FROM: Acting Vice President and Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA held in the Board Room on July 19, 2018 at 9:34 a.m. 1. There were present: CHAIRS: K. Georgieva, Chief Executive Officer, IBRD/IDA P. Le Houerou, Chief Executive Officer, IFC K. Honda, Executive Vice President and Chief Executive Officer, MIGA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: N. Alghaith P. Kunene O. Bougara K. Nishikata A. Bvumbe P. Pagano B. Catzaras K. Panov C. DeLuca D. Quintero F. Godts M. Robinson W. Gruber L. Robles Flores A. Hadiyanto A. Subramani M. Hasan J-C. Tchatchouang F. Heemskerk S. Ulbaek C. Hogan J. Zattler F. Jimenez M. Zhang H.J. Kim OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel E. Tafara, Vice President and General Counsel, IFC J. Riecken, Chief Counsel, MIGA V. Iyer, Vice President and Chief Operating Officer, MIGA * S. Pimenta, Regional Vice President, IFC R. Puliti, Senior Director E. Huybens, Country Director J. Thureau, Chief Investment Officer, IFC L. Luy, Principal Environmental Specialist, IFC *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. Cameroon - IBRD Guarantees, IFC Investment in Nachtigal Hydro Power Company, MIGA Guarantees to EDF International SAS of France, Société Générale S.A. of France and Investor A for the Nachtigal Hydro Power Project 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2018-0171[IFC/R2018-0234, MIGA/R2018-0097]; /2, dated June 26, 2018, and June 29, 2018, respectively) and approved (i) a payment guarantee in the amount of up to EUR 86 million (US$100 million equivalent); and (ii) a loan guarantee in the amount of up to EUR 171 million (US$200 million equivalent) on the terms and conditions set out in the President’s Memorandum. The Board of Directors of IFC authorized (i) an equity investment in the Project Company of up to EUR 60 million (US$70 million equivalent) through subscription for common shares and/or provision of quasi-equity instruments; (ii) an IFC “A� Loan to the Project Company of up to EUR 130 million (US$152 million equivalent); and (iii) provision of client risk management swaps to the Project Company with an expected loan equivalent exposure amount of up to US$10 million in total, comprised of one or more EUR interest rate swaps and adopted Resolution No. IFC 2018-0015. The Board of Directors of MIGA approved MIGA guarantees for up to EUR 224.8 million (US$262.5 million equivalent) to: (i) EDF International SAS; and (ii) Investor A, a potential equity investor in the Project Company, covering a potential interest rate swap to the Project Company. In accordance with Article 15 of the MIGA Convention, the Host Country Approval has been received. Mr. Bethel wished to be recorded as abstaining. Adjournment 3. The meeting adjourned 11:34 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. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a Streamlined Basis on July 18, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Indonesia – Loan - Program to Accelerate Agrarian Reform (One Map Project) 1. The Executive Directors recorded their approval on July 18, 2018 of a loan in the amount of US$200 million to Indonesia for a Program to Accelerate Agrarian Reform (One Map Project) on the terms and conditions set out in the President’s Memorandum (R2018-0167, dated June 26, 2018). Tonga – Additional Grant - Pacific Resilience Project under the Pacific Resilience Program 2. The Executive Directors recorded their approval on July 18, 2018 of an additional grant in the amount of SDR 10.6 million (US$14.95 million equivalent) to Tonga for a Pacific Resilience Project under the Pacific Resilience Program on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0242, dated June 26, 2018). THE BOARD OF DIRECTORS OF IFC China - Investment in Genesis Capital II, L.P. 3. The Board of Directors authorized on July 18, 2018 an investment in China - Genesis Capital II, L.P. (IFC/R2018-0238, dated July 6, 2018), in the form of equity of up to US$10 million in Genesis Capital II, L.P., in China, not to exceed 20 percent of aggregate commitments, as well as a US$10 million co-investment envelope on a delegated authority basis. Mr. Bethel wished to be recorded as abstaining. Myanmar - Investment in Sanctum Inle Resort Company Limited for the FCS Sanctum Project 4. The Board of Directors authorized on July 18, 2018 an investment in Myanmar - Sanctum Inle Resort Company Limited for the FCS Sanctum Project (IFC/R2018-0187, dated July 6, 2018), in the form of an “A� loan of up to US$6 million. Argentina - Investment in Banco Industrial S.A. (BIND CL) 5. The Board of Directors authorized on July 18, 2018 an investment in Argentina - Banco Industrial S.A. (BIND CL) (IFC/R2018-0241, dated July 6, 2018), in the form of a senior debt facility of up to US$55 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. Argentina - Investment in Banco Itau Argentina S.A. (Itau Arg CL) 6. The Board of Directors authorized on July 18, 2018 an investment in Argentina - Banco Itau Argentina S.A. (Itau Arg CL) (IFC/R2018-0240, dated July 6, 2018), in the form of a senior debt facility of up to US$50 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.