72251     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, June 26, 2012, at 10:18 a.m.     1. There were present:     CHAIR:   M. Mohieldin, Managing Director Followed by: S.M. Indrawati, Managing Director   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   I. Alturki (Alternate) S. James (Alternate)   D. Bohan (Alternate) L. Laraia (Temporary Alternate) S. Chebil (Temporary Alternate) B. Lvin (Temporary Alternate)   K. Dalrymple (Alternate) A. Mendes Dias V. Daza Foronda (Alternate) M. Muhtar (Alternate)   A. Fayolle M.N. Prasad J. Frieden I. Solomon   M. Garcia R. Studart J. Haarlov (Alternate) H.A. Taha   B. Han (Alternate) R. Treffers M. Hasan E. Wakamatsu (Temporary Alternate)   I. Hoven J. Whitehead K. Huber     ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS: A. Alkaffas D. Kalyalya K. Aminul Islam M.S. Kayad S. Aviel W. Szczuka V. Dhanpaul 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-   OFFICERS AND STAFF PARTICIPATING:   J. Familiar, Vice President and M. Thomas, AFTP4   Corporate Secretary R. Utz, AFTP3* A.-M.Leroy, Senior Vice President and H. Van Veldhuizen, OPCQC   Group General Counsel, LEGVP A. Zafar, AFTP4 M. Diop, Vice President, AFRVP C. Ahokpossi, IMF   R. Kyte, Vice President, SDNVP L. Dicks-Mireaux, IMF J. Von Amsberg, Vice President, OPCVP C. Mira, IMF   O. Diagana, Director, AFCW3 D. Ross, IMF M. Tall, Director, AFCF2 J. Van Houtte, IMF   M. Aizawa, SDNVP S. Weber, IMF E. Bell, AFTP3 L. Ikiring, Corporate Secretariat   N. Coffi, AFMNI* *Via Videoconference   Adoption and Application of World Bank Performance Standards for Private Sector Projects   Supported by IBRD/IDA   2. The Executive Directors and the Board of Directors of IFC considered the President's Memorandum and Report entitled "Adoption and Application of World Bank Performance Standards for   Private Sector Projects Supported by IBRD/IDA" (R2012-0130[IDA/R2012-0161], dated June 4, 2012) and approved the recommendations contained in paragraph 2 of the President's Memorandum and set out   in paragraph 26 of the Report, namely, (a) adoption of the IFC Performance Standards as the World Bank Performance Standards for Private Sector Projects (World Bank Performance Standards) as described in   paragraphs 12 and 17 of the Report; and, (b) application of such World Bank Performance Standards in place of the World Bank environmental and social safeguard policies and procedures to Bank financing or   support for projects (or components thereof) that are owned, constructed and/or operated on a commercial basis as described in paragraph 13 of the Report.   Cote d'Ivoire - Enhanced Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt   Relief Initiative (MDRI) - President's Memorandum and Recommendation, and Completion Point Document   3. The Executive Directors considered the President’s Memorandum and Recommendation entitled   "Cote d'Ivoire - Enhanced Heavily Indebted Poor Countries (HIPC) Initiative Completion Point Document and Multilateral Debt Relief Initiative (MDRI)" (IDA/R2012-0163; /1, dated June 11 and June     18, 2012, respectively) and approved the recommendations contained in paragraphs 16 and 17 of the President's Memorandum. (The Chair’s Summing Up of the discussion was subsequently distributed as IDA/SU2012-0021 dated June 28, 2012.) Cote d'Ivoire - Poverty Reduction Strategy Paper Progress Report and Joint IDA-IMF Staff Advisory Note 4. The Executive Directors discussed the Poverty Reduction Strategy Paper Progress Report (PRSP PR) for Cote d'Ivoire covering the period 2009 to 2011 and a Joint IDA-IMF Staff Advisory Note (IDA/SecM2012-0340, dated June 11, 2012) on the PRSP PR. (The Chair’s Summing Up of the discussion was subsequently distributed as IDA/SU2012-0021, dated June 28, 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-   Burkina Faso - Development Policy Lending (Grant) - First Growth and Competitiveness Grant   5. The Executive Directors considered the President’s Memorandum and Recommendation   (IDA/R2012-0151, dated June 4, 2012) and approved the First Growth and Competitiveness Development Policy Grant to Burkina Faso in the amount of SDR 58.1 million (US$90 million equivalent) on the terms   and conditions set out in the President’s Memorandum.   Niger - Development Policy Lending (Credit) - First Shared Growth Credit   6. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2012-0160, dated June 4, 2012) and approved the First Shared Growth Development Policy Credit   to Niger in the amount of SDR 32.3 million (US$50 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum.   Cape Verde - Development Policy Lending (Credit) - Seventh Poverty Reduction Support Credit   (PRSC VII)   7. The Executive Directors approved the Seventh Poverty Reduction Support Credit (PRSC VII) to Cape Verde in the amount of SDR 7.9 million (US$12 million equivalent) on the payment terms and other   terms and conditions set out in the President’s Memorandum (IDA/R2012-0147, dated May 30, 2012).   Cote d’Ivoire - Emergency Recovery Grant - Emergency Infrastructure Renewal Project   8. The Executive Directors approved the emergency recovery grant to Cote d'Ivoire for an Emergency Infrastructure Renewal Project in the amount of SDR 64.5 million (US$100 million   equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2012-0165, dated June 11, 2012). Mr. Solomon (via email dated June 20, 2012) wished to be recorded as abstaining.   Mozambique - Strategic Climate Fund (SCF) Pilot Program for Climate Resilience (PPCR) Trust   Fund Grant - Climate Change Technical Assistance Project   9. The Executive Directors approved the grant to Mozambique from the Strategic Climate Fund (SCF) Pilot Program for Climate Resilience (PPCR) Trust Fund for a Climate Change Technical   Assistance Project in the amount of US$2 million on the terms and conditions set out in the President’s Memorandum (IDA/R2012-0156, dated June 6, 2012), and the provisions of the CIF-SCF whose   establishment was approved by the Executive Directors of the Bank and IDA (M2008-0052[IDA/M2008-0052]).     