106343 FROM: Acting Vice President & Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in MC13-121on May 31, 2016 at 10:03 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director & Chief Operating Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy X. Li J. Allford A. Lushin M. Bhuiyan D. Malaspina Hernandez B. Catzaras P. Pagano M. Fikre D. Pierini J. Frieden M. Robinson H. Haji Mahmud C. Rose Innes C. Happe S. Santala M. Hasan A. Silveira M. Ishizuka A. Smith M. Kayad I. Stojanovski N. Khosa G. Yazganarikan L. Larose OFFICERS AND STAFF PARTICIPATING: A-M. Leroy, Senior Vice President and General Counsel Y. Tsikata, Corporate Secretary M. Diop, Vice President, AFR H. Ghanem, Vice President, MNA M. Murthi, Director *A. Alam, Country Director R. Mearns, Practice Manager V. Varalakshmi, Sr. Social Development Specialist *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. Djibouti, Ethiopia, Uganda and Intergovernmental Authority on Development – Development Response to Displacement Impacts Project in the Horn of Africa 2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2016-0090, dated May 10, 2016) and approved the credits to Djibouti in the amount of SDR 14.5 million (US$20 million equivalent), Ethiopia in the amount of SDR 71 million (US$100 million equivalent), Uganda in the amount of SDR 35.5 million (US$50 million equivalent); and grant to Intergovernmental Authority on Development in the amount of SDR 3.6 million (US$5 million equivalent) for the Development Response to Displacement Impacts Project in the Horn of Africa on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 11:25 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 27, 2016 and May 31, 2016 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Ethiopia – Additional Credit – Electricity Network Reinforcement and Expansion Project 1. The Executive Directors recorded their approval on May 27, 2016 of the additional credit in the amount of SDR 142 million (US$20 million equivalent) to Ethiopia for the Electricity Network Reinforcement and Expansion Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0089, dated May 10, 2016). Zambia – Credit – Great Lakes Region Displaced Persons and Border Communities Project 2. The Executive Directors recorded their approval on May 27, 2016 of the credit in the amount of SDR 14.2 million (US$20 million equivalent) to Zambia for the Great Lakes Region Displaced Persons and Border Communities Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0078, dated May 10, 2016). Indonesia – Trust Fund Grant – Promoting Sustainable Community Based Natural Resource Management and Institutional Development Project 3. The Executive Directors recorded their approval on May 27, 2016 of the trust fund grant from the Forest Investment Program under the Strategic Climate Fund in the amount of US$17.35 million to Indonesia for the Promoting Sustainable Community Based Natural Resource Management and Institutional Development Project on the terms and conditions set out in the President’s Memorandum (R2016-0086, dated May 10, 2016). India – Credit – Himachal Pradesh Horticulture Development Project 4. The Executive Directors recorded their approval on May 27, 2016 of the credit in the amount of US$135 million to India for the Himachal Pradesh Horticulture Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0092, dated May 10, 2016). Sri Lanka – Additional Credit – Strategic Cities Development Project 5. The Executive Directors recorded their approval on May 27, 2016 of the additional credit in the amount of SDR 39.9 million (US$55 million equivalent) to Sri Lanka for the Strategic Cities Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0082, dated May 10, 2016). 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. Guinea – Additional IDA Grant – Productive Social Safety Nets Project 6. The Executive Directors recorded their approval on May 31, 2016 of the additional IDA grant in the amount of SDR 8.6 million (US$12 million equivalent) to Guinea for the Productive Social Safety Nets Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0094, dated May 11, 2016). Guinea – Credit – Third Village Community Support Project 7. The Executive Directors recorded their approval on May 31, 2016 of the credit in the amount of SDR 10.7 million (US$15 million equivalent) to Guinea for the Third Village Community Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0099, dated May 11, 2016). Uganda – Credit – Grid Expansion and Reinforcement Project 8. The Executive Directors recorded their approval on May 31, 2016 of the credit in the amount of SDR 71 million (US$100 million equivalent) to Uganda for the Grid Expansion and Reinforcement Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0091, dated May 11, 2016). Indonesia – Development Policy Loan – First Indonesia Fiscal Reform Development Policy Loan 9. The Executive Directors recorded their approval on May 31, 2016 of the development policy loan in the amount of US$400 million to Indonesia for the First Indonesia Fiscal Reform Development Policy Loan on the terms and conditions set out in the President’s Memorandum (R2016-0085, dated May 9, 2016). Djibouti – Second Additional Credit and Restructuring – Social Safety Net Project 10. The Executive Directors recorded their approval on May 31, 2016 of the second additional credit in the amount of SDR 2.9 million (US$4 million equivalent) and restructuring to Djibouti for the Social Safety Net Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0096; /2, dated May 11, 2016 and June 7, 