FROM: The Corporate Secretary 91868 rev 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 October 23, 2014 at 10:04 a.m. 1. There were present: CHAIR: J.Y. Kim, President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: I. Alturki D. Kalyalya G. Alzetta M. Kan S. Annamalai A. Mendes Dias S. Aviel N. Mota Pinto O. Bougara U. Mueller J. Bravo M. Muhtar S. Chen C. Roberts A. Delaunay S. Santala A. Foxley R. Tan J. Frieden M. Tareque V. Grishin M. Willcock J. Harris K. Wissa F. Heemskerk B.-H. Yu OFFICERS AND STAFF PARTICIPATING: A. Chytla, Deputy General Counsel, Knowledge, Research and International Law F. Zeidan, Deputy General Counsel, IFC A.-M. Betancourt, General Counsel, MIGA M. Mohieldin, Corporate Secretary 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 Directors and Alternate Executive Directors 2. The Chair made the customary presentation to Mr. Gino Pierre Alzetta, Executive Director, Mr. Sundaran Annamalai, Executive Director, Mr. Juan Jose Bravo Moises, Executive Director, Mr. Vadim Nikolaevich Grishin, Executive Director, Mr. Denny Hamachila Kalyalya, Executive Director, Mr. Agapito Mendes Dias, Executive Director, Mr. Mansur Muhtar, Executive Director, Mr. Roberto B. Tan, Executive Director, Mr. Michael Thomas Willcock, Executive Director, Mr. Ibrahim M.I. Alturki, Alternate Executive Director and Mr. Bok-Hwan Yu, Alternate Executive Director, on expiration of their term of service and tendered their good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 12:19 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. 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 17, 2014 and October 23, 2014: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: Africa – Additional Financing – Ethiopia: Regional Pastoral Livelihoods Resilience Project 1. The Executive Directors recorded their approval on October 21, 2014 of the additional credit to Africa for an Ethiopia: Regional Pastoral Livelihoods Resilience Project in the amount of SDR 49.4 million (US$75 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0290, dated October 1, 2014). Ms. Aviel wished to be recorded as abstaining. Mozambique – Additional Financing – Cities and Climate Change Project 2. The Executive Directors recorded their approval on October 23, 2014 of the loan and grant from the Strategic Climate fund – Pilot Program for Climate Resilience (SCF-PPCR) to Mozambique for a Cities and Climate Change Project in the amount of SDR 10.41 million (US$15.75 million equivalent (comprised of a US$6.50 million SCF-PPCR loan and a US$9.25 million SCR-PPCR grant)) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0292, dated October 3, 2014). Minutes of Previous Meetings 3. The Executive Directors of the Bank and IDA, recorded their approval on October 21, 2014 of the Minutes of the meeting in restricted executive session, held on October 14, 2014 (XM2014-0005, [IDA/XM2014-0004], dated October 15, 2014). *************************************************************** THE BOARD OF DIRECTORS OF IFC: Nicaragua – Investment in Condor Gold 4. The Board of Directors authorized on October 20, 2014 an investment in Nicaragua – Condor Gold (IFC/R2014-0326, dated October 7, 2014) in the form of equity investment of up to US$10 million. THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA: Minutes of Previous Meetings 5. The Executive Directors of the Bank and IDA, the Board of Directors of IFC and the Board of Directors of MIGA, recorded their approval on October 17, 2014 of the Minutes of the meeting held on October 2, 2014 and of the Record of approvals or authorizations between October 1, 2014 through October 2, 2014 (M2014-0049, [IDA/M2014-0049, IFC/M2014-0050, MIGA/M2014-0042], dated October 7, 2014). 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. 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.