FROM: Vice President & Corporate Secretary 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 June 12, 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: T. Almutairi H. Kim P. Bethel B. Kunene S. Bouda B. Lvin O. Bougara K. Nishikata A. Bvumbe P. Pagano B. Catzaras R. Schroeder P. Donaldson J. Stockill R. Eletreby G. Schoenleitner F. Godts A. Subramani W. Gruber M. Torero A. Hadiyanto S. Ulbaek D. Hernandez M. Zhang R. Herrera OFFICERS AND STAFF PARTICIPATING: C. Frazier, Acting Senior Vice President & General Counsel Y. Tsikata, Vice President and Corporate Secretary M. Murthi, Acting Vice President, Africa Region L. Cord, Country Director I. Velev, Country Program Coordinator *F. Allibhoy, Country Manager, IFC M. Nebe, Senior Risk Management Officer, 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. The Gambia – Country Engagement Note 2. The Executive Directors discussed the joint IDA/IFC/MIGA Country Engagement Note for The Gambia for the period FY18-FY21 (IDA/R2018-0139[IFC/R2018-0159, MIGA/R2018-0049], dated May 18, 2018). Adjournment 3. The meeting adjourned 11:44 a.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 8, 2018 – June 12, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Organization for the Harmonization of Business Law in Africa (OHADA) – Restructuring and Additional Financing - Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) Project 1. The Executive Directors recorded their approval on June 8, 2018 of the additional grant in the amount of SDR 10.5 million (US$15 million equivalent) to the Organization for the Harmonization of Business Law in Africa (OHADA) for the Improved Investment Climate within the Organization for the Harmonization of Business Laws in Africa (OHADA) Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0143, dated May 25, 2018). Djibouti – Credit – Support for Women and Youth Entrepreneurship Project 2. The Executive Directors recorded their approval on June 8, 2018 of the credit in the amount of SDR 10.5 million (US$15 million equivalent) to Djibouti for the Support for Women and Youth Entrepreneurship Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0142, dated May 21, 2018). Lebanon – Loan – Land Administration System Modernization Project 3. The Executive Directors recorded their approval on June 8, 2018 of the loan in the amount of US$43 million to Lebanon for the Land Administration System Modernization Project on the terms and conditions set out in the President’s Memorandum (R2018-0099), dated May 21, 2018). Morocco – Additional Loan and Additional Clean Technology Fund (CTF) Loan – Noor Solar Power Project 4. The Executive Directors recorded their approval on June 8, 2018 of the additional loan in the amount of US$100 million and additional Clean Technology Fund (CTF) loan in the amount of US$25 million to the Moroccan Agency for Sustainable Energy with the guarantee of Morocco for the Noor Solar Power Project on the terms and conditions set out in the President’s Memorandum (R2018-0098, dated May 21, 2018). Mr. Bethel wished to be recorded as abstaining. Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors 5. The Executive Directors recorded their approval on June 11, 2018 of the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors� (R2018-0150[IDA/R2018-0208, IFC/R2018-0207, MIGA/R2018-0074, dated June 8, 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. Revised Selection Procedures for Members of the Inspection Panel 6. The Executive Directors recorded their approval on June 11, 2018 of the recommendation contained in the Memorandum the President entitled “Revised Selection Procedures for Members of the Inspection Panel� (IDA/R2018-0113, dated May 8, 2018). ************************************************************************************ THE BOARD OF DIRECTORS OF IFC Angola – Investment in Alianca Global Hotel Property – Hotelaria, Lda. For the Hilton Talatona Project 7. The Board of Directors authorized on June 8, 2018 an investment in Angola – Alianca Global Hotel Property – Hotelaria, Lda. (IFC/R2018-0176, dated May 29, 2018) in the form of an “A� loan of up to US$10 million. Messrs. Bethel and Zattler wished to be recorded as abstaining. Tunisia – Investment in Banque Attijari de Tunisie 8. The Board of Directors authorized on June 8, 2018 an investment in Tunisia – Banque Attijari de Tunisie (IFC/R2018-0165; /1, dated May 23, 2018 and June 6, 2018, respectively) in the form of a subordinated loan of up to EUR 40 million (estimated US$49 million equivalent). India – Investment in Camlin Fine Sciences Limited for the Camlin Project 9. The Board of Directors authorized on June 8, 2018 an investment in India – Camlin Fine Sciences Limited (IFC/R2018-0177, dated May 29, 2018) comprising a combination of an “A� loan and a foreign currency convertible bond (FCCB) of up to US$30 million. Bangladesh – Investment in Dhaka Bank Limited (DBL Syndication) for Dhaka Bank Limited 10. The Board of Directors authorized on June 11, 2018 an investment in Bangladesh – Dhaka Bank Limited (DBL Syndication) (IFC/R2018-0180, dated May 30, 2018) in the form of a senior loan for an aggregate amount of up to US$50 million, consisting of: (i) an “A� loan of up to US$10 million for IFC’s own account; and (ii) a B1 loan of up to US$40 million from potential participants. India – Investment in Arohan Financial Services (P) Limited 11. The Board of Directors authorized on June 11, 2018 an investment in India – Arohan Financial Services (P) Limited (IFC/R2018-0179, dated May 30, 2018) in the form of senior debt of up to INR 990 million (US$15 million equivalent). 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.