67574   FROM: Vice President and Corporate Secretary       Minutes of Meeting of the Executive Directors of the Bank and IDA, held in the Board Room on Tuesday, March 6, 2012, at 3:18 p.m.       1. There were present: CHAIR:   S.M. Indrawati, Managing Director   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas (Alternate) M. Kelleher (Temporary Alternate)   I. Alturki (Alternate) S. Kurasawa (Temporary Alternate) K. Aminul Islam (Alternate) A. Lamrani (Temporary Alternate)   K. Dalrymple (Alternate) E. Miagkov (Alternate) M. Dentana (Temporary Alternate) N. Mota Pinto (Alternate)   G. Ferrari (Temporary Alternate) M. Muhtar (Alternate) J. Frieden Y. Mya (Temporary Alternate)   R. Hernandez (Temporary Alternate) W. Rissmann (Alternate) H. Hua (Temporary Alternate) M. Sovala (Temporary Alternate)   K. Huber R. Studart D. Kalyalya (Alternate) A. Touret-Blondy (Alternate)   S. Kantor (Temporary Alternate) R. Treffers M.S.Kayad (Alternate)   ALTERNATE NOT ACTING AS EXECUTIVE DIRECTOR:   V. Dhanpaul   OFFICERS AND STAFF PARTICIPATING:     E. Marmolo, Acting Corporate Secretary G. Batmanian, LCSEN A. Toft, Deputy General Counsel, LEGVP N. Benjamin, MNSED I. Andersen, Vice President, MNAVP E. Kemper, LCSEN H. Tuluy, Vice President, LCRVP M. Lundell, LCSSD* M. Diop, Director, LCC5C* O. Kanaan, IMF M. Ferro, Director, MNSPR L. Ikiring, Corporate Secretariat M. Sherman, Director, MNC04 *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.    -2-   Gaza and West Bank Trust Fund Development Policy Lending (Grant) to the Palestine Liberation Organization (for the Benefit of the Palestinian Authority) - Palestinian National Development Plan   Development Policy Operation IV (DPG IV)   2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2012-0032, dated February 13, 2012) and approved the development policy grant from the Trust   Fund for Gaza and the West Bank to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) for a Palestinian National Development Plan Development Policy Operation IV   (DPG IV) in the amount of US$40 milllion on the terms and conditions set out in the President’s Memorandum.   Brazil - Development Policy Lending (Loan) to the State of Piaui, With the Guarantee of Brazil -   Piaui Green Growth and Inclusion Operation   3. The Executive Directors considered the President’s Memorandum and Recommendation (R2012-0020, dated February 10, 2012) and approved the development policy loan to the State of Piaui,   with the guarantee of Brazil, for a Piaui Green Growth and Inclusion Development Policy Operation in the amount of US$350 million on the payment terms and other terms and conditions set out in the   President’s Memorandum.   Nigeria - Credit - State Employment and Expenditure for Results (SEEFOR) Project   4. The Executive Directors approved the credit to Nigeria for a State Employment and Expenditure for Results (SEEFOR) Project in the amount of SDR 126.2 million (US$200 million equivalent) on the   payment terms and other terms and conditions set out in the President’s Memorandum (IDA/R2012-0031, dated February 14, 2012).   Brazil - Loan to the State of Pernambuco, With the Guarantee of Brazil - Pernambuco Rural   Economic Inclusion Project   5. The Executive Directors approved the loan to the State of Pernambuco, with the guarantee of Brazil, for a Pernambuco Rural Economic Inclusion Project in the amount of US$100 million on the   payment terms and other terms and conditions set out in the President’s Memorandum (R2012-0022, dated February 14, 2012).   Gaza and West Bank Trust Fund Additional Financing Grant to the Palestine Liberation   Organization (for the Benefit of the Palestinian Authority) - Municipal Development Project for the Support of Phase I of the Municipal Development Program     6. The Executive Directors approved the additional financing grant from the Trust Fund for Gaza and the West Bank to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) for a Municipal Development Project for the Support of Phase I of the Municipal Development Program in the amount of US$2 million on the terms and conditions set out in the President’s Memorandum (IDA/R2012-0014, dated January 17, 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-   Gaza and West Bank Trust Fund Grant to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) - Gaza Electricity Network Rehabilitation Project   7. The Executive Directors approved the grant from the Trust Fund for Gaza and the West Bank to   the Palestine Liberation Organization (for the benefit of the Palestinian Authority) for a Gaza Electricity Network Rehabilitation Project in the amount of US$8 million on the terms and conditions set out in the   President’s Memorandum (IDA/R2012-0033, dated February 14, 2012). Mr. Solmon (via email dated March 6, 2012) wished to be recorded as opposed.   Pakistan - Additional Financing Credit and Proposal to Restructure - Social Safety Net Project   8. The Executive Directors approved the additional financing credit to Pakistan in the amount of   SDR 96.7 million (US$150 million equivalent) and the proposal to restructure the Social Safety Net Project (formerly Social Safety Net Technical Assistance Project) on the payment terms and other terms   and conditions set out in the President’s Memorandum (IDA/R2012-0030, dated February 14, 2012).   Inspection Panel - South Africa - Eskom Investment Support Project - Third Request for Postponement of the Management Response   9. The Executive Directors recorded their approval on February 29, 2012 of the recommendation   contained in paragraph 3 of the Memorandum from the Vice President and Corporate Secretary entitled "Inspection Panel - South Africa - Eskom Investment Support Project - Third Request for Postponement   of the Management Response" (INSP/R2011-0258/2, dated February 17, 2012), namely, that the deadline for completion of the Management Response will be extended until March 2, 2012.   Inspection Panel - Request for Inspection - Red Sea-Dead Sea Water Conveyance Study Program -   Report and Recommendation   10. The Executive Directors recorded their approval on February 29, 2012 of the recommendation contained in Section H (paragraph 92) of the Report of the Inspection Panel entitled "Inspection Panel -   Red Sea-Dead Sea Water Conveyance Study Program - Report and Recommendation (INSP/R2012-0001, dated February 17, 2012).   Adjournment   11. The meeting adjourned at at 4:28 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.