Director W. Labadi, Country Manager, IFC M. Cammett, Senior Risk Management Officer, 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. Yemen - Country Engagement Note Yemen Emergency Crisis Response Project – Fourth Additional Financing Yemen Emergency Health and Nutrition Project – Third Additional Financing 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Engagement Note for Yemen for the period FY20-FY21 (IDA/R2019-0088[IFC/R2019-0100, MIGA/R2019-0043] dated April 22, 2019). The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2019-0089, dated April 23, 2019) and approved the fourth additional grant in the amount of SDR 144.20 million (US$200 million equivalent) to the United Nations Development Programme (UNDP) and the United Nations Children’s Fund (UNICEF) for the benefit of Yemen for the Yemen Emergency Crisis Response Project. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2019-0090, dated April 22, 2019) and approved the third additional grant in the amount of SDR 142.9 million (US$200 million equivalent) to the United Nations Children’s Fund (UNICEF) and the World Health Organization (WHO) for the benefit of Yemen for the Yemen Emergency Health and Nutrition Project. Adjournment 4. The meeting adjourned 11:41 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 May 10-14, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Morocco – Loan – Supporting the Economic Inclusion of Youth Project 1. The Executive Directors recorded their approval on May 10, 2019 of the loan in the amount of EUR 48.2 million (US$55 million equivalent) to Morocco for the Supporting the Economic Inclusion of Youth Project on the terms and conditions set out in the President’s Memorandum (R2019-0094, dated April 23, 2019). Kosovo – Credit – Financial Sector Strengthening (FSSP) Project 2. The Executive Directors recorded their approval on February 19, 2019 of the credit in the amount of EUR 22.3 million (US$25 million equivalent) to Kosovo for the Financial Sector Strengthening (FSSP) Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0102, dated April 25, 2019). Messrs. Chavez Presa, Fernandez and Marshavin wished to be recorded as abstaining. ****************************************************************************** THE BOARD OF DIRECTORS OF IFC Bangladesh – Investment in Bank Asia Limited 3. The Board of Directors authorized on May 13, 2019 an investment in Bangladesh – Bank Asia Limited (IFC/R2019-0120, dated May 1, 2019) in the form of a senior “A” loan of up to US$40 million. India – Investment in DCM Shriram Limited for the DCM Sugar Project 4. The Board of Directors authorized on May 13, 2019 an investment in India – DCM Shriram Limited (IFC/R2019-0119, dated May 1, 2019) in the form of an “A” loan of up to US$35 million (approximately INR 2,500 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. THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of May 9, 2019 5. The Executive Directors recorded their approval on May 13, 2019 of the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of May 9, 2019” (R2019-0119[IDA/R2019-0147, IFC/R2019-0139, MIGA/R2019-0060], dated May 10, 2019). Minutes of Previous Meeting 6. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on May 13, 2019 of the minutes of the meeting held on April 25, 2019, and the record of approvals and authorizations between April 24, 2019 and April 25, 2019 (M2019-0019[IDA/M2019-0019, IFC/M2019-0019, MIGA/M2019-0019], dated May 6, 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.