2016, respectively). Djibouti – Second Additional Credit – Rural Community Development and Water Mobilization Project (PRODERMO) 11. The Executive Directors recorded their approval on May 31, 2016 of the second additional credit in the amount of SDR 5 million (US$7 million equivalent) to Djibouti for the Rural Community Development and Water Mobilization Project (PRODERMO) on the terms and conditions set out in the President’s Memorandum (IDA.R2016-0097, dated May 11, 2016). ***************************************************************************** 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 BOARD OF DIRECTORS OF IFC China – Investment in CFPA Microfinance Management Co., Ltd. for the CFPA Equity II Project 12. The Board of Directors authorized on May 27, 2016 an investment in China – CFPA Microfinance Management Co., Ltd. (IFC/R2016-0137, dated May 17, 2016) in the form of equity of up to RMB 157 million (US$25 million equivalent). Philippines – Investment in Producers Savings Bank Corporation 13. The Board of Directors authorized on May 27, 2016 an investment in the Philippines – Producers Savings Bank Corporation (IFC/R2016-0133, dated May 17, 2016) in the form of equity of up to PHP 510 million (approximately US$11 million equivalent). Georgia – Investment in JSC Medical Corporation EVEX for the GHG Project 14. The Board of Directors authorized on May 27, 2016 an investment in Georgia – JSC Medical Corporation EVEX (IFC/R2016-0136, dated May 17, 2016) in the form of an “A” loan of up to US$25 million. Argentina – Investment in Banco Patagonia S.A. (Patagonia CL II) 15. The Board of Directors authorized on May 27, 2016 an investment in Argentina – Banco Patagonia S.A. (IFC/R2016-0139, dated May 17, 2016) in the form of a senior “A” loan of up to US$50 million for IFC’s own account. Turkey – Investment in Kremna Enerji Uretim ve Ticaret A.S. for the Karaca Hydro Project 16. The Board of Directors authorized on May 27, 2016 an investment in Turkey – Kremna Enerji Uretim ve Ticaret A.S. (IFC/R2016-0135, dated May 17, 2016) in the form of: (i) an “A” loan of up to US$47 million, and (ii) a “B” loan of up to US$47 million. World Region – Investment in Unicredit SpA for the GTLP Unicredit Project 17. The Board of Directors authorized on May 27, 2016 an investment in World Region – Unicredit SpA (IFC/R2016-0134, dated May 17, 2016) in the form of an unfunded risk participation facility of up to US$250 million under IFC’s Global Trade Liquidity Program. South Africa – Investment in AdvTech Ltd for the Doppio Project 18. The Board of Directors authorized on May 31, 2016 an investment in South Africa – AdvTech Ltd (IFC/R2016-0142, dated May 18, 2016) in the form of equity of up to ZAR 320 million (approximately US$21.4 million equivalent). 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. East Asia and the Pacific Region – Additional IFC Investment in Peak Reinsurance Holdings Ltd. 19. The Board of Directors authorized on May 31, 2016 an additional IFC investment in East Asia and the Pacific Region – Peak Reinsurance Holdings Ltd. (IFC/R2016-0148, dated May 18, 2016) and adopted Resolution No. IFC 2016-0012. Mr. McGuire (via eCenter on May 31, 2016) wished to record his abstention. Mongolia – Investment in Khan Bank LLC (Khan Bank Syndication Loan) 20. The Board of Directors authorized on May 31, 2016 an investment in Mongolia – Khan Bank LLC (IFC/R2016-0143; /1, dated May 18, 2016 and May 23, 2016, respectively) in the form of a syndicated senior loan facility of up to US$120 million consisting of: (i) an “A” loan of up to US$40 million for IFC’s own account, and (ii) “B” loans and/or parallel loans of up to US$80 million for the account of participants. Eastern Europe Region – Investment in Soufflet Finances SNC for the Soufflet LT Project 21. The Board of Directors authorized on May 31, 2016 an investment in Eastern Europe Region – Soufflet Finances SNC (IFC/R2016-0140, dated May 18, 2016) in the form of an “A” loan of up to EUR 30 million (approximately US$34 million equivalent). Turkey – Investment in Assan VII 22. The Board of Directors authorized on May 31, 2016 an investment in Turkey – Assan VII (IFC/R2016-0141, dated May 18, 2016) in the form of an “A” loan of up to EUR 50 million (approximately US$57 million equivalent). Ukraine – Investment in LLC Firm “ASTARTA – Kiev”, LLC Investment Company “Poltavazernoproduct”, and LLC “Tsukragroprom” for the Astarta FMO Loan Project 23. The Board of Directors authorized on May 31, 2016 an investment in Ukraine - LLC Firm “ASTARTA – Kiev”, LLC Investment Company “Poltavazernoproduct”, and LLC “Tsukragroprom” (IFC/R2016-0138, dated May 18, 2016) in the form of: (i) an “A” loan of up to US$10 million, and (ii) a “B” loan of up to US$15 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 BOARD OF DIRECTORS OF MIGA Minutes of Previous Meeting 24. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on May 27, 2016 of the minutes of the meeting held on May 17, 2016, and the record of approval and authorizations between May 13, 2016 and May 17, 2016 (M2016-0016[IDA/M2016-0016, IFC/M2016-0016, MIGA/M2016-0015], dated May 20, 2016). Djibouti – Performance and Learning Review of the Country Partnership Strategy 25. The Executive Directors recorded their noting on May 31, 2016 of the Performance and Learning Review (PLR) of the joint IDA/IFC/MIGA Country Partnership Strategy for Djibouti for the period FY14-FY17 (IDA/R2016-0086[IFC/R2016-0119, MIGA/R2016-0026], dated May 9, 2016). 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.