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 May 30, 2017 at 10:04 a.m.

1. There were present:
CHAIR:

K. Georgieva, Chief Executive Officer

EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES
ACTING AS EXECUTIVE DIRECTORS:

K. Alkhudairy F. Jimenez
J. Allford D. Kinder
R. Beadle K. Koguchi
O. Bougara B. Kunene
A. Bvumbe B. Lvin
O. Canuto P. Pagano
H. de Villeroche D. Pierini
R. Eletreby G. Schoenleitner
S. Garg J-C. Tchatchouang
W. Gruber S. Ulbaek
A. Hadiyanto Y. Yang
F. Heemskerk J. Zattler
C. Hogan

OFFICERS AND STAFF PARTICIPATING:

I. Kichigina, Acting Senior VP & General Counsel
Y. Tsikata, Vice President and Corporate Secretary
V. Kwakwa, Vice President, EAP Region
J-H. Lopez, Acting Vice President, LAC Region
O. Dione, Country Director, Vietnam
T. Khan, Country Director, Belize
*V. Pathak, Director
K. Kelhofer, Senior Manager
F. Sader, Head, IFC
C. Sjetnan, Senior Country Officer
P. Barbour, Senior Risk Management Officer, IFC
L. Lemes, Country Officer

*via videoconference

2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Partnership
Framework for Vietnam for the period FY18-FY22 (R2017-0113[IDA/R2017-0134, IFC/R2017-
0096, MIGA/R2017-0031], dated May 5, 2017).

Belize – Country Partnership Framework

3. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership
Framework for Belize for the period FY18-FY22 (R2017-0115[IFC/R2017-0099, MIGA/R2017-
0032], dated May 9, 2017).

Adjournment

4. The meeting adjourned 12:53 p.m.

Minutes of Meeting of the Executive Directors of the Bank and IDA
held in the Board Room on May 30, 2017 at 12:57 p.m.

1. There were present:
CHAIR

K. Georgieva, Chief Executive Officer

EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES
ACTING AS EXECUTIVE DIRECTORS:

J. Agapov B. Kunene
T. Almutairi X. Li
J. Bougara K. Mathiasen
A. Bvumbe Z. Pedic
B. Catzaras D. Pierini
J. Diaz Palacios D. Quintero
R. Eletreby P. Sirinupongs
B. Gasperi J-C. Tchatchouang
W. Gruber C. Ulbaek
C. Hogan J. Van Damme
H. Kim S. Yadav
D. Kinder J. Zattler
K. Koguchi

OFFICERS AND STAFF PARTICIPATING:

I. Kichigina, Acting Senior Vice President and General Counsel
A. Gibbs, Acting Vice President and Corporate Secretary
M. Diop, Vice President, Africa Region
*B. Bird, Country Director
S. Wahba Tadros, Director
L. Finneran, Director
A. Parvez, Senior Disaster Risk Management Specialist

*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.
Somalia – Grants – Emergency Drought Response and Recovery Project

2. The Executive Directors considered the President’s Memorandum and Recommendation
(IDA/R2017-0183, dated May 23, 2017) and approved the grants from the International
Development Association Crisis Response Window (CRW) in the total amount of SDR36.5
million (US$50 million equivalent) for a Somalia Emergency Drought Response and Recovery
Project (SEDRP) on the terms and conditions set out in the President’s Memorandum, including
the waivers requested. Specifically, the Board approved a grant of SDR21.9 million (US$30
million equivalent) to the Food and Agricultural Organization of the United Nations (FAO), and
SDR14.6 million (US$20 million equivalent) to the International Committee of the Red Cross
(ICRC).

Adjournment

3. The meeting adjourned 2:13 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.
The following item(s) have been approved on an Absence-of-Objection Basis
or have been authorized to proceed on a streamlined basis
between
May 26, 2017 and May 30, 2017

THE EXECUTIVE DIRECTORS OF THE BANK AND IDA

Senegal – Credit – Supporting Gas Project Negotiations and Enhancing Institutional
Capacities Project

1. The Executive Directors recorded their approval on May 26, 2017 of the credit in the
amount of EUR 27.2 million (US$29 million equivalent) to Senegal for the Supporting Gas
Project Negotiations and Enhancing Institutional Capacities Project on the terms and conditions
set out in the President’s Memorandum (IDA/R2017-0124; /2-3, dated April 25, 2017, May 12,
2017 and May 19, 2017, respectively).

