59851 OFFICIAL USE ONLY M2011-0004 IDA/M2011-0004 IFC/M2011-0003 February 24, 2011 For meeting of Board: Tuesday, March 8, 2011 FROM: Vice President and Corporate Secretary Minutes of Joint Meeting of the Executive Directors of the Bank and IDA, and the Board of Directors of IFC, held in the Board Room on Thursday, January 20, 2011, at 10:05 a.m. 1. There were present: CHAIR: N. Okonjo-Iweala, Managing Director EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Alkaffas (Alternate) A. Mendes Dias I. Alturki (Alternate) R. Mokate P. Chatterji S. Moorehead P. Cipollone M. Mordasini P. Espinola (Temporary Alternate) M.-L. Morin A. Fayolle T. Nguyen (Temporary Alternate) M. Garcia I. Solomon V. Grishin T. Solyanyk (Alternate) J. Haarlov (Alternate) R. Studart J. Hagan H.A. Taha N. Hayashi J. Talat I. Hoven C. Zou (Alternate) K. Huber -2- M2011-0004 IDA/M2011-0004 ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS: IFC/M2011-0003 K. Aminul Islam M.S. Kayad K. Dalrymple D.H. Kim V. Dhanpaul M. Krupinski S. Dib N. Mota Pinto D. Kalyalya A. Touret-Blondy OFFICERS AND STAFF PARTICIPATING: J. Familiar, Vice President and J.K. Ahmad, AFTUW* and Corporate Secretary M. Ampah, TWICT A.-M. Leroy, Senior Vice President I. Astrakhan, AFCZA and General Counsel, LEGVP S. Dessus, AFTP4 O. Ezekwesili, Vice President, AFRVP P. Dongier, TWICT I. Guerrero, Vice President, SARVP M. Pigato, AFTP4 M. Baroudi, Director, CFRCR E. Sherwood, AFTUW A. Bassani, Director, CFPIR J. Walliser, AFTP3 Y. Crookes, Director, AFCRI* A. Wellenstein, SACIA T. Davenport, Director, CSADR P. Allum, IMF I. Diwan, Director, AFCW1* M. Takeda, IMF R. Kagia, Director, AFCS1* A. Dhar, Corporate Secretariat N.R. Zagha, Director, SACIN *Via Videoconference Minutes of Previous Meetings 2. The Executive Directors approved the minutes of the meetings held on November 23 (M2010-0073[IDA/M2010-0073) and December 7, 2010 (M2010-0075[IDA/M2010-0075]). India - Country Strategy Progress Report 3. The Executive Directors discussed the joint IBRD/IDA/IFC Country Strategy Progress Report for India for the period FY2009-2012 (R2010-0302[IDA/R2010-0381, IFC/R2010-0404], dated December 15, 2010). (The Chair's Summing Up of the discussion was subsequently distributed as SU2011-0001[IDA/SU2011-0001], [IFC/SU2011-0001], dated January 21, 2011.) Ghana - Development Policy Operation - Seventh Poverty Reduction Support Credit (PRSC-7) 4. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R2010-0385, dated December 28, 2010) and approved the development policy operation for a Seventh Poverty Reduction Support Credit (PRSC-7) to Ghana in the amount of SDR 141 million (US$215 million equivalent) on the payment terms and other 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- M2011-0004 IDA/M2011-0004 IFC/M2011-0003 Liberia and Sierra Leone - Adaptable Program Lending (Credits) - West Africa Regional Communications Infrastructure Project (APL 1A) 5. The Executive Directors considered the President's Memorandum and Recommendation (IDA/R2010-0386, dated December 29, 2010) and approved the credits to Liberia and Sierra Leone for the West Africa Regional Communications Infrastructure Project (APL 1A) in the amounts of SDR 16.3 million (US$25.6 million) and SDR 19.8 million (US$31 million), respectively, on the payment terms and other terms and conditions set out in the President’s Memorandum. The horizontal adaptable program lending supports the first phase of a three-phase West Africa Regional Communications Infrastructure Program totaling in the aggregate the amount of US$300 million. Swaziland - Loan - Local Government Project 6. The Executive Directors considered the President's Memorandum and Recommendation (R2010-0311, dated December 29, 2010) and approved the loan to Swaziland for a Local Government Project in the amount of US$26.9 million on the payment terms and other terms and conditions set out in the President’s Memorandum. Loan to China - Zhejiang Qiantang River Basin Small Town Environment Project 7. The Executive Directors approved the loan to China for a Zhejiang Qiantang River Basin Small Town Environment Project in the amount of US$100 million on the payment terms and other terms and conditions set out in the President’s Memorandum and Recommendation (R2010-0304, dated December 29, 2010). Second Development Policy Loan to Romania - Public Financial Management, Social Protection and Financial Sector Strengthening Program 8. The Executive Directors approved the second development policy loan to Romania for a Public Financial Management, Social Protection and Financial Sector Strengthening Program in the amount of EUR 300 million (US$380.5 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum (R2010-0306, dated December 27, 2010). Emergency Recovery Credit to Pakistan - Khyber Pakhtunkhwa and FATA Emergency Recovery Project 9. The Executive Directors approved the emergency recovery credit to Pakistan for a Khyber Pakhtunkhwa and FATA Emergency Recovery Project in the amount of SDR 163.9 million (US$250 million equivalent) on the payment terms and other terms and conditions set out in the President’s Memorandum (IDA/R2011-0001, dated January 6, 2011). 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. -4- M2011-0004 IDA/M2011-0004 IFC/M2011-0003 Date of Next Meeting 10. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Tuesday, January 25, 2011. Adjournment 11. The meeting adjourned at 1:20 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.