82658 FROM: Vice President and Corporate Secretary Minutes of Joint Meeting of the Executive Directors of the Bank and IDA, the Board of Directors of IFC and the Board of Directors of MIGA held in the Board Room on November 12, 2013 at 10:07 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: I. Alturki N. Khosa G. Alzetta L. Larose L.Q. Atheeq M-L. Morin S. Aviel M. Muhtar J.J. Bravo C. Roberts P. Cipollone S. Santala B. Charassangsomboon R. Studart S. Chen H. Suzuki H. de Villeroche V. Tamozhnikov A. Fernandez K.S. Wissa J. Frieden B-H Yu I-G Hoven R. Zhukovskyi M.S. Kayad OFFICERS AND STAFF PARTICIPATING: A.M. Leroy, General Counsel J. Familiar, Corporate Secretary M. Diop, Vice President *A. Alam, Country Director I. Velev, Country Program Coordinator *D. Sislen, Sector Leader *P. Koljonen, Lead Energy Specialist S. Karimjee, Senior Manager, IFC C. Healy, Sr. Risk Management Officer, MIGA *Via videoconference 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. Welcome to New Alternate Executive Director 2. The Chair welcomed Ms. Clare Roberts, who was attending her first meeting as the Alternate Executive Director for the United Kingdom. South Africa – Country Partnership Strategy 3. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Strategy for South Africa for the period FY2014-2017 (R2013-0187[IFC/R2013-0352, MIGA/R2013-0085]), dated October 21, 2013. Adjournment 4. The meeting adjourned at 12:04 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. The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between November 8, 2013 and November 12, 2013: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: Forthcoming Annual Meetings of the Boards of Governors – Proposed Dates for the 2016 and 2017 Annual Meetings in Washington, D.C. (Adoption of Resolution and Tally of Voting) 1. The Executive Directors recorded their approval on November 11, 2013 of the report and the record of voting attached thereto entitled “Forthcoming Annual Meetings of the Boards of Governors – Proposed Dates for the 2016 and 2017 Annual Meetings in Washington, D.C. (Adoption of Resolution and Tally of Voting)” (R2013-0195, dated November 5, 2013). Comoros – Economic Governance Technical Assistance Project – Additional Financing 2. The Executive Directors recorded their approval on November 12, 2013 of the additional grant to Comoros for the Economic Governance Technical Assistance Project in the amount of SDR 2.3 million (US$3.5 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2013-0262, dated October 24, 2013). Ethiopia – General Education Quality Improvement Project II 3. The Executive Directors recorded their approval on November 12, 2013 of the credit to Ethiopia for the General Education Quality Improvement Project II in the amount of SDR 85.8 million (US$130 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2013-0263; /2-3, dated October 21, 2013, November 7, 2013 and November 8, 2013, respectively). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC: Egypt and Morocco – Investment in Circle Oil 4. The Board of Directors authorized on November 8, 2013 an investment in Egypt and Morocco – Circle Oil (IFC/R2013-0557, dated October 29, 2013) in the form of and “A” loan of up to US$50 million, and a “B” loan and/or parallel loan of up to US$50 million. Ukraine – Investment in PJSC “Concern Galnaftogaz” for the GNG Syndicate Project 5. The Board of Directors authorized on November 11, 2013 an investment in Ukraine – PJSC “Concern Galnaftogaz” (IFC/R2013-0360, dated October 30, 2013) in the form of an “A” loan of up to US$15 million, and a syndicated “B” loan of up to US$85 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. Iraq – Investment in Nafith International PSC 6. The Board of Directors authorized on November 11, 2013 an investment in Iraq – Nafith International PSC (IFC/R2013-0359, dated October 30, 2013) in the form of a convertible quasi-equity of up to US$5 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.