Vietnam – Additional Financing – Da Nang Sustainable City Development Project

2. The Executive Directors recorded their approval on May 26, 2017 of the additional credit
from the Scale-Up Facility in the amount of US$72.52 million to Vietnam for the Da Nang
Sustainable City Development Project on the terms and conditions set out in the President’s
Memorandum (IDA/R2017-0145, dated May 9, 2017).

India – Loan – Andhra Pradesh 24X7 Power for All Project

3. The Executive Directors recorded their approval on May 26, 2017 of the loan in the
amount of US$240 million to India for the Andhra Pradesh 24X7 Power for All Project on the
terms and conditions set out in the President’s Memorandum (R2017-0110, dated May 1, 2017).

India – Loan – Jharkhand Opportunities for Harnessing Rural Growth (JOHAR) Project

4. The Executive Directors recorded their approval on May 26, 2017 of the loan in the
amount of US$100 million to India for the Jharkhand Opportunities for Harnessing Rural
Growth (JOHAR) Project on the terms and conditions set out in the President’s Memorandum
(R2017-0114, dated May 9, 2017).

India – Loan – Assam Citizen-Centric Service Delivery Project

5. The Executive Directors recorded their approval on May 26, 2017 of the loan in the
amount of US$39.2 million to India for the Assam Citizen-Centric Service Delivery Project on
the terms and conditions set out in the President’s Memorandum (R2017-0116, dated May 9,
2017).

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.
Pakistan – Credit – Sindh Enhancing Response to Reduce Stunting Project

6. The Executive Directors recorded their approval on May 26, 2017 of the credit in the
amount of SDR 45.5 million (US$61.62 million equivalent) to Pakistan for the Sindh Enhancing
Response to Reduce Stunting Project on the terms and conditions set out in the President’s
Memorandum (IDA/R2017-0143, dated May 9, 2017).

Guinea-Bissau – Additional Financing and Restructuring – Emergency Water and
Electricity Services Upgrading Project

7. The Executive Directors recorded their approval on May 30, 2017 of the additional grant
in the amount of SDR 5.20 million (US$7 million equivalent), additional credit in the amount of
SDR 13.30 million (US$18 million equivalent) and restructuring to Guinea-Bissau for the
Emergency Water and Electricity Services Upgrading Project on the terms and conditions set out
in the President’s Memorandum (IDA/R2017-0146, dated May 11, 2017).

Mali – Development Policy Credit – First Poverty Reduction and Inclusive Growth
Support Credit

8. The Executive Directors recorded their approval on May 30, 2017 of the development
policy credit in the amount of EUR 46.9 million (US$50 million equivalent) to Mali for the First
Poverty Reduction and Inclusive Growth Support Credit on the terms and conditions set out in
the President’s Memorandum (IDA/R2017-0148, dated May 8, 2017).

Vietnam – IDA Credit and Scale-Up Facility Credit – Vietnam Scaling Up Urban
Upgrading Project

9. The Executive Directors recorded their approval on May 30, 2017 of the IDA credit in
the amount of SDR 103.2 million (US$140 million equivalent) and a Scale-Up Facility credit in
the amount of US$100 million to Vietnam for the Vietnam Scaling Up Urban Upgrading Project
(IDA/R2017-0152, dated May 10, 2017).

Vietnam – Credit – Emergency Natural Disaster Reconstruction Project

10. The Executive Directors recorded their approval on May 30, 2017 of the credit in the
amount of SDR 86.1 million (US$118 million equivalent) to Vietnam for the Emergency Natural
Disaster Reconstruction Project (IDA/R2017-0168; /2, dated May 18, 2017 and June 1, 2017,
respectively).

