FROM: Vice President & 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 May 23, 2017 at 10:04 a.m. 1. There were present: CHAIR: S. Yang, Managing Director and WBG Chief Administrative Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: T. Almutairi X. Li Z. Allawi S. Lumaia F. Bellocq A. Mihaylova O. Bougara N. Mittal O. Canuto N. Mota Pinto C. DeLuca E. Myers R. Dominguez F. Neutze M. Ehui K. Panov D. Fujii C. Rose Innes W. Gruber M. Torero A. Hadiyanto S. Ulbaek C. Hogan J. Van Damme H. Kim OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel O. Avalle, Acting Vice President and Corporate Secretary M. Diop, Vice President, Africa Region C. Muller, Vice President, ECA Region *M. Lundell, Country Director, Mauritius E. Goldstein, Country Director, Kosovo R. Puliti, Senior Director M. Mantovanelli, Country Manager *K. Ramnauth, Country Manager, IFC G. Konda, Principal Economist, IFC T. O’Brien, Senior Regional Adviser T. Buckley, Country Program Coordinator *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. Mauritius – Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Mauritius for the period FY17-FY21 (R2017-0111[IFC/R2017-0094, MIGA/R2017-0030], dated May 2, 2017). Kosovo – Country Partnership Framework 3. The Executive Directors discussed the joint IDA/IFC/MIGA Country Partnership Framework for Kosovo for the period FY17-FY21 (IDA/R2017-0127/1[IFC/R2017-0092/1, MIGA/R2017-0028/1], dated May 9, 2017). Adjournment 4. The meeting adjourned at 1:04 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 May 17, 2017 and May 23, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA India – Loan – Himachal Pradesh Public Financial Management Capacity Building Program – Program-for-Results 1. The Executive Directors recorded their approval on May 17, 2017 of the loan in the amount of US$36 million to India for the Himachal Pradesh Public Financial Management Capacity Building Program on the terms and conditions set out in the President’s Memorandum (R2017-0108, dated April 28, 2017). Kosovo – Credit – Competitiveness and Export Readiness Project 2. The Executive Directors recorded their approval on May 18, 2017 of the credit in the amount of EUR 14.3 million (US$15.27 million equivalent) to Kosovo for the Competitiveness and Export Readiness Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0131, dated May 1, 2017). Messrs. Jimenez, Lushin and Torero wished to be recorded as abstaining. Honduras – Additional Financing and Restructuring – Rural Competitiveness Project 3. The Executive Directors recorded their approval on May 18, 2017 of the restructuring and additional credit in the amount of SDR 18.5 million (US$25 million equivalent) to Honduras for the Rural Competitiveness Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0129, dated May 1, 2017). Mauritania – IDA Grant – Health System Support Project 4. The Executive Directors recorded their approval on May 19, 2017 of the grant in the amount of SDR 12.6 million (US$17 million equivalent) to Mauritania for the Health System Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0133, dated May 2, 2017). UNICEF and WHO – Additional Financing - Yemen Emergency Health and Nutrition Project 5. The Executive Directors recorded their approval on May 19, 2017 of the additional grant in the amount of SDR 60.7 million (US$83 million equivalent) to the United Nations Children’s Fund (UNICEF) and the World Health Organization (WHO) for the Yemen Emergency Health and Nutrition Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0147, dated May 10, 2017). 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. UNICEF – Second Additional Financing and Restructuring – Yemen Emergency Crisis Response Project 6. The Executive Directors recorded their approval on May 19, 2017 of the restructuring and additional grant in the amount of SDR 145.9 million (US$200 million equivalent) to the United Nations Children’s Fund (UNICEF) of which US$125 million equivalent is from the IDA Crisis Response Window and US$75 million equivalent is from IDA resources resulting from portfolio restructuring, for the Yemen Emergency Crisis Response Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0151, dated May 10, 2017). Malawi – Credit – Agricultural Commercialization Project 7. The Executive Directors recorded their approval on May 23, 2017 of the credit in the amount of SDR 70.1 million (US$95 million equivalent) to Malawi for the Agricultural Commercialization Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0135, dated May 4, 2017). Tanzania – Additional Financing – Education Program for Results 8. The Executive Directors recorded their approval on May 23, 2017 of the additional credit in the amount of SDR 59 million (US$80 million equivalent) to Tanzania for the Education Program for Resulta on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0136, dated May 4, 2017). ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Ukraine – Restructuring of IFC’s Loans in Mriya Agro Holding Public Limited and Mriya Center LLC (Mriya I, CPLF-Mriya and Nriya IV Project) 9. The Board of Directors authorized on May 17, 2017 the recommendation contained in paragraph 3 of the President’s Memorandum entitled “Ukraine – Restructuring of IFC’s Loans in Mriya Agro Holding Public Limited and Mriya Center LLC� (IFC/R2017-0100, dated May 5, 2017) and adopted Resolution No. IFC 2017-0015. Ghana – Investment in WCS SG Ghana II for the Societe Generale Ghana Limited Project 10. The Board of Directors authorized on May 19, 2017 an investment in Ghana – Societe Generale Ghana Limited (IFC/R2017-0101, dated May 9, 2017) in the form of a senior loan structured as a Working Capital Solutions facility of up to US$20 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. Ghana – Investment in Ashesi University for Ashesi Univ II Project 11. The Board of Directors authorized on May 19, 2017 an investment in Ghana – Ashesi University (IFC/R2017-0104, dated May 9, 2017) in the form of “A� loan with a combined value not to exceed US$10 million. Brazil – Investment in Patria Credito Estruturado Fundo de Investimentos em Direitos Creditorios (DCM Patria COF) 12. The Board of Directors authorized on May 19, 2017 an investment in Brazil - Patria Credito Estruturado Fundo de Investimentos em Direitos Creditorios (IFC/R2017-0102, dated May 9, 2017) of up to the lower of US$50 million (in BRL equivalent) or 20 percent in Patria Credito, a structured credit fund, allocated as follows: up to US$40 million (in BRL equivalent) in Senior quotas and up to US$10 million (in BRL equivalent) in Junior quotas. India – Investment in RGVN (NE) Microfinance Limited for the SFBTF RGVN Project 13. The Board of Directors authorized on May 22, 2017 an investment in RGVN (North East) Microfinance Limited (IFC/R2017-0106, dated May 10, 2017) in the form of Indian rupee-denominated non-convertible debentures (NCD) of up to INR 970 million (approximately US$15 million equivalent) to be issued by either RGVN, prior to its transformation into a Small Finance Bank, or its successor North East Small Finance Bank. ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Minutes of Previous Meetings 14. The Executive Directors of the Bank and IDA and the Board of Directors of IFC recorded their approval on May 18, 2017 of the minutes of the meeting held on May 9, 2017 and the record of approval and authorizations between May 5, 2017 and May 9, 2017 (M2017-0018[IDA/M2017-0018, IFC/M2017- 0018], dated May 11, 2017). 15. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on May 19, 2017 of the minutes of the meeting held on April 11, 2017 and the record of approval and authorizations between April 7, 2017 and April 11, 2017 (M2017- 0014/1[IDA/M207-0014/1, IFC/M2017-0014/1, MIGA/M2017-0013/1], dated May 12, 2017). 16. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on May 22, 2017 of the minutes of the meeting held on April 27, 2017 and the record of approval and authorizations between April 12, 2017 and April 27, 2017 (M2017- 0012[IDA/M2017-0012, IFC/M2017-0012, MIGA/M2017-0012], dated May 15, 2017). 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.