70542

          PROPOSED ADOPTION AND APPLICATION OF WORLD BANK
    PERFORMANCE STANDARDS FOR PRIVATE SECTOR PROJECTS SUPPORTED
                             BY IBRD/IDA

                             Meeting of the Executive Directors

                                        June 26, 2012

                                 CHAIR’S SUMMING UP

       Executive Directors discussed the Proposed Adoption and Application of World Bank
Performance Standards for Private Sector Projects Supported by IBRD/IDA (R2012-0130 /
IDA/R2012-0161) and approved the recommendations contained in paragraph 2 of the
President’s Memorandum (R2012-0130; IDA/R2012-0161).

        Executive Directors expressed support for the proposal, which would enable World
Bank-IFC/MIGA joint project teams to collaborate more efficiently and effectively, and the
Bank to promote more public-private partnerships in the infrastructure sector. Directors
emphasized the importance of adequate resources to supervise and monitor projects and called
for clear guidelines for staff and an appropriate communication strategy. In that respect, they
welcomed the roll out of the planned training program.

        The Board of Directors noted that the Inspection Panel will have jurisdiction over
projects processed under the World Bank Performance Standards. They also noted that
Management’s commitments on categorizing projects, disclosure of project documents,
management of projects with financial intermediaries and project supervision will be
incorporated into the Bank’s operational policies and procedures.




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This summary is not an approved record.