*****************************************************************************

Senegal – Investment in Tobene Power S.A. for the Tobene IPP Phase 2 Project

11. The Board of Directors authorized on May 26, 2017 an investment in “Senegal – Tobene
Power S.A.�? (IFC/R2017-0095; /1-2, dated May 2, 2017, May 12, 2017 and May 19, 2017,
respectively) in the form of (i) an “A�? loan of up to EUR 8.0 million (approximately US$8.7
million equivalent), (ii) a “B�? loan of up to EUR 14.0 million (approximately US$15.2 million
equivalent), (iii) an equity investment of up to EUR 1.0 million (approximately US$1.1 million
equivalent); and (iv) an interest rate swap for a loan-equivalent exposure (“LEQ�?) of up to
US$750,000.
Ms. Ulbaek and Mr. Zattler wished to be recorded as abstaining.

Georgia – Investment in M2 Real Estate III-Ramada II Project

12. The Board of Directors authorized on May 26, 2017 an investment in “Georgia – M2
Real Estate III-Ramada II Project�? (IFC/R2017-0114, dated May 16, 2017) in the form of an “A�?
loan of up to US$12 million (or its equivalent in Euro) for two Ramada Encore hotel investments
in two new Special Purpose Vehicles to be created.

Brazil – Investment in Ventos de Santo Estevão Holding S.A. (Araripe III)

13. The Board of Directors authorized on May 26, 2017 an investment in “Brazil – Ventos de
Santo Estevão Holding S.A.�? (IFC/R2017-0113, dated May 16, 2017) in the form of subscription
by IFC of senior secured debentures of up to BRL 160 million (approximately US$50 million
equivalent) for IFC’s own account. Ms. Mathiesen wished to be recorded as abstaining.

Bangladesh – Investment in Bengal Hotel and Resorts Limited for the Bengal Hotel Project

14. The Board of Directors authorized on May 26, 2017 an investment in “Bangladesh –
Bengal Hotel and Resorts Limited�? (IFC/R2017-0116, dated May 16, 2017) in the form of an
“A�? loan of up to US$18 million.

Nepal – Investment in FCS RE Himalayan Chain Resort

15. The Board of Directors authorized on May 26, 2017 an investment in “Nepal – FCS RE
Himalayan Chain Resort�? (IFC/R2017-0115, dated May 16, 2017) in the form of an “A�? loan of
up to US$1.7 million.

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.
Ukraine – Investment in Nibulon Agricultural Limited Liability Company for the Nibulon
CL Project

16. The Board of Directors authorized on May 30, 2017 an investment in “Ukraine – Nibulon
Agricultural Limited Liability Company�? (IFC/R2017-0120, dated May 17, 2017) in the form of
an “A�? loan of up to US$60 million and a “B�? loan of up to US$40 million. Mr. Lushin wished
to be recorded as abstaining.

Argentina – Investment in F.V.S.A. for the FV IV Project

17. The Board of Directors authorized on May 30, 2017 an investment in “Argentina –
F.V.S.A.�? (IFC/R2017-0117, dated May 17, 2017) in the form of an “A�? loan of up to US$25
million.

Brazil– Investment in Rede D’Or São Luiz S.A. for the Rede Dor Growth Project

18. The Board of Directors authorized on May 30, 2017 an investment in “Brazil - Rede D’Or
São Luiz S.A.�? (IFC/R2017-0121, dated May 17, 2017) in the form of (i) an “A�? loan of up to
US$100 million (approximately R$312 million), for the account of IFC; (ii) a “B�? loan of up to
US$120 million (approximately R$374 million), for the account of the B-Loan participants; and
(iii) a “C�? loan of up to US$30 million (approximately R$94 million).

Brazil and Panama – Investment in Cibrafértil and Paribara

19. The Board of Directors authorized on May 30, 2017 an investment in “Brazil and Panama
- Cibrafértil and Paribara�? (IFC/R2017-0123, dated May 17, 2017) in the form of an “A�? loan of
up to US$40 million for IFC’s own account to Cibrafértil Sociedade Anônima, S.A. (Cibrafértil)
in Brazil and Paribara Sociedad de Responsabilidad Limitada (Paribara) in Panama. Ms. Ulbaek
and Mr. Zattler wished to be recorded as abstaining.

Peru – Investment in LatAm Logistic Properties Company Lurin I SRL for the LLP Peru
Project

20. The Board of Directors authorized on May 30, 2017 an investment in “Peru – LatAm
Logistic Properties Company Lurin I SRL�? (IFC/R2017-0118, dated May 17, 2017) in the form
of an “A�? loan of up to US$23.5 million, and a “B�? loan of up to US$23.5 million.