96312 FROM: The Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on May 5, 2015 at 10:30 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy P. Larose J. Allford A. Lourenco S. Bouda A. Lushin O. Bougara U. Mueller S. Chen P. Pagano A. Delaunay J. Rojas M. Fikre S. Santala A. Foxley R. Silaban J. Frieden A. Silveira S. Garg A. Smith F. Heemskerk K. Wissa G. Hines G. Yazganarikan M. Ishizuka OFFICERS AND STAFF PARTICIPATING: A.M. Leroy, Vice President & General Counsel A. Gibbs, Acting Corporate Secretary G. Byam, Acting Vice President, MNA Region G. Grandolini, Senior Director S. Molineus, Director S. Nasr, Program Leader *N. Shousha, Manager, IFC *P. Gupta, Country Program Coordinator *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. Egypt – Loan – Inclusive Housing Finance Program-for-Results 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2015-0078, dated April 15, 2015) and approved the loan in the amount of US$500 million to Egypt for the Inclusive Housing Finance Program-for-Results on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 11:35 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. 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 29, 2015 and May 5, 2015 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Malawi – Credit - Southern Africa Trade and Transport Facilitation Program – Phase 2 1. The Executive Directors recorded their approval on April 29, 2015 of the credit in the amount of SDR 49.1 million (US$69 million equivalent) to Malawi for the Southern Africa Trade and Transport Facilitation Project – Phase 2 on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0080, dated April 10, 2015). Nigeria – Development Policy Credit – Edo State Fiscal Improvement and Service Delivery Development Policy Operation 2. The Executive Directors recorded their approval on April 29, 2015 of the development policy credit in the amount of SDR 53.3 million (US$75 million equivalent) to Nigeria for the Edo State Fiscal Improvement and Service Delivery Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0075, dated April 8, 2015). Lao PDR – Additional Financing and Restructuring – Second Lao Environment and Social Project (formerly Protected Area and Wildlife Project) 3. The Executive Directors recorded their approval on April 29, 2015 of the restructuring and additional credit in the amount of SDR 10.70 million (US$15.00 million equivalent) to Lao PDR for the Second Lao Environment and Social Project (formerly Protected Area and Wildlife Project) on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0078, dated April 10, 2015). The Gambia, Guinