Minutes of Meeting of the Board of Directors of IFC held in the Board Room on July 20, 2017 at 10:05 a.m. 1. There were present: CHAIR: Saran G. Kebet-Koulibaly, Vice President DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: M. Abdul Karim H. Kim T. Almutairi D. Kinder M. Bhuiyan K. Koguchi S. Bouda P. Maleka O. Bougara E. Miagkov R. Carriedo Haro T. Mills R. Eletreby P. Pagano M. Farnoux M. Poder F. Godts D. Quintero W. Gruber L. Robles Flores F. Heemskerk J. Zattler C. Hogan M. Zhang A. Kabagambe OFFICERS AND STAFF PARTICIPATING: L. Sturtevant, Acting Vice President and General Counsel O. Avalle, Acting Vice President and Corporate Secretary H. Lankes, Vice President G. Goldschmidt, Senior Manager W. Schloemer, Senior Manager * M. Makhlouf, Director E. Becker, Manager A. Vargas, Principal Counsel A. Khanna, Program Leader A. Garcia-Novel, Principal Investment Officer G. Azuela, Senior Energy Specialist Y. Katakura, Senior Investment Officer D. Wahba, Senior 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. Mexico - Investment in Solem Solar 2. The Board of Directors authorized an investment in in the form of two “A� loans of up to US$50 million in total, and floating-to-fixed interest rate swaps representing a loan equivalent exposure of up to US$5 million, in Cúbico Alten Aguascalientes Uno, S.A.P.I. de C.V. (“Cubico Alten 1�) and Cúbico Alten Aguascalientes Dos, S.A.P.I. de C.V. (“Cubico Alten 2�) in Mexico (IFC/R2017-0204; /1, dated July 10, 2017, and July 19, 2017, respectively) and adopted Resolution No. IFC 2017-0016. Egypt - Investment in Solar FiT Program 3. The Board of Directors authorized an investment in Egypt (IFC/R2017-0207, dated July 7, 2017) consisting of: o an “A� loan of up to US$17 million, “B� loan of up to US$41 million, “C� loan of up to US$4 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Al Subh Solar Power SAE; o an “A� loan of up to US$17 million, “B� loan of up to US$41 million, “C� loan of up to US$4 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Enara SunEdison SAE; o an “A� loan of up to US$17 million, “B� loan of up to US$41 million, “C� loan of up to US$4 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in TBEA Enara SAE; o an “A� loan of up to US$19 million, “B� loan of up to US$38 million, “C� loan of up to US$4 million and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in ARC for Renewable Energy SAE; o an “A� loan of up to US$13 million, “B� loan of up to US$19 million, “C� loan of up to US$2 million, and up to US$0.5 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Arinna Solar Power SAE; o an “A� loan of up to US$18 million, “B� loan of up to US$26 million, “C� loan of up to US$3 million, and up to US$0.5 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Winnergy for Renewable Energy Projects SAE; o an “A� loan of up to US$19 million, “B� loan of up to US$37 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Alcazar Energy Egypt Solar SAE; o an “A� loan of up to US$19 million, “B� loan of up to US$37 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Delta for Renewable Energy SAE; 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. o an “A� loan of up to US$20 million, “B� loan of up to US$39 million, “C� loan of up to US$4 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Phoenix Power 1 SAE; o an “A� loan of up to US$19 million, “B� loan of up to US$38 million, “C� loan of up to US$4 million, and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in SP Energy (Egypt) 1 SAE; o an “A� loan of up to US$19 million, “B� loan of up to US$38 million, “C� loan of up to US$4 million and up to US$1 million of loan equivalent exposure in US$ interest swaps to hedge the project’s senior debt in Taqa Arabia for Solar Energy SAE. The Board of Directors adopted Resolution No. IFC 2017-0017. Adjournment 4. The meeting adjourned at 1:13 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 July 14, 2017 and July 20, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Revised IBRD and IDA General Conditions 1. The Executive Directors recorded their approval on July 14, 2017 of the recommendation contained in paragraph 6 of the Memorandum of the President entitled “Revised IBRD and IDA General Conditions� (R2017-0168[IDA/R2017-0255]; /1, dated June 23, 2017, and June 30, 2017, respectively). Mali – Credit - Rural Mobility and Connectivity Project 2. The Executive Directors recorded their approval on July 17, 2017 of a credit in the amount of Euro 64 million (US$70 million equivalent) to Mali for a Rural Mobility and Connectivity Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0254, dated June 26, 2017). Burkina Faso – Credit - Livestock Sector Development Support Project 3. The Executive Directors recorded their approval on July 20, 2017 of a credit to Burkina Faso in the amount of Euro 54.9 million (US$60 million equivalent) for the Livestock Sector Development Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2017-0258, dated June 29, 2017). Inspection Panel - Armenia: Irrigation System Enhancement Project - Report and Recommendation 4. The Executive Directors recorded their approval on July 20, 2017 of the Inspection Panel's recommendations contained in Section H (paragraph 28) of the Inspection Panel Report entitled "Armenia - Irrigation System Enhancement Project" (INSP/R2017-0002;/1, dated July 6, 2017, and July 7, 2017, respectively), namely, that the Inspection Panel does not recommend an investigation. ***************************************************************************** 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 IFC's FY17 Annual Report on Financial Risk Management and Capital Adequacy 5. The Board of Directors authorized on July 14, 2017 the proposal in section VI of the paper “IFC's FY17 Annual Report on Financial Risk Management and Capital Adequacy� (IFC/R2017-0197; /1, dated June 21, 2017, and July 5, 2017, respectively). East Asia and the Pacific Region – Investment in Arbor Fund II 6. The Board of Directors authorized on July 17, 2017 an investment in East Asia and the Pacific Region – Arbor Fund II LP (IFC/R2017-0202, dated July 5, 2017) in the form of an equity investment of up to US$15 million, not to exceed 20 percent of total fund commitments, and US$15 million on a delegated authority basis in a co-investment envelope to invest alongside the Fund. Ms. Mathiasen wished to be recorded as abstaining. ***************************************************************************** THE BOARD OF DIRECTORS OF MIGA Turkey – Guarantee for Investments in Istanbul PPP Sağlik Yatirim A.Ş. 7. The Board of Directors recorded its authorization on July 17, 2017 for the President to proceed with the issuance of the guarantee as set out in the Report from the President entitled “Turkey –Guarantee to Sojitz Hospital PPP Investment B.V.for Investments in Istanbul PPP Sağlik Yatirim A.Ş.� (MIGA/R2017-0064, dated July 5, 2017). ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Kenya – Performance and Learning Review of the Country Partnership Strategy 8. The Executive Directors recorded their noting on July 17, 2017 of the Performance and Learning Review (PLR) of the joint IDA/IFC/MIGA Country Partnership Strategy for Kenya for the period FY14—FY18 (IDA/R2017-0250[IFC/R2017-0198, MIGA/R2017-0058], dated June 22, 2017). Minutes of Previous Meetings 9. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on July 17, 2017 of the minutes of the meeting held on June 13, 2017 and the record of approvals and authorizations between June 2, 2017 and June 13, 2017 (M2017-0031[IDA/M2017-0030, IFC/M2017-0029, MIGA/M2017-0025], dated July 10, 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. Minutes of Previous Meetings 10. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on July 17, 2017 of the minutes of the meeting held on July 6, 2017 and the record of approvals and authorizations between July 5, 2017 and July 6, 2017 (M2017-0032[IDA/M2017-0031, IFC/M2017-0030, MIGA/M2017-0026], dated July 10, 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.