OFFICIAL USE ONLY M2016-0049 IDA/M2016-0049 IFC/M2016-0049 MIGA/M2016-0046 November 4, 2016 Closing Date: Friday, November 11, 2016 at 6:00 pm FROM: Vice President and Corporate Secretary Minutes of Meetings of the Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA held in the Board Room on November 1, 2016 and Record of Approvals on an Absence-of-Objection Basis or authorizations to proceed on a streamlined basis between October 28, 2016 and November 1, 2016 In the absence of comments or objections to be notified to the Corporate Secretary by 6:00 p.m. on November 11, 2016 the following Minutes and the Record of Previous Approvals will be deemed approved and so recorded in a subsequent set of Minutes of the Executive Directors of the Bank and IDA and the Board of Directors of IFC. Distribution: Executive Directors and Alternates President Bank Group Senior Management Vice Presidents, Bank, IFC and MIGA Directors and Department Heads, Bank, IFC and MIGA 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. FROM: Vice President & Corporate Secretary 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 November 1, 2016 at 10:12 a.m. 1. There were present: CHAIR: J. Levy, Managing Director and WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy K. Koguchi J. Allford B. Kunene S. Bouda P. Larose O. Bougara A. Lushin H. de Villeroche M. McGuire S. Garg U. Mueller F. Godts P. Pagano M. Gruber D. Quintero A. Hadiyanto J. Thoppil M. Hasan M. Torero F. Heemskerk S. Ulbaek F. Jimenez Y. Yang D. Kinder OFFICERS AND STAFF PARTICIPATING: K. Honda, Executive Vice President, MIGA A-M. Leroy, Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary A. Kumar-Capoor, Chief Counsel, MIGA 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. Farewell to Executive Director and Alternate Executive Director 2. The Chair made the customary presentation to Mr. Peter Larose, Executive Director, and Ms. Jiande Ye, Alternate Executive Director, on expiration of their terms of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned 11:03 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 October 28, 2016 and November 1, 2016 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Rwanda – Development Policy Financing – Third Social Protection System Operation 1. The Executive Directors recorded their approval on October 31, 2016 of the development policy credit in the amount of SDR 68.2 million (US$95 million equivalent) to Rwanda for the Third Social Protection System Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0237, dated October 7, 2016). Turkey – Loan – Turkey Geothermal Development Project 2. The Executive Directors recorded their approval on November 1, 2016 of the loan to Turkiye Sinai Kalkinma Bankasi A.S. with a sovereign guarantee from Turkey in the amount of US$150 million, a loan to Turkiye Kalkinma Bankasi A.S.with a sovereign guarantee from Turkey in the amount of US$100 million, and a Clean Technology Fund (CTF) grant in the amount of US$39.8 million for the Turkey Geothermal Development Project (R2016-0200, dated October 13, 2016). Mr. McGuire wished to record his abstention. ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Kenya – Investment in Tropical Heat 3. The Board of Directors authorized on October 28, 2016 an investment in Kenya – Tropical Heat (IFC/R2016-0294, dated October 18, 2016) in the form of up to a US$4.5 million debt financing package consisting or: (i) a senior debt loan of up to US$3 million, and (ii) a US$1.5 million subordinated debt loan from IFC in its capacity as implementing entity for the Private Sector Window (PSW) of the Global Agriculture and Food Security Program (GAFSP). Mongolia – Investment in Shangri-La Ulaanbaatar Hotel LLC for the Shangri-LA UB 2 Project 4. The Board of Directors authorized on October 28, 2016 an investment in Mongolia – Shangri-La Ulaanbaatar Hotel LLC (IFC/R2016-0292, dated October 18, 2016) in the form of an “A� loan of up to US$75 million. Ms. Mueller wished to record her abstention. 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 – Investment in Banco Daycoval S.A. (Daycoval Gender) 5. The Board of Directors authorized on October 31, 2016 an investment in Brazil – Banco Daycoval S.A. (IFC/R2016-0295; /1, dated October 19, 2016 and October 26, respectively) in the form of: (i) an “A� loan of up to US$75 million for IFC’s own account, (ii) Managed Co- Lending Portfolio Program (“MCPP�) loan of up to US$56.25 million from IFC acting in its capacity as the implementing entity for the MCPP, and (iii) a “B� loan of up to US$113.75 million for the account of participants. Paraguay – Restructuring of IFC’s Loan in UABL Limited (UABL II, UABL III and UABL Swap) 6. The Board of Directors authorized on October 31, 2016 a restructuring of IFC’s loan in UABL Limited (UABL II, UABL III and UABL Swap) (IFC/R2016-0296, dated October 19, 2016) and adopted Resolution No. IFC 2016-0027. China – Investment in Anyou Biotechnology Group Company Limited for the Anyou II Project 7. The Board of Directors authorized on November 1, 2016 an investment in China – Anyou Biotechnology Group Company Limited (IFC/R2016-0280, dated October 20, 2016) in the form on an “A� loan of up to CNY 260 million (approximately US$40 million equivalent). Mr. McGuire wished to record his abstention. MENA Region – Investment in Network International 8. The Board of Directors authorized on November 1, 2016 an investment in MENA Region – Network International (IFC/R2016-0297, dated October 20, 2016) in the form of equity of up to US$8.5 million in the WP Newco, and equity of up to US$8.5 million in the GA Newco, which will hold shares in the WP / GA Dubai Holding B.V., which owns 49 percent of the Company, Network International. 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.