71501 Republic of Brazil: Third Minas Gerais Development Partnership Development Policy Loan SUMMARY OF DISCUSSION Meeting of the Executive Directors July 26, 2012 The Executive Directors approved the Brazil - Third Minas Gerais Development Partnership Development Policy Loan to the State of Minas Gerais, Brazil in the amount of US$450 million on the payment terms and conditions set out in the President’s Memorandum (R2012-0150). Directors expressed broad support for the DPL, which is aligned with and closely linked to the objectives of the Brazil CPS, 2012-2015. Directors highlighted the importance of closely monitoring program results and the State’s fiscal situation, given its high vulnerability to reductions in commodity prices. Staff were urged to ensure that the operation would benefit the poorest regions of the State and foster more jobs for youth. Directors also called for dissemination of the lessons learned from its successful reform to other client governments, both inside and outside Brazil. Directors noted staff efforts to provide support to Brazil through a large number of sub-national DPLs, and in this regard called for an assessment of lessons learned. Directors also noted efforts to support improvements in environmental management and climate change mitigation policies.  This summary is not an approved record.