Niger - Credit - Competitiveness and Growth Support Project 10. The Executive Directors approved the credit to Niger for a Competitiveness and Growth Support Project in the amount of SDR 32.3 million (US$50 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum (IDA/R2012-0159, dated June 6, 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.    -4-   Grant to the Organization for the Harmonization of Business Law in Africa (OHADA) - Improved   Investment Climate within the Organization for the Harmonization of Business Law in Africa Project   11. The Executive Directors approved the grant to the Organization for the Harmonization of   Business Law in Africa (OHADA) for an Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa Project in the amount of SDR 9.7 million (US$15 million   equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2012-0153, dated June 1, 2012).   Uganda - Credit - Water Management and Development Project   12. The Executive Directors approved the credit to Uganda for a Water Management and   Development Project in the amount of SDR 87.1 million (US$135 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum (IDA/R2012-0158, dated   June 6, 2012).   Georgia - Additional Financing Credit and Proposal to Restructure - Third East-West Highway Improvement Project   13. The Executive Directors approved the proposal to restructure and the additional financing credit   to Georgia for the Third East-West Highway Improvement Project in the amount of SDR 27.2 million (US$43 million equivalent) on the payment terms and other terms and conditions set out in the   President’s Memorandum (IDA/R2012-0135, dated June 6, 2012).   Afghanistan - Emergency Recovery Grant - Afghanistan Rural Access Project   14. The Executive Directors approved the emergency recovery grant to Afghanistan for the Afghanistan Rural Access Project in the amount of SDR 82.8 million (US$125 milion equivalent) on the   terms and conditions set out in the President’s Memorandum (IDA/R2012-0168, dated June 13, 2012).   Nepal - Credit and Grant - Sunaula Hazar Din–Community Action for Nutrition Project   15. The Executive Directors approved the credit and the grant to Nepal for a Sunaula Hazar Din– Community Action for Nutrition Project in the amounts of SDR 14.2 million (US$22 million equivalent)   and SDR 11.7 million (US$18 million equivalent), respectively, on the payment terms and other terms and conditions set out in the President’s Memorandum (IDA/R2012-0155, dated June 1, 2012).     IDA Commitment Charge for FY13 16. The Executive Directors recorded their approval on June 18, 2012 of the recommendation contained in paragraph 9 of the President's Memorandum entitled "IDA Commitment Charge for FY13" (IDA/R2012-0164, dated June 7, 2012), namely, that the commitment charge for FY13 continue to be set at zero for all outstanding and new IDA credits and grants. 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.    -5-   Smoothing Budgetary Contributions to the Post-Retirement Benefits Plans: Establishment of a   Post-Retirement Contribution Reserve Fund   17. The Executive Directors recorded their approval on June 18, 2012 of the recommendations contained in paragraph 5 of the President's Memorandum, and outlined in Section 6 of the report, entitled   "Smoothing Budgetary Contributions to the Post-Retirement Benefits Plans: Establishment of a Post-Retirement Contribution Reserve Fund" (R2012-0135[IDA/R2012-0167], dated June 11, 2012).   Kyrgyz Republic - Payments and Banking System Modernization Project - Proposal to Restructure   18. The Executive Directors recorded their approval on June 20, 2012 of the recommendation   contained in paragraph 3 of the President's Memorandum entitled "Kyrgyz Republic - Payments and Banking System Modernization Project - Proposal to Restructure" (original incorrect document number   superseded by IDA/R2012-0166/1, dated June 14, 2012).   Kazakhstan - South-West Roads Project - Proposal to Restructure   19. The Executive Directors recorded their approval on June 20, 2012 of the recommendation contained in paragraph 3 of the President's Memorandum entitled "Kazakhstan - South-West Roads   Project - Proposal to Restructure" (R2012-0133, dated June 8, 2012).   Allocation of FY12 Net Income and Waivers of Loan Charges for FY13   20. The Executive Directors recorded their approval on June 20, 2012 of the recommendations contained in paragraphs 31 and 32 of the President's Memorandum entitled "Allocation of FY12 Net   Income and Waivers of Loan Charges for FY13" (R2012-0121; /1, dated May 25 and June 12, 2012, respectively), subject to ratification by the Executive Directors following approval of the FY12 IBRD   audited financial statements in August 2012.   2012 Review of New Loan Pricing   21. The Executive Directors recorded their approval on June 20, 2012 of the recommendation contained in paragraph 16 of the President's Memorandum entitled "2012 Review of New Loan Pricing"   (R2012-0122; /1, dated May 25 and June 12, 2012, respectively). Mr. Yang (via email dated June 19, 2012) wished to be recorded as abstaining.   FY12 Credit Risk and Loan Loss Provisioning - Final Assessment     22. The Executive Directors recorded their approval on June 20, 2012 of the recommendation contained in paragraph 99 of the President's Memorandum entitled "FY12 Credit Risk and Loan Loss Provisioning - Final Assessment" (R2012-0123; /1, dated May 25, and June 12, 2012, respectively). 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.    -6-   Date of Next Meeting   23. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Thursday,   June 28, 2012.   Adjournment   24. The meeting adjourned at 1:02 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.