FROM: Vice President & Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on June 26, 2018 at 10:07 a.m. 1. There were present: CHAIR: K. Georgieva, Chief Executive Officer, IBRD/IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: T. Almutairi B. Kunene M. Bhuiyan D. Lestari O. Canuto A. Lushin A. Cascino T. Mills M. Cowie F. Nili K. Erdogan K. Nishikata W. Gruber L. Robles Flores M. Hasan J-C. Tchatchouang F. Heemskerk S. Ulbaek C. Hogan H. de Villeroche F. Jimenez Y. Yang A. Kabagambe J. Zattler H. Kim OFFICERS AND STAFF PARTICIPATING: J. Levy, Managing Director & WBG Chief Financial Officer C. Frazier, Acting Senior Vice President & General Counsel M. Garcia, Acting Corporate Secretary M. Ferro, Vice President, OPCS L. Finneran, Director Implementation of IBRD Pricing Measures included in 2018 Capital Package 2. The Executive Directors considered the Memorandum of the President and report entitled “Implementation of IBRD Pricing Measures included in 2018 Capital Package� (R2018-0128, dated May 31, 2018) and approved the recommendation contained in paragraph 10 of the President’s Memorandum. Adjournment 3. The meeting adjourned 11:14 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. FROM: Vice President & Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on June 26, 2018 at 11:20 a.m. 1. There were present: CHAIR: K. Georgieva, Chief Executive Officer, IBRD/IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: N. Alghaith D. Kinder M. Bhuiyan K. Koguchi B. Catzaras B. Kunene R. Dominguez A. Lushin A. Dravniece G. Minxhozi R. Eletreby S. Ong K. Erdogan D. Quintero A. Fernandez E. Smith W. Gruber J-C. Tchatchouang F. Heemskerk J. Zattler C. Hogan A. Zekri A. Kabagambe M. Zhang H. Kim OFFICERS AND STAFF PARTICIPATING: A. Iorio, Acting Senior Vice President & General Counsel M. Garcia, Acting Corporate Secretary C. Muller, Vice President, ECA Region L. Burunciuc, Country Director M. Gonzalez Miranda, Practice Manager D. Gould, Lead Economist 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. Uzbekistan – Credit – Uzbekistan Reforms for a Sustainable Transformation toward a Market Economy Development Policy Operation 2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2018-0167, dated June 4, 2018) and approved the credit to Uzbekistan for the Uzbekistan Reforms for a Sustainable Transformation toward a Market Economy Development Policy Operation in the amount of US$500 million on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned 12.50 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. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis between July 20, 2018 – July 24, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Senegal – Scale-Up Facility (SUF) Credit – Rural Water Supply and Sanitation Project 1. The Executive Directors recorded their approval on June 22, 2018 of the Scale-Up Facility credit in the amount of EUR 107.5 million (US$130 million equivalent) to Senegal for the Rural Water Supply and Sanitation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018- 0184, dated June 5, 2018). China – Loan – Guangxi Poverty Reduction Program-for-Results 2. The Executive Directors recorded their approval on June 22, 2018 of the loan in the amount of US$400 million to China for the Guangxi Poverty Reduction Program-for-Results on the terms and conditions set out in the President’s Memorandum (R2018-0136, dated June 5, 2018). Mr. Bethel wished to be recorded as abstaining. Vietnam – Credit – Dynamic city Integrated Development Project – Thai Nguyen 3. The Executive Directors recorded their approval on June 22, 2018 of the credit in the amount of US$80 million from the IDA Transitional Support Window to Vietnam for the Dynamic City Integrated Development Project – Thai Nguyen on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0185, dated June 5, 2018). Ecuador – Additional Financing – Quito Metro Line One Project 4. The Executive Directors recorded their approval on June 22, 2018 of the additional loan in the amount of US$230 million to the Municipality of the Metropolitan District of Quito with a sovereign guarantee from Ecuador for the Quito Metro Line One Project on the terms and conditions set out in the President’s Memorandum (R2018-0133, dated June 5, 2018). Grenada – First Fiscal Resilience and Blue Growth Development Policy Credit 5. The Executive Directors recorded their approval on June 22, 2018 of the First Fiscal Resilience and Blue Growth Development Policy Credit in the amount of SDR 20.9 million (US$30 million equivalent) to Grenada on the terms and conditions set out in the President’s Memorandum (IDA/R2018 - 0163, dated June 1, 2018). Guyana – First Programmatic Financial and Fiscal Stability Development Policy Credit 6. The Executive Directors recorded their approval on June 22, 2018 of the First Programmatic Financial and Fiscal Stability Development Policy Credit in the amount of SDR 24.4 million (US$35 million equivalent) to Guyana on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0170, dated June 1, 2018). 