FROM: Vice President & Corporate Secretary Minutes of a Meeting of the Executive Directors of the Bank and IDA held in the Board Room on June 4, 2019 at 10:02 a.m. 1. There were present: CHAIR: D. Malpass, President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Alkhalaf N. Mireku G. Antioch K. Nishikata E. Bouzis P. Pagano J. Chavez Presa K. Panov K. Davidse D. Pierini W. Gruber P-E. Rozan C. Happe G. Schoenleitner M. Hasan A. Subramani A. Kabagambe K. Tantitemit F. Kanczuk J-C. Tchatchouang D. Kinder J. Thoppil L. Klemola Y. Yang A. Manuel OFFICERS AND STAFF PARTICIPATING: I. Kichigina, Acting Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary F. Belhaj, Vice President, MNA Region S. Jha, Country Director Q. Fan, Director, Strategy & Operations, GGEVP C Kostopoulos, Lead Economist M. Bhatia, Senior Energy Economist 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. Jordan – Second Equitable Growth and Job Creation Programmatic Development Policy Financing 2 The Executive Directors considered the President’s Memorandum and Recommendation (R2019-0130, dated May 21, 2019) and approved the development policy loan in the amount of US$1,450 million to Jordan for the Second Equitable Growth and Job Creation Programmatic Development Policy Financing on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned 11:32 a.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 31, 2019 – June 4, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Pakistan – Additional Financing – Central Asia South Asia Electricity Transmission and Trade Project 1. The Executive Directors recorded their approval on May 31, 2019 of the additional credit in the amount of SDR 46.90 million (US$65 million equivalent) to Pakistan for the Central Asia South Asia Electricity Transmission and Trade Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0144, dated May 13, 2019). Pakistan – Credit – Higher Education Development in Pakistan Project 2. The Executive Directors recorded their approval on May 31, 2019 of the credit in the amount of SDR 288.7 million (US$400 million equivalent) to Pakistan for the Higher Education Development in Pakistan Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0146, dated May 13, 2019). China – Loan – Gansu Revitalization and Innovation Project 4. The Executive Directors recorded their approval on June 4, 2019 of the loan in the amount of EUR 160.5 million (US$180 million equivalent) to China for the Gansu Revitalization and Innovation Project on the terms and conditions set out in the President’s Memorandum (R2019-0126, dated May 15, 2019). Mr. Bethel wished to be recorded as opposing. ****************************************************************************** THE BOARD OF DIRECTORS OF IFC Vietnam and Lao PDR – Investment in BIM Land Joint Stock Company and/or its Subsidiaries for the BIM Land Project 5. The Board of Directors authorized on May 31, 2019 an investment in Vietnam and Lao PDR – BIM Land Joint Stock Company and/or its Subsidiaries (IFC/R2019-0149, dated May 20, 2019) in the form of an “A” loan of up to US$57.15 million for IFC’s own account; and a Trust loan of up to US$42.86 million from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program (MCPP). 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. Mexico – Investment in Perote II 6. The Board of Directors authorized on May 31, 2019 an investment in Mexico – Perote II (IFC/R2019-0141; /1, dated May 15, 2019 and May 28, 2019, respectively) in the form of senior loans and interest rate swaps for an aggregate amount of up to US$27.8 million for FV Mexsolar XI, S.A.P.I de C.V., including: (i) an “A” Loan of up to US$10.8 million; (ii) a “B2” Loan of up to US$16.2 million for the account of participants under the Managed Co-Lending Portfolio Program (MCPP); and (iii) interest rate swaps representing a loan equivalent exposure of up to US$0.8 million. Lebanon – Investment in WCS Bank Beirut 7. The Board of Directors authorized on May 31, 2019 an investment in Lebanon – WCS Bank Beirut (IFC/R2019-0143; /1, dated May 16, 2019 and May 28, 2019, respectively) in the form of a senior loan of up to US$100 million. India – Investment in Piramal Capital & Housing Finance Limited (PCHFL) 8. The Board of Directors authorized on May 31, 2019 an investment in India – Piramal Capital & Housing Finance Limited (PCHFL) (IFC/R2019-0150, dated May 20, 2019) in the form of a senior loan of up to US$125 million and subscription to non-convertible debentures of up to INR 1,800 million (approximately US$25 million). China – Investment in CFPA Microfinance Management Co., Ltd (CFPA Gansu Loan) 9. The Board of Directors authorized on June 4, 2019 an investment in China – CFPA Microfinance Management Co., Ltd (IFC/R2019-0153, dated May 22, 2019) for an IFC investment of US$80 million or equivalent, consisting of: (i) an “A” loan of up to US$50 million or equivalent; and (ii) a Trust loan of up to US$25 million or equivalent from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program (MCPP), which is a portion of a syndicated loan of up US$30 million. ****************************************************************************** THE BOARD OF DIRECTORS OF MIGA MIGA’s FY19H1 Review of Guarantee Portfolio, Risk Management, Capital Adequacy and Limits 10. The Board of Directors recorded their approval on June 4, 2019 of the recommendation contained in paragraph 4 of the President’s Memorandum entitle “MIGA’s FY19H1 Review of Guarantee Portfolio, Risk Management, Capital Adequacy and Limits” (MIGA/R2019-0056; /1- 2, dated May 6, 2019, May 16, 2019 and May 28, 2019, 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. THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Bulgaria – Performance and Learning Review (PLR) of the Country Partnership Framework 11. The Executive Directors recorded their noting on May 31, 2019 of the Performance and Learning Review of the joint IBRD/IFC/MIGA Country Partnership Framework for Bulgaria for the period FY17-FY22 (R2019-0112[IFC/R2019-0129, MIGA/R2019-0058], dated May 9, 2019). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of May 30, 2019 12. The Executive Directors recorded their approval on June 3, 2019 of the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of May 30, 2019” (R2019-0149[IDA/R2019-0187, IFC/R2019-0180, MIGA/R2019-0069], dated May 31, 2019). Updated Process and Implementation for President’s Performance Assessment and Board Self-Assessment 13. The Executive Directors recorded their approval on June 3, 2019 of the “Updated Process and Implementation for President’s Performance Assessment and Board Self-Assessment” (R2019-0133[IDA/R2019-0162, IFC/R2019-0162, MIGA/R2019-0064], dated May 22, 2019). 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.