1-7:




                            International Bank for Reconstruction and Development
                                      International Development Association
                                                             FOR OFFICIAL USE ONLY
                W.IFOR
                   FODIRECTARS'                                                                               For        consideration on
                                         EXECUTIVE                                                          ~~~~~~~~~~~August
                                                                                                                   6, 1985
                    DIRECTORS'                                                                              _______________________


                    MEETING

                                                                                                              M85-42
                                                                                                              IDA/M85-40

  X                 FROM:   Vice President and Secretary                                                      July 30, 1985

                                             Minutes of Meeting of the Executive Directors
                                             of the Bank and IDA held in the Board Room on
                                                        June 27, 1985 at 10:00 a.m.

                    1.
                    '2      There were present:



   I                                                                   CHAIRMAN

                                                            A.W. Clausen, President

                            EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS

       ,'4I.,               0. Akman (Alternate)                                   M.A. Al-Shawi (Alternate)
                            R.C. Desneux (Temp. Alternate)                         M.A. Dominguez (Alternate)
                            H.W. -Foster (Alternate)                               R. Guimaraes (Alternate)
                            E. Gutierrez                                           P. Korpiren                                              |
                            A. Milongo (Alternate)                                 N. Naisoro (Temp. Alternate)
                            S.M. Omeish (Alternate)                                B. Oyewole (Temp. Alternate)
                            Y.K. Park (Alternate)                                  N.F. Potter
                            C.R.K. Rao Sahib                                       F.L. Selza (Temp. Alternate)
                            F. van Dam                                             M. von Harpe (Alternate)
                            N.L. Wicks                                             K. Yamaguchi
                            Yang Jiusheng (Temp. Alternate)

                            ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS

                            G. Rivera                                              R. Sapunxhiu

                            OFFICERS AND STAFF PARTICIPATING

                            E. Stern, Senior Vice President,                       S.S. Husain, Vice President,
                             Operations                                             Operations Policy
                            I.F.I. Shihata, Vice President                         T.T. Thahane, Vice President
                             and General Counsel                                    and Secretary
                            E.F. Lari, Country Programs                            P. Eigen, LAC
                             Director, EMENA                                       J.K. Ingram, EMENA
                            J.L. Taylor, Legal Department                          O.J. Rahkonen, Secretary's




                .        ~~~This
                             docunment has a restricted distribution and mnay     be used by recipients only in the performance
                .        ~~of'
                           their official duties. Its contents may,not other"uise be disclosed wifthut *VorldBank authorization.
                                                                             M85-42
                                      -2-                                    IDA/M85-40

  LOANS TO YUGOSLAVIA

  2.      The Executive Directors considered the President's Report and Recommendation
  (R85-192 dated  June 11, 1985, read with R85-192-L) and approved three loans to
  INA-Naftaplin, Nafta-Gas and Privredna Banka Sarajevo-Udruzena Banka (PBS), with the
  guarantee of the Socialist Federal Republic of Yugoslavia for a First Petroleum
  Project totalling US$92.5 million equivalent in the amounts of US$55 million, US$35
  million and US$2.5 million respectively, on the payment terms proposed and otherwise
  substantially in accordance with the draft agreements submitted to the meeting.
  (LOAN APPROVAL NO. 85-113)

  CHILE - COFINANCING OPERATION

  3.     Staff reported on the outcome of negotiations for the Road Sector cofinancing
  operation in Chile (subsequently distributed as Sec.I85-77I).

  FY85 LENDING OPERATIONS

  4.     Mr. Stern reported on the Bank/IDA FY85 lending operations.

  FAREWELL TO MR. WICKS

  5.     The Chairman made the customary presentation to Mr. Wicks on the termination
  of his period of service, and the Executive Directors recorded their appreciation of
  his services and tendered him good wishes for the future.

  DATE OF NEXT MEETING

  6.     It was agreed to hold a meeting of the Executive Directors of the Bank and
  IDA on June 28, 1985.

  ADJOURNMENT

  7.     The meeting adjourned at 10:30 a.m.




  Distribution:

     Executive Directors and Alternates
     President
     Senior Vice Presidents
     Senior Management Council
T.   Vice Presidents, IFC



i:,',
"'f,Directors and Department Heads, Bank and IFC