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. Ethiopia – Additional Financing – Ethiopia Competitiveness and Job Creation Project 7. The Executive Directors recorded their approval on June 25, 2018 of the additional credit in the amount of SDR 121.7 million (US$175 million equivalent) to Ethiopia for the Ethiopia Competitiveness and Job Creation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0148; /2-3, dated May 24, 2018, June 14, 2018 and June 20, 2018, respectively). Allocation of FY18 Net Income and Waivers of Loan Charges for FY19 8. The Executive Directors recorded their approval on June 26, 2018 of the President’s Memorandum entitled “Allocation of FY18 Net Income and Waivers of Loan Charges for FY19� (R2018- 0129; /1-2, dated May 31, 2018, June 14, 2018 and June 20, 2018, respectively). Burkina Faso – Credit and Grant – Water Supply and Sanitation Program-for-Results 9. The Executive Directors recorded their approval on June 26, 2018 of the credit from the IDA Scale-Up Facility (SUF) in the amount of EUR 206.7 million (US$250 million equivalent) and IDA grant in the amount of SDR 34.8 million (US$50 million equivalent) to Burkina Faso for the Water Supply and Sanitation Program-for-Results on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0198, dated June 7, 2018). Ethiopia – Credit and Grant – Economic Opportunities Program – Program-for-Results 10. The Executive Directors recorded their approval on June 26, 2018 of the credit in the amount of SDR 58 million (US$83.33 million equivalent) from the IDA18 Refugee Sub-Window (RSW), and grant in the amount of SDR 82.6 million (US$118.67 million equivalent) that includes funding in the amount of US$83.34 million from the RSW for the Economic Opportunities Program on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0188, dated June 7, 2018). Tanzania – Credit – Sustainable Rural Water Supply and Sanitation Program 11. The Executive Directors recorded their approval on June 26, 2018 of the credit in the amount of SDR 243.4 million (US$350 million equivalent) to Tanzania for the Sustainable Rural Water Supply and Sanitation Program on the terms and conditions set out in the President’s Memorandum (IDA/R2018- 0197, dated June 7, 2018). Romania – Loan – Disaster Risk Management Development Policy Loan with a Catastrophe Deferred Drawdown Option 12. The Executive Directors recorded their approval on June 26, 2018 of the Disaster Risk Management Development Policy Loan with a Catastrophe Deferred Drawdown Option in the amount of EUR 400 million (US$493.06 million equivalent) to Romania on the terms and conditions set out in the President’s Memorandum (R2018-0122, dated June 5, 2018). ************************************************************************************ 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 Bangladesh – Investment in Omera Petroleum Limited for the Omera LPG Project 13. The Board of Directors authorized on June 25, 2018 an investment in Bangladesh – Omera Petroleum Limited (IFC/R2018-0213, dated June 13, 2018) in the form of an “A� loan of up to US$20 million. Sri Lanka – Investment in Alliance Finance Company PLC, Central Finance Company PLC, and National Development Bank PLC 14. The Board of Directors authorized on June 26, 2018 an investment in Sri Lanka – Alliance Finance Company PLC, Central Finance Company PLC, and National Development Bank PLC (IFC/R2018-0209, dated June 14, 2018) in the form of senior loans to Alliance Finance Company PLC, Central Finance Company PLC, National Development Bank PLC aggregating up to US$64.75 million equivalent in Sri Lankan Rupees (LKR) from IFC for its own account, up to US$10.25 million equivalent in LKR from IFC in its capacity as implementing agency of the Canada-IFC BFCP, and their related credit pass-through swaps of up to US$512,500 loan equivalent exposure, as part of IFC’s Sri Lanka Agri Finance Program. ************************************************************************************ THE BOARD OF DIRECTORS OF MIGA Namibia – Guarantees to Investec Bank Limited of South