FROM: Acting Vice President & Corporate Secretary 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 April 12, 2018 at 2:06 p.m. 1. There were present: CHAIRS: S. Yang, Managing Director and WBG Chief Administrative Officer S. von Friedeburg, Chief Operating Officer, IFC EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim Z. Haleemi N. Alghaith C. Happe Z. Allawi R. Hernandez J. Allford J. Isaacs J. Alvarez D. Kinder B. Barry M. Krey-Jacobsen A. Bencze P. Kunene D. Beyea A. Lushin R. Bhuiyan A. Mihaylova M. Bvumbe K. Nishikata A. Cascino M. Torero M. Farnoux Y. Yang W. Gruber OFFICERS AND STAFF PARTICIPATING: J.-P. Hupez, Chief Counsel, IFC D. Kiara, Acting Senior Vice President and General Counsel O. Avalle, Acting Vice President and Corporate Secretary S. Guimbert, Director, IDA Mobilization and IBRD Corp Finance M. Spicer, Director S. Hardi, Senior Manager A. Meer, Principal Investment Officer M Khanna, Strategy Officer 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. World Region – IFC Investment in Small Loans Guarantee Program (SLGP) and Allocation from IDA18 IFC-MIGA Private Sector Window (PSW) MIGA Guarantee Facility (MGF) in support of IFC investment in Small Loan Guarantee Program (SLGP) 2. The Board of Directors of IFC considered the President’s Memorandum and a Report on an investment in in the form of: comprising of a Program of unfunded Risk Sharing Facilities denominated in various local currencies with a cumulative IFC commitment amount of up to US$166 million equivalent, that will support lending to small and medium enterprises in IDA countries (IFC/R2018-0088, dated March 28, 2018). Small Loans Guarantee Program (SLGP) will be supported by a first loss guarantee provided by IFC as implementing entity of the IDA Private Sector Window (PSW) Blended Finance Facility (BFF). The Board of Directors of IFC adopted Resolution No. IFC2018-0009. The Executive Directors of the Bank and IDA considered the President’s Memorandum and Recommendation (IDA/R2018-0073, dated March 28, 2018) and approved the allocation from IDA18 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) of up to US$50 million to support an IFC investment in the Small Loan Guarantee Program as outlined in the President’s recommendation. Adjournment 3. The meeting adjourned 3:37 p.m. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis between April 11, 2018, and April 12, 2018 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Burundi – Grant - Burundi Landscape Restoration and Resilience Project 1. The Executive Directors recorded their approval on April 11, 2018 of the grant in the amount of SDR 20.6 Million (US$ 30 million equivalent) to Burundi for the Burundi Landscape Restoration and Resilience Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0071;/2, dated March 23, 2018, and April 3, 2018, respectively). Central African Republic – Development Policy Grant - Second State Consolidation Development Program 2. The Executive Directors recorded their approval on April 12, 2018 of the development policy grant in the amount of SDR 17.3 million (US$25 million equivalent) to Central African Republic for the Second State Consolidation Development Program on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0072, dated March 26, 2018). Turkey – Loan - Sustainable Cities Project 2 3. The Executive Directors recorded their approval on April 12, 2018 of the loan in the amount of EUR 73.5 million (US$91.54 million equivalent) to Turkey for the Sustainable Cities Project 2 on the terms and conditions set out in the President’s Memorandum (R2018-0054, dated March 26, 2018). Mr. Bethel 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 Minutes of Previous Meetings 4. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on April 11, 2018 of the minutes of the meeting held on March 22, 2018 and the record of approvals and authorizations between March 21, 2018 and March 22, 2018 (M2018-0009[IDA/M2018-0010, IFC/M2018-0009, MIGA/M2018-0010], dated April 4, 2018). 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.