72819   FROM: Vice President and Corporate Secretary       Minutes of Meeting of the Board of Directors of MIGA, held in the Board Room on Thursday, August 9, 2012, at 10:30 a.m.       1. There were present: CHAIR:   I. Kobayashi, Executive Vice President   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   I. Alturki (Alternate) A. Lamrani (Temporary Alternate)   S. Aviel (Alternate) S. Lutfi (Temporary Alternate) S. Bangura (Temporary Alternate) H. Manao   G. Balcytyte (Alternate) R. Mokate J.J. Bravo (Alternate) S. Moorehead   I.-K. Cho (Alternate) N. Mota Pinto (Alternate) K. Dalrymple (Alternate) S. Nanu (Alternate)   V. Dhanpaul (Alternate) K. Panov (Temporary Alternate) P. Espinola (Temporary Alternate) W. Rissmann (Alternate)   A. Fayolle Y. Takamura (Alternate) J. Frieden A. Thakur (Temporary Alternate)   K. Huber (Alternate) F. Zang (Temporary Alternate) M.S. Kayad (Alternate)   OFFICERS AND STAFF PARTICIPATING:   S. Suleymanov, Acting Corporate Secretary B. Geiser, Corporate Secretariat     A.-M. Betancourt, General Counsel, MIGLC S. Shyam-Sunder, Director and Chief Financial Officer, MIGFR 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-   Report of the Audit Committee to the Board of Directors - MIGA Financial Statements for Year   Ended June 30, 2012   2. The Board of Directors considered the "Report of the Audit Committee to the Board of Directors - MIGA Financial Statements for Year Ended June 30, 2012" (MIGA/R2012-0051/1, dated August 6,   2012), approved the financial statements attached thereto, and adopted the following resolution:   Resolution No. MIGA 2012-0002   FINANCIAL STATEMENTS AS OF JUNE 30, 2012   RESOLVED that the financial statements of the Multilateral Investment Guarantee Agency, as of June 30, 2012, be approved and be submitted, upon   delivery of the independent auditors' reports to the Council of Governors to be considered at its next annual meeting.   Minutes of Previous Meetings   3. The Board of Directors recorded its approvals on June 28, 2012 of the Minutes of the meeting   held on May 29, 2012 (MIGA/M2012-0021), on July 9, 2012 of the Minutes of the meeting held on June 26, 2012 (MIGA/M2012-0026), and on August 6, 2012 of the Minutes of the meeting held on June 14,   2012 (MIGA/M2012-0024).   Zambia - Guarantee to Chayton Atlas Investments for Investment in Chobe Agrivision Company Limited   4. The Board of Directors recorded its authorization on June 25, 2012 for the President to proceed   with issuance of the guarantee as set out in the Report from the President entitled "Zambia - Guarantee to Chayton Atlas Investments for an Investment in Chobe Agrivision Company Limited"   (MIGA/R2012-0038, dated June 13, 2012).   2012 Regular Election of MIGA Directors   5. The Board of Directors recorded its approval on June 28, 2012 of the recommendations contained in paragraph 2 of the Memorandum from the Vice President and Corporate Secretary and the Report of   the Ad Hoc Committee on Rules for the 2012 Regular Elections of MIGA Directors attached thereto entitled "2012 Regular Election of MIGA Directors" (MIGA/R2012-0042, dated June 20, 2012), namely,   the Directors recommended that   the draft Report of the Board of Directors (Attachment I, Annex A) be transmitted to the Council of Governors for a vote without meeting and that the draft Resolution (Attachment I, Annex B) be adopted by the Governors. Uganda - Guarantee to World Power Holdings Luxembourg SarL for Equity Investment in Bujagali Energy Limited - Modification of Prior Concurrence 6. The Board of Directors recorded its authorization on June 29, 2012 for the President to proceed with the modification of prior concurrence to increase the guarantee amount as set out in the Report from the President entitled "Uganda - Guarantee to World Power Holdings Luxembourg SarL for an Equity Investment in Bujagali Energy Limited - Modification of Prior Concurrence" (MIGA/R2012-0041, dated June 19, 2012). 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-   Appointment of the President of the Agency   7. The Board of Directors recorded its approval on June 29, 2012 of the recommendation contained   in the Memorandum from the Chairman, Board of Directors of the Agency, entitled "Appointment of the President of the Agency" (MIGA/R2012-0044, dated June 28, 2012) and adopted the resolution attached   thereto:   Resolution No. MIGA 2012-0003   APPOINTMENT OF THE PRESIDENT OF THE AGENCY   WHEREAS the Convention Establishing the Multilateral Investment Guarantee Agency provides that the President of the Agency shall be   appointed by the Board of Directors on the nomination of the Chairman;   WHEREAS Mr. Jim Yong Kim has been selected as the President of the Bank, effective July 1, 2012;   WHEREAS the Chairman has recommended that Mr. Jim Yong Kim be   appointed to serve as President of the Agency, effective from the date his selection as President of the Bank shall become effective;   NOW THEREFORE it is resolved that:   Mr. Jim Yong Kim be, and hereby is, appointed President of the Agency,   effective July 1, 2012, for so long as he shall hold office as President of the Bank.   Nicaragua - Guarantee to Globeleq Mesoamerica Energy (Wind) Limited for Equity Investment in   Eolo de Nicaragua S.A.   8. The Board of Directors recorded its authorization on August 2, 2012 for the President to proceed with issuance of the guarantee as set out in the Report from the President entitled "Nicaragua - Guarantee   to Globeleq Mesoamerica Energy (Wind) Limited for an Equity Investment in Eolo de Nicaragua S.A." (MIGA/R2012-0047, dated July 23, 2012).   Cote d’Ivoire - Guarantee to Globeleq Holdings (Azito) Limited for Investment in Azito Energie     S.A. - Modification of Prior Concurrence 9. The Board of Directors recorded its authorization on August 3, 2012 for the President to proceed with the modification of prior concurrence to increase the guarantee amount as set out in the Report from the President entitled "Cote d’Ivoire - Guarantee to Globeleq Holdings (Azito) Limited for an Equity Investment in Azito Energie S.A. - Modification of Prior Concurrence" (MIGA/R2012-0048, dated July 25, 2012). Adjournment 10. The meeting adjourned at 10:34 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.