Africa for its Interest Rate Hedging Agreements to Ejuva One Solar Energy (Pty) Limited and Ejuva Two Solar Energy (Pty) Limited – Proposed Modification of Prior Concurrence 15. The Board of Directors recorded its authorization on June 25, 2018 for the President to proceed with the modification of prior concurrence as set out in the Report from the President entitled “Namibia – Guarantees to Investec Bank Limited of South Africa for its Interest Rate Hedging Agreements to Ejuva One Solar Energy (Pty) Limited and Ejuva Two Solar Energy (Pty) Limited – Proposed Modification of Prior Concurrence� (MIGA/R2018-0075, dated June 13, 2018). Argentina – Guarantees to MIT Argentina Generation Holding Ltd. and/or one of its Affiliates or Subsidiaries for Investments in Vientos Los Hercules S.A. 16. The Board of Directors recorded its authorization on June 26, 2018 for the President to proceed with the issuance of the guarantees as set out in the Report from the President entitled “Argentina – Guarantees to MIT Argentina Generation Holding Ltd. and/or one of its Affiliates or Subsidiaries for Investments in Vientos Los Hercules S.A.� (MIGA/R2018-0081, dated June 14, 2018). *********************************************************************************** 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 THE BOARD OF DIRECTORS OF MIGA 2018 Annual and Development Committee Meetings – Travel Arrangements for Executive Directors and Alternates and Attendance of Advisors, Administrative Staff to Executive Directors 17. The Executive Directors recorded their approval on June 22, 2018 of the document entitled “2018 Annual and Development Committee Meetings – Travel Arrangements for Executive Directors and Alternates and Attendance of Advisors, Administrative Staff to Executive Directors� (R2018- 0156[IDA/R2018-0218, IFC/R2018-0218, MIGA/R2018-0082], dated June 13, 2018). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of June 21, 2018 18. The Executive Directors recorded their approval on June 25, 2018 of the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of June 21, 2018� (R2018-0169[IDA/R2018-0243, IFC/R2018-0233, MIGA/R2018-0096], dated June 22, 2018). West Africa Region – Investments in Atlantic Business International (ABI): ABI Social Bond, ABI SME Risk Sharing Facility, and ABI Agri Risk Sharing Facility and Support from IDA18 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility for the Proposed IFC Investment in Atlantic Business International (ABI) by Way of Inclusion in the IFC Small Loan Guarantee Program (SLGP) 19. The Board of Directors authorized on June 25, 2018 investments by IFC in the form of: (i) a EUR100 million Social Bond to be issued by Atlantic Business International (ABI); (ii) an SME risk sharing facility of up to the local currency equivalent of EUR40 million to participating affiliates of ABI; and (iii) a risk sharing facility aimed at financing the agricultural sector for up to the local currency equivalent of EUR40 million to participating affiliates of ABI in the West Africa Region (IFC/R2018- 0208, dated June 13, 2018) with the support of IDA18 Private Sector Window Blended Finance Facility by way of inclusion in the IFC Small Loan Guarantee Program. 20. The Executive Directors recorded their approval on June 25, 2018 of the allocation from the IDA18 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) to the International Finance Corporation (IFC) in support of IFC’s investment in Atlantic Business International (ABI) by way of inclusion in the IFC Small Loan Guarantee Program (SLGP) in West Africa Region on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0209, dated June 13, 2018). Proposal to Adjust the Grade Level for the Director General, Independent Evaluation Group (DGE) 21. The Executive Directors recorded their approval on June 26, 2018 of the recommendation in the President’s Memorandum entitled “Proposal to Adjust the Grade Level for the Director General, Independent Evaluation Group (DGE)� (R2018-0157[IDA/R2018-0227, IFC/R2018-0221, MIGA/R2018- 0087], dated June 15, 2018). 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. Uzbekistan – Performance and Learning Review of the Country Partnership Framework 22. The Executive Directors recorded their noting on June 26, 2018 of the Performance and Learning Review of the joint IBRD/IDA/IFC/MIGA Country Partnership Framework for Uzbekistan for the period FY16-FY20 (R2018-0124[IDA/R2018-0171, IFC/R2018-0184, MIGA/R2018-0057], dated June 5, 2018). 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.