FROM: Vice President and Corporate Secretary 66603       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 Tuesday, January 24, 2012, at 10:04 a.m.     1. There were present: CHAIR:   R.B. Zoellick, President   Followed by: C. Anstey, Managing Director   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   I. Alturki (Alternate) R. Mokate A. Brandt S. Moorehead   F.A. Camarasa M.-L. Morin P. Cipollone S. Nanu (Alternate)   J. Frieden M.N. Prasad M. Garcia I. Solomon   M. Hasan R. Studart N. Hayashi H.A. Taha   I. Hoven J. Talat K. Huber A. Touret-Blondy (Alternate)   H. Manao J. Whitehead A. Mendes Dias Y. Yang   E. Miagkov (Alternate)   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas B. Han G. Alzetta S. James   K. Aminul Islam   D. Kalyalya D. Bohan M.S.Kayad J.J. Bravo M. Muhtar I.-K. Cho W. Rissmann K. Dalrymple W. Szczuka V. Daza Foronda Y. Takamura V. Dhanpaul 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.    -2-   OFFICERS AND STAFF PARTICIPATING:   M. Mohieldin, Managing Director J. von Amsberg, Vice President and J. Familiar, Vice President Head of Network, OPCVP   and Corporate Secretary P. Bermingham, Director, OPCOS A. Toft, Deputy General Counsel, M. Ferro, Director, MNSPR   Operations, LEGVP H. Larbi, Director, MNC02 C. Heider, Director-General, A. Attiga, CMEJA   Evaluation, IEGDG F. Saadah, OPCIL L. McCarthy, Vice President, INTVP R. Sab, IMF   I. Andersen, Vice President, MNAVP B. Geiser, Corporate Secretariat   A New Instrument to Advance Development Effectiveness: Program-for-Results Financing   2. The Executive Directors considered the President's Memorandum entitled "A New Instrument to Advance Development Effectiveness: Program-for-Results Financing" (R2011-0282[IDA/R2011-0350],   dated December 29, 2011), and approved the recommendation in paragraph 5 of the President’s Memorandum and took note of the clarifications provided by Management. Mr. Cipollone wished to be   recorded as abstaining.   Jordan - Country Partnership Strategy   3. The Executive Directors discussed the joint IBRD/IFC Country Partnership Strategy for Jordan for the period FY2012-FY2015 (R2011-0280/1[IFC/R2011-0352/1], dated December 29, 2011 and   January 5, 2012, respectively.) (The Chair’s Summing Up of the discussion was subsequently distributed as SU2012-0001[IFC/SU2012-0001], dated January 25, 2012.)   Jordan - Development Policy Lending (Loan) - First Programmatic Development Policy Operation   4. The Executive Directors considered the the President's Memorandum and Recommendation   (R2011-0281, dated December 29, 2011) and approved the First Programmatic Development Policy Loan to Jordan in the amount of US$250 million on the payment terms and other terms and conditions set out   in the President’s Memorandum.   Montenegro - Loan - Higher Education and Research for Innovation and Competitiveness Project   5. The Executive Directors approved the loan to Montenegro for a Higher Education and Research for Innovation and Competitiveness Project in the amount of EUR 12 million (US$15.98 million   and other terms and conditions set out in the President’s Memorandum   equivalent) on the payment terms (R2012-0003, dated January 3, 2012). Minutes of Previous Meetings 6. The Executive Directors recorded their approvals on January 17, 2012 of the Minutes of the joint meeting held on December 20, 2011 (M2011-0095[IDA/M2011-0095, IFC/M2011-0065, MIGA/M2011-0030]), and on January 18, 2012 of the Minutes of the joint meeting held on December 19, 2011 (XM2011-0003[IDA/XM2011-0003, IFC/XM2011-0001, MIGA/XM2011-0001]). 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-   Date of Next Meeting   7. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Thursday, January 26, 2012.   Adjournment   8. The meeting adjourned at 12:39 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.