Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on July 13, 2017 at 10:04 a.m. 1. There were present: CHAIR: K. Georgieva, Chief Executive Officer, IBRD/IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy A. Kabagambe J. Baker N. Khosa M. Bhuiyan J.-H. Kim S. Bouda K. Koguchi O. Canuto A. Lushin B. Catzaras H. Mohammed A. Eno P. Pagano F. Godts M. Robinson W. Gruber L. Robles Flores A. Hadiyanto M. Van Der Velden M. Hasan Y. Yang C. Hogan J. Zattler F. Jimenez OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary H. Schafer, Vice President M. Ferro, Vice President H. Zaman, Director L. Chu, Manager 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. Streamlining Restructuring Procedures for Investment Project Financing and Program- for-Results Financing 2. The Executive Directors discussed the President’s Memorandum and Report entitled “Streamlining Restructuring Procedures for Investment Project Financing and Program-for- Results Financing� (R2017-0160[IDA/R2017-0242]); /2, dated May 19, 2017, and June 19, 2017, June 20, 2017, and July 5, 2017, respectively). Multiphase Programmatic Approach (MPA) 3. The Executive Directors discussed the President’s Memorandum and Report entitled “Multiphase Programmatic Approach (MPA)� (R2017-0159[IDA/R2017-0241]); /2, dated May 19, 2017, and June 19, 2017, June 20, 2017, and July 5, 2017, respectively). Adjournment 4. The meeting adjourned at 1:19 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. 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 July 13, 2017 at 3:32 p.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 K. Koguchi S. Bouda P. Kunene O. Canuto A. Lushin B. Catzaras T. Mills E. Cipkute P. Pagano S. Denzler Z. Pedic S. El Ouazzani C. Roberts W. Eletreby L. Robles Flores A. Fernando A. Thermann A. Hadiyanto P. Van der Stoelen C. Hogan S. Yadav F. Jimenez Y. Yang H.-J. Kim OFFICERS AND STAFF PARTICIPATING: R. Pastor, Chief Counsel Y. Tsikata, Vice President and Corporate Secretary J. Familiar, Regional Vice President M. Raiser, Country Director H. Gomez Ang, Country Manager, IFC M. Baroudi, Director, MIGA * I. Arias, Director * 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. Brazil – Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Brazil for the period FY18-FY23 (R2017-0155[IFC/R2017-0192, MIGA/R2017- 0055], dated June 20, 2017). Adjournment 3. The meeting adjourned at 5:23 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 10, 2017 and July 13, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Tajikistan – Credit and Grant - Strengthening Critical Infrastructure Against Natural Hazards Project 1. The Executive Directors recorded their approval on July 10, 2017 of a credit in the amount of US$ 25 million and a grant in the amount of SDR18.3 million (US$ 25 million equivalent) to Tajikistan for the Strengthening Critical Infrastructure Against Natural Hazards Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0243, dated June 20, 2017). Extension of Development Policy Financing Catastrophe Deferred Drawdown Option (Cat DDO) to IDA Countries 2. The Executive Directors recorded their approval on July 12, 2017 of the recommendation contained in paragraph 6 of the Memorandum of the President entitled “Extension of Development Policy Financing Catastrophe Deferred Drawdown Option (Cat DDO) to IDA Countries� (R2017-0170[IDA/R2017-0256], dated June 27, 2017). Republic of Congo – Credit - Commercial Agriculture Project 3. The Executive Directors recorded their approval on July 13, 2017 of a credit to Republic of Congo in the amount of SDR 73 million (US$100 million equivalent) for the Commercial Agriculture Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0249, dated June 22, 2017). ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Turkey – Investment in Tupras 4. The Board of Directors authorized on July 10, 2017 an investment in Turkey - Tupras (IFC/R2017-0193; /2, dated June 16, 2017, June 29, 2017, and July 7, 2017, respectively) in the form of an “A� loan of up to US$100 million or its equivalent in Turkish Lira. Mr. Catzaras and Mr. Zattler wished to be recorded as abstaining. ***************************************************************************** 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 AND THE BOARD OF DIRECTORS OF IFC Minutes of Previous Meetings 5. The Executive Directors of the Bank and IDA and the Board of Directors of IFC recorded their approval on July 11, 2017 of the minutes of the meeting held on May 11, 2017 and the record of approval and authorizations between May 10, 2017 and May 11, 2017 (M2017- 0019[IDA/M2017-0019, IFC/M2017-0019], dated June 30, 2017). THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA 2017 Annual Meetings – Invitation to Observers 6. The Executive Directors recorded their approval on July 11, 2017 of the recommendations contained in the draft letter to the Chairman of the Boards of Governors of the World Bank Group and the International Monetary Fund entitled “2017 Annual Meetings - Invitation to Observers� (R2017-0175[IDA/R2017-0263, IFC/R2017-0206, MIGA/R2017-0063], dated July 5, 2017). Minutes of Previous Meetings 7. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on July 11, 2017 of the minutes of the meeting held on May 23, 2017 and the record of approval and authorizations between May 17, 2017 and May 23, 2017 (M2017-0023[IDA/M2017-0023, IFC/M2017-0023, MIGA/M2017-0019], dated June 30, 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.