57431 OFFICIAL USE ONLY M2010-0057 IDA/M2010-0057 October 20, 2010 For meeting of Board: Tuesday, November 9, 2010 FROM: Vice President and Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA, held in the Board Room on Thursday, September 16, 2010, at 2:34 p.m. 1. There were present: CHAIRMAN: V. La Via, Chief Financial Officer EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Almofadhi S. James (Alternate) A. Brandt D.H. Kim (Alternate) J. Chang (Alternate) B. Lvin (Temporary Alternate) P. Chatterji G. Majnoni K. Dalrymple (Alternate) S. Mellali (Temporary Alternate) A. Dias (Alternate) M. Mordasini P. Espinola (Temporary Alternate) S. Renander (Temporary Alternate) A. Fayolle C. Renteria M. Garcia (Alternate) T. Solyanyk (Alternate) M Hasan Y. Takamura (Alternate) M. Hofmann S. Vithespongse K. Huber V. Vumendlini-Schalk (Temporary Alternate) ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS: A. Alkaffas J. Haarlov G. Alzetta N. Mota Pinto K. Aminul Islam R. Studart I. Ampri A. Touret-Blondy -2- M2010-0057 IDA/M2010-0057 OFFICERS AND STAFF PARTICIPATING: J. Familiar, Vice President Y. Tsikata, Director, LCC3C and Corporate Secretary S. Bell, MNSED A.M. Leroy, Senior Vice President P. Gallant, GSDSO and General Counsel, LEGVP M. Guadamillas, FPDFP C. Braga, Acting Executive Secretary, E. Hamilton, LCSUW Development Committee Y. Kim, LCSUW S. Akhtar, Vice President, MNAVP J. Nasir, MNSFP P. Cox, Vice President, LCRVP A. Yeo, SECCO J. Devan, Vice President and M. Garza, IMF Head of Network, FPDVP M. Sumlinski, IMF C. Rusagara, Director, FPDFS C. Towe, IMF M. Sherman, Director, MNC04 R. Krech, Corporate Secretariat Oral Briefing on 2010 Annual Meetings 2. Management briefed the Executive Directors on the status of preparations for the 2010 Annual Meetings to be held in Washington, D.C. (October 9-11, 2010). Oral Briefing on the Financial Sector Assessment Program 3. Management updated the Executive Directors on the joint Bank-Fund Financial Sector Assessment Program. Belize ­ Municipal Development Project 4. The Executive Directors considered the President's Memorandum and Recommendation (R2010-0213, dated August 26, 2010) and approved the loan to Belize for a Municipal Development Project in the amount of US$15 million on the payment terms and other terms and conditions set out in the President's Memorandum. Trust Fund Grant to the Palestine Liberation Organization (for the Benefit of the Palestinian Authority) ­ West Bank and Gaza ­ Palestinian Reform and Development Plan Development Policy Grant III 5. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R2010-0273, dated August 24, 2010) and approved the grant from the Trust Fund for Gaza and the West Bank to the Palestine Liberation Organization (for the benefit of the Palestinian Authority) for a Palestinian Reform and Development Plan Development Policy Grant III in the amount of US$40 million on the terms and conditions set out in the President's Memorandum. 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- M2010-0057 IDA/M2010-0057 Additional Financing Credit and Grant to Lesotho ­ Integrated Transport Project 6. The Executive Directors approved the additional financing credit and grant to Lesotho for an Integrated Transport Project in the amounts of SDR 5.8 million (US$8.5 million equivalent) and SDR 4.4 million (US$6.5 million equivalent), respectively, on the payment terms and other terms and conditions set out in the President's Memorandum (IDA/R2010-0275, dated August 26, 2010). Enhancing Voice and Participation of Developing and Transition Countries and 2010 General Capital Increase (Voting by Governors - Postponement of Terminal Date) 7. The Executive Directors recorded their approval on September 3, 2010 of the recommendation contained in paragraphs 3 and 4 of the Memorandum from the Vice President and Corporate Secretary (R2010-0219, dated August 24, 2010), namely, that the voting period be postponed to March 31, 2011. Sri Lanka ­ Small and Medium Enterprise Development Facility Project 8. The Executive Directors recorded their approval on September 7, 2010 of the recommendation contained in paragraph 5 of the President's Memorandum entitled "Sri Lanka ­ Small and Medium Enterprise Development Facility Project" (IDA/R2010-0279, dated August 24, 2010). Mr. Solomon (via email dated September 7, 2010) wished to be recorded as opposed. Inspection Panel ­ Chile ­ Quilleco Hydropower Project ­ Report and Recommendation 9. The Executive Directors recorded their approval on September 7, 2010 of the recommendation contained in Section H (paragraphs 73-78) of the Report of the Inspection Panel entitled "Inspection Panel ­ Chile ­ Quilleco Hydropower Project ­ Report and Recommendation" (INSP/R2010-0005, dated August 26, 2010), namely, that the Inspection Panel would make a determination by May 31, 2011 as to whether an investigation is warranted. Date of Next Meeting 10. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Tuesday, September 21, 2010. Adjournment 11. The meeting adjourned at 5:06 p.m. 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.