nm     STRICTLY CONFIDENTIAL                                                            1




             NM-                 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
                                         INTERNATIONAL DEVELOPMENT ASSOCIATION




                                                           Tuesday, November 19, 1991

                                                           Washington, D.C.

                                       The meeting of the Executive Directors was convened

                             at 10:05 a.m. in the Board Room, 1818 H Street, N.W.,

                             Washington, D.C., Mr. Lewis T. Preston, Chairman, presiding.




MILLER REPORTING CO., INC.
507 C Street, N.E.
Washington, D.C. 20002
(202) 546-6666
 run   STRICTLY CONFIDENTIAL                                                 3




                                                C O N T E N T S

                             ITEM                                     PAGE




                              4     Proposed Loan - Argentina
                                    (Hydrocarbon Sector Engineering
                                    Loan) - SPECIAL PROCEDURE         131




MILLER REPORTING CO,, INC.
507 C Street, N.E.
Wuhington, D.C. 20002
(202) 546-6666
            STRICTLY CONFIDENTIAL                                                            131
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                                          There is a proposed loan to Argentina under Special

                             Procedure.     Item four is a proposed loan under Special

                             Procedure in the amount of $28 million to YPF, with the

                             guarantee of Argentina for a Hydrocarbon Sector Engineering

                             Project .
  ,,,..,_
  .
                                          Unless there are any questions, we shall record

                             your approval and pass on to the next item, which is other

                             business.

                                          Are there any comments or questions?

                                          ( No response. )

                                          MR. PRESTON:       The next meeting is November 21st.

                             We will reconvene at 2:30 as a Committee of the Whole.

                                          (Whereupon, at 1:09 p.m., the meeting was adjourned)




MILLER REPORTING CO., INC.
507 C Sueet, N,E,
Wuhington, D.C.     20002
( 202) 546-6666