54279 OFFICIAL USE ONLY M2010-0019 IDA/M2010-0019 IFC/M2010-0011 MIGA/M2010-0002 April 28, 2010 For meeting of Board: Thursday, May 13, 2010 FROM: The Acting Corporate Secretary Minutes of Joint 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 Thursday, April 8, 2010, at 2:59 p.m. 1. There were present: CHAIRMAN: V. La Via, Chief Financial Officer EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Almofadhi T. McIntosh J. Chang (Alternate) S. Moorehead P. Chatterji M. Mordasini D. Contreras L.P. Ong Seng S. Dib C. Renteria A. Fayolle J. Rojas J. Haarlov (Alternate) T. Shikibu J. Hagan L. Soderini (Temporary Alternate) M. Hasan I. Solomon M. Hofmann R. Treffers K. Huber S. Vithespongse A. Kvasov S. Watson ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS: A. Alkaffas F. Jeske-Schonhoven A. Alkhalifa T. Solyanyk G. Alzetta R. Studart I. Ampri H.A. Taha A. Dias Y. Takamura M. Garcia R. Von Kleist S. James -2- M2010-0019 IDA/M2010-0019 IFC/M2010-0011 MIGA/M2010-0002 OFFICERS AND STAFF PARTICIPATING: C. Braga, Acting Corporate Secretary M.-H. Bricknell, AFCKE A.M. Leroy, Senior Vice President and W. Fengler, AFTP2* General Counsel, LEGVP S. Gooptu, PRMED O. Ezekwesili, Vice President, AFRVP S.V. Iyer, AFTEG J. Gutman, Vice President and K. Krumm, AFTP2 Head of Network, OPCVP A. Kruse, AFTP2* K. Sierra, Vice President and J. Mueller, IMF Head of Network, SDNVP R. Ramcharan, IMF R. Kagia, Director, AFCS1 C. Makori, Corporate Secretariat J. Zutt, Director, AFCE2* *Via Videoconference Minutes of Previous Meeting 2. The Executive Directors approved the minutes of the meeting held on January 26, 2010 (M2010-0004[IDA/M2010-0004]). South Africa ­ Country Partnership Strategy Progress Report 3. The Executive Directors of the Bank and the Boards of Directors of IFC and MIGA noted the joint IBRD/IFC/MIGA Country Partnership Strategy Progress Report for South Africa for the period 2008-2012 (R2010-0056[IFC/R2010-0058, MIGA/R2010-0011], dated March 17, 2010). Loan to Eskom Holdings Limited, with the Guarantee of South Africa ­ Eskom Investment Support Project 4. The Executive Directors considered the President's Memorandum and Recommendation (R2010-0059, dated March 19, 2010) and approved the loan to Eskom Holdings Limited, with the guarantee of South Africa for an Eskom Investment Support Project in the amount of US$3.75 billion on the payment terms and other terms and conditions set out in the President's Memorandum. Messrs/Mmes Majnoni, Moorehead, Solomon, and Treffers wished to be recorded as abstaining. Comoros ­ Poverty Reduction Strategy Paper and Joint IDA-IMF Staff Advisory Note 5. The Executive Directors discussed the Poverty Reduction Strategy Paper and Joint IDA-IMF Staff Advisory Note for Comoros (IDA/SecM2010-0117, dated March 17, 2010). (The Chairman's Summing-Up was subsequently distributed as IDA/SecM2010-0189, dated April 9, 2010.) Adjournment 6. The meeting adjourned at 5:37 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. -3- M2010-0019 IDA/M2010-0019 IFC/M2010-0011 MIGA/M2010-0002 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.