FROM: The Corporate Secretary 91017 Minutes of Meeting of the Executive Directors of the Bank and IDA and the Boards of Directors of IFC held in the Board Room on September 23, 2014 at 10:05 a.m. 1. There were present: CHAIR: B. Badre, Managing Director and WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Alaali F. Mercusa S. Aviel K. Naradate B. Charassangsomboon M. Prasad A. Cisse W. Rissmann A. Delaunay S. Santala C. Forcieri A. Smith B. Han W. Szczuka G. Hines C. Tortola Sebastian M. Kayad M. Willcock N. Khosa G. Yazganarikan L. Larose E. Zephyrine A. Lourenco R. Zhukovskyi B. Lvin OFFICERS AND STAFF PARTICIPATING: A.M. Leroy, Senior Vice President and General Counsel S. Suleymanov, Acting Corporate Secretary P. Le Houerou, Regional Vice President * S. Devieux, Director A. Nishio, Director * J. Zutt, Country Director * K. Kelhofer, Country Manager * G. Boyreau, Senior Economist J. Widmann, Senior Country Officer S. Singh, Chief Investment Officer *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. Bhutan – Country Partnership Strategy 2. The Executive Directors discussed the joint IDA/IFC Country Partnership Strategy for Bhutan for the period FY2015-FY2019 (IDAR2014-0280[IFC/R2014-0290] dated August 29, 2014). Adjournment 3. The meeting adjourned at 11:09 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. 5 The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between September 19, 2014 and September 23, 2014 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Croatia – Loan – Social Protection System Modernization Project 1. The Executive Directors recorded their approval on September 19, 2014 of the loan in the amount of EUR 70 million (US$95.55 million equivalent) to Croatia for the Social Protection System Modernization Project on the terms and conditions set out in the President’s Memorandum (R2014-0196, dated September 2, 2014). Montenegro – Loan – Industrial Waste Management and Cleanup Project 2. The Executive Directors recorded their approval on September 19, 2014 of the loan in the amount of EUR 50 million (US$68.9 million equivalent) to Montenegro for the Industrial Waste Management and Cleanup Project (R2014-0195, dated September 2, 2014). Brazil – GEF Trust Fund Grant – Marine Protected Areas Project 3. The Executive Directors recorded their approval on September 19, 2014 of the GEF Trust Fund grant to the Fundo Brasileiro para a Biodiversidade – FUNBIO (Brazilian Biodiversity Fund or FUNBIO) in Brazil in the amount of US$18.2 million for the Marine Protected Areas Project the terms and conditions set out in the President’s Memorandum (GEF/R2014-0018/2, dated September 9, 2014). Samoa – Development Policy Grant – First Fiscal and Economic Reform Operation 4. The Executive Directors recorded their approval on September 22, 2014 of the development policy grant in the amount of SDR 4.9 million (US$7.5 million equivalent) to Samoa for the First Fiscal and Economic Reform Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0277, dated August 29, 2014). FYR Macedonia – Loan – National and Regional Roads Rehabilitation Project 5. The Executive Directors recorded their approval on September 23, 2014 of the loan to the Public Enterprise for State Roads (PESR) with a sovereign guarantee from FYR Macedonia in the amount of EUR 52 million (US$70.98 million equivalent) on the terms and conditions set out in the President’s Memorandum (R2014-0199/2, dated September 17, 2014). ***************************************************************************** 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 BOARD OF DIRECTORS OF IFC Kazakhstan – Investment in KazMicroFinance LLC 6. The Board of Directors authorized on September 22, 2014 an investment in Kazakhstan - KazMicroFinance LLC (IFC/R2014-0298, dated September 10, 2014) in the form of a senior loan of up to US$5 million. Brazil – Additional IFC Investment in DARP SFP Removal 7. The Board of Directors recorded their approval on September 22, 2014 of the recommendation contained in paragraph 4, of the President’s Memorandum entitled “Brazil – Additional IFC Investment in DARP SFP Removal” (IFC/R2014-0299, dated September 10, 2014) to increase IFC’s commitment amount for the Project by an additional BRL225 million (equivalent to approx. US$102 million), in the form of subordinated debt, and adopted Resolution No. IFC2014-0041. China – Investment in Dynamic 8. The Board of Directors authorized on September 23, 2014 an investment in China - Dynamic (IFC/R2014-0300, dated September 11, 2014) in the form of equity of up to US$10 million and an “A” loan of up to US$40 million. Ms. Aviel wished to be recorded as abstaining. ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA Annual Meetings of the Boards of Governors 2014 – Revised Draft Notice and Agenda 9. The Executive Directors recorded their approval on September 22, 2014 of the revised draft notice and agenda of the document entitled “Annual Meetings of the Boards of Governors 2014 (R2014-0169[IDA/R2014-0262, IFC/R2014-0254, MIGA/R2014-0060]; /1, dated September 11, 2014). Committee on Development Effectiveness and MIGA CODE (Nomination of Successor to Ms. Hoven) 10. The Executive Directors recorded their approval on September 19, 2014 of the appointment of Ms. Ursula Mueller to serve the remainder of the term of office of Ms. Hoven, that is, until October 31, 2014 (R2014-0219 [IDA/R2014-0286, IFC/R2014-0313, MIGA/R2014-0075, dated September 18, 2014). Record of Previous Meetings 11. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on September 23, 2014 of the Minutes of the meeting held on September 11, 2014, and the Record of Approvals and authorizations between September 10, 2014 and September 11, 2014 (M2014-0043[IDA/M2014-0043, IFC/M2014-0043, MIGA/M2014-0036], dated September 16, 2014). 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.