Minutes of a 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 5, 2018 at 10:05 a.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: M. Abdul Karim H-J. Kim T. Almutairi L. Laraia S. Bouda A. Lushin O. Bougara K. Nishikata B. Catzaras C. Prissette C. DeLuca M. Robinson J. Diaz Palacios R. Sheoraj P. Donaldson A. Subramani R. Eletreby M. Torero F. Godts S. Ulbaek R. Herrera J. Zattler A. Kabagambe M. Zhang R. Kachur OFFICERS AND STAFF PARTICIPATING: A. Shayne, Acting Senior Vice President and General Counsel M. Garcia, Acting Vice President and Corporate Secretary D. Gaye, Acting Vice President P. Laporte, Country Director * R. Ogunsulire, Country Manager K. Sharkey, Country Manager C. Kante, Country Manager P. Ridolfi, Country Program Coordinator G. Verheyen, Underwriter, MIGA *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. Benin – Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Partnership Framework for Benin for the period FY19-FY23 (R2018-0143[IDA/R2018-0200, IFC/R2018- 0199, MIGA/R2018-0069];/1, dated June 11, 2018, and June 19, 2018, respectively). Burkina Faso – Country Partnership Framework 3. The Executive Directors discussed the joint IDA/IFC/MIGA Country Partnership Framework for Burkina Faso for the period FY18-FY23 (IDA/R2018-0193[IFC/R2018-0196, MIGA/R2018-0067]; /1, dated June 11, 2018, June 21, 2018, 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. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis between June 29, 2018 – July 5, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Cote d'Ivoire – IDA Guarantee - CI-Energies Guarantee Project 1. The Executive Directors recorded their approval on June 29, 2018 of an IDA guarantee in an aggregate face value not to exceed EUR 240 million or equivalent in CFAF (USD 283 million) to Cote d’Ivoire for a CI-Energies Guarantee Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0207;/2, dated June 12, 2018). Cote d'Ivoire - Scale-Up Facility (SUF) Credit - Greater Abidjan Port - City Integration Project 2. The Executive Directors recorded their approval on June 29, 2018 of the credit from the IDA Scale-up Facility (SUF) in the amount of Euros 260.5 million (US$315 million equivalent) to Cote d’Ivoire for a Greater Abidjan Port - City Integration Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0206, dated June 12, 2018). Mozambique – Grant - Smallholder Irrigated Agriculture and Market Access Project 3. The Executive Directors recorded their approval on June 29, 2018 of the grant in the amount of SDR 38.3 million (US$55 million equivalent) to Mozambique for a Smallholder Irrigated Agriculture and Market Access Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0176;/3, dated June 4, 2018, June 21, 2018, and August 21, 2018, respectively). Brazil – Loan with a Sovereign Guarantee and Grant from the Clean Technology Fund (CTF) - Financial Instruments for Brazil Energy Efficient Cities Project 4. The Executive Directors recorded their approval on June 29, 2018 of the loan with a sovereign guarantee of Brazil in the amount of US$200 million to Caixa Econômica Federal (CEF), Brazil, and a grant from the Clean Technology Fund (CTF) in the amount of US$20 million to Brazil, for a Financial Instruments for Brazil Energy Efficient Cities Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0149, dated June 12, 2018). Ecuador – Additional Loan with a Sovereign Guarantee – Guayaquil Wastewater Management Project 5. The Executive Directors recorded their approval on June 29, 2018 of the additional loan with a sovereign guarantee from Ecuador in the amount of US$233.6 million to the Empresa 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. Municipal de Agua Potable y Alcantarillado de Guayaquil (EMAPAG EP) for a Guayaquil Wastewater Management Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0116;/2, dated June 5, 2018, and June 21, 2018, respectively). Africa – Grant - Africa Regional Scholarship and Innovation Fund for Applied Sciences, Engineering and Technology Project 6. The Executive Directors recorded their approval on July 5, 2018 of the grant, in the amount of SDR 10.5 million (US$15 million equivalent) to the International Centre of Insect Physiology and Ecology for an Africa Regional Scholarship and Innovation Fund for Applied Sciences, Engineering and Technology Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0214;/2, dated June 13, 2018, and June 21, 2018, respectively). Mali – Credit and Grant – Mali Drylands Development Project 7. The Executive Directors recorded their approval on July 5, 2018 of a credit in the amount of Euro 24.9 million (US$30 million equivalent) and a grant in the amount of SDR 20.9 million (US$30 million equivalent) to Mali for a Mali Drylands Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0174, dated June 15, 2018). Mali – Additional Grant – Emergency Safety Nets Project (Jigisemejiri) 8. The Executive Directors recorded their approval on July 5, 2018 of the additional grant, in the amount of SDR 36.2 million (US$52 million equivalent) to Mali for the Emergency Safety Nets Project (Jigisemejiri) on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0221, dated June 15, 2018). Mali – Development Policy Credit and Grant – Second Poverty Reduction and Inclusive Growth Support Operation Development Policy Operation 9. The Executive Directors recorded their approval on July 5, 2018 of the development policy credit in the amount of EUR 24.9 million (US$30 million equivalent) and development policy grant in the amount of SDR 20.9 million (US$30 million equivalent) to Mali for a Second Poverty Reduction and Inclusive Growth Support Operation Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0219, dated June 13, 2018). Solomon Islands – IDA Credit and Grant; a Strategic Climate Fund Grant; a Small Island Developing States Initiative (SIDS DOCK) Grant; and a GEF Grant – Electricity Access and Renewable Energy Expansion Project 10. The Executive Directors recorded their approval on July 5, 2018 of the (i) IDA credit in the amount of SDR 3.9 million (US$5.55 million equivalent); (ii) IDA grant in the amount of SDR 3.4 million (US$4.75 million equivalent); (iii) Strategic Climate Fund - Scaling-Up 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. Renewable Energy in Low Income Countries Program (SCF-SREP) grant in the amount of US$7.1 million; (iv) Global Environment Facility (GEF) grant in the amount of US$946,750 and (v) Small Island Developing States Initiative (SIDS DOCK) grant in the amount of US$1.6 million to Solomon Islands for an Electricity Access and Renewable Energy Expansion Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018- 0162[GEF/R2018-0005];/2, dated June 13, 2018, and June 26, 2018, respectively). Kosovo – Credit – Kosovo Digital Economy (KODE) Project 11. The Executive Directors recorded their approval on July 5, 2018 of the credit, in the amount of EUR 20,700,000 (US$25 million equivalent) to Kosovo for the Kosovo Digital Economy (KODE) Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0186; /2, dated June 13, 2018, and June 22, 2018, respectively). Messrs. Lushin, Jimenez and Torero wished to be recorded as abstaining. Moldova – Credit - Economic Governance Development Policy Operation 12. The Executive Directors recorded their approval on July 5, 2018 of the credit, in the amount of EUR 24.9 million (USD 30 million or SDR 20.9 million) to Moldova for the Economic Governance Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0203, dated June 13, 2018). Antigua, Barbuda, Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines – Loan and Credits - OECS Micro, Small and Medium-Sized Enterprise (MSME) Guarantee Facility Project 13. The Executive Directors recorded their approval on July 5, 2018 of the loan in the amount of USD 2 million to Antigua and Barbuda (Loan IBRD 88830-001) and four proposed credits to in the amount of SDR 1.4 million (USD 2 million equivalent) to Dominica, USD 2 million (SDR 1.4 million equivalent) to Grenada, USD 2 million (SDR 1.4 million equivalent) to Saint Lucia, USD 2 million (SDR 1.4 million equivalent) to Saint Vincent and the Grenadines for the OECS Micro, Small and Medium-Sized Enterprise (MSME) Guarantee Facility Project on the terms and conditions set out in the President’s Memorandum (R2018-0151[IDA/R2018- 0210];/2, dated June 13, 2018, and June 22, 2018, respectively). India – Loan - Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan 14. The Executive Directors recorded their approval on July 5, 2018 of the loan, in the amount of US$250 million to India for a Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan on the terms and conditions set out in the President’s Memorandum (R2018-0141, dated June 13, 2018). ****************************************************************************** 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 Submission to the Board of Governors of the Report by the 2018 Joint Committee on the Remuneration of Executive Directors and their Alternates 15. The Executive Directors recorded their approval on June 29, 2018 of the document entitled “Submission to the Board of Governors of the Report by the 2018 Joint Committee on the Remuneration of Executive Directors and their Alternates� (R2018-0176[IDA/R2018-0246, IFC/R2018-0237, MIGA/R2018-0098], dated June 28, 2018). Panama – Performance and Learning Review of the Country Partnership Framework 16. The Executive Directors recorded their noting on June 29, 2018 of the Performance and Learning Review of the joint IBRD/IFC/MIGA Country Partnership Strategy for Panama for the period FY15 – FY21 (R2018-0147[IFC/R2018-0206, MIGA/R2018-0073], dated June 8, 2018). Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of June 28, 2018 17. The Executive Directors recorded their approval on July 5, 2018 of the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of June 28, 2018� (R2018-0177[IDA/R2018-0247, IFC/R2018-0239, MIGA/R2018-0099], dated June 29, 2018). 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.