69665   FROM: Vice President and Corporate Secretary       Minutes of Meeting of the Executive Directors of the Bank and IDA, held in the Board Room on Thursday, May 24, 2012, at 11:37 a.m.     1. There were present: CHAIR:   M. Mohieldin, Managing Director   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas (Alternate) M. Muhtar (Alternate)   I. Alturki (Alternate) M. Pamuksuz (Temporary Alternate) A. Brandt M. Pant (Temporary Alternate)   N. Cassidy (Temporary Alternate) G. Ruggiero (Temporary Alternate) S. Dib (Alternate) I. Solomon   H. Dufey (Temporary Alternate) R. Studart P. Espinola (Temporary Alternate) W. Szczuka (Alternate)   M. Garcia H.A.Taha V. Grishin R. Treffers   I. Hoven E. Wakamatsu (Temporary Alternate) S. James (Alternate) J. Whitehead   M.S.Kayad (Alternate) S. Yang H. Manao   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   D. Bohan B. Han J.J. Bravo D. Kalyalya   V. Dhanpaul S. Nanu J. Haarlov W. Rissmann   OFFICERS AND STAFF PARTICIPATING:     J. Familiar, Vice President and H. Timmer, Director, DECPG Corporate Secretary H. Assah, AFMTG* H. Cisse, Deputy General Counsel, LEGVP A. Burns, DECPG J. Yifu Lin, Senior Vice President and J. Hoogeveen, AFTP4 Chief Economist, DECVP M. Pigato, AFTP4 R. Kopech, Vice President and Group C. Tiko, AFMTG* Chief Risk Officer, CROVP Y. Tougma, AFTP4* M. Diop, Vice President, AFRVP R. Krech, Corporate Secretariat *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.    -2-   Oral Briefing - Global Economic Prospects   2. Management briefed the Executive Directors on the draft document entitled "Global Economic Prospects June 2012 - Managing Growth in a Volatile World" scheduled to be   web-launched on June 12, 2012.   Togo - Development Policy Lending (Credit) - Fifth Economic Recovery and Governance Operation (ERGC-5)   3. The Executive Directors considered the President's Memorandum and Recommendation   (IDA/R2012-0124; /2, dated May 2 and May 17, 2012, respectively) and approved the Fifth Economic Recovery and Governance Development Policy Credit (ERGC-5) to Togo in the amount   of SDR 9.1 million (US$14 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum.   Ethiopia - Credit - Women Entrepreneurship Development Project   4. The Executive Directors approved the credit to Ethiopia for a Women Entrepreneurship   Development Project in the amount of SDR 32.2 million (US$50 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum   (IDA/R2012-0121, dated May 4, 2012).   Republic of Congo - Credit - Forest and Economic Diversification Project   5. The Executive Directors approved the credit to the Republic of Congo for a Forest and Economic Diversification Project in the amount of SDR 6.5 million (US$10 million equivalent) on   the payment terms and other terms and conditions set out in the President’s Memorandum (IDA/R2012-0125, dated May 4, 2012).   China - Loans to Hunan, Guangdong, and Gansu Provinces, With the Guarantee of China -   Integrated Economic Development of Small Towns Project   6. The Executive Directors approved the three loans each to Hunan, Guangdong, and Gansu Provinces, with the guarantee of China, in the amount of US$50 million each, totaling US$150   million, for an Integrated Economic Development of Small Towns Project on the payment terms and other terms and conditions set out in the President’s Memorandum (R2012-0101, dated May 4,   2012). Mr. Solomon (via email dated May 24, 2012) wished to be recorded as abstaining.   Minutes of Previous Meeting  7. The Executive Directors recorded their approval on May 18, 2012 of the Minutes of the meeting held on May 8, 2012 (M2012-0037[IDA/M2012-0037]). 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-   Award Invitation - The Honorary Degree of Doctor of Public Policy - Proposed Acceptance by Mr. Zoellick   8. The Executive Directors recorded their approval on May 18, 2012 of the proposal   contained in the Memorandum from the Vice President and Corporate Secretary entitled "Award Invitation - The Honorary Degree of Doctor of Public Policy - Proposed Acceptance by Mr.   Zoellick" (R2012-0110, dated May 11, 2012), namely, the Directors' approval that Mr. Zoellick accept the award.   Date of Next Meeting   9. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on   Thursday, May 17, 2012.   Adjournment   10. The meeting adjourned at 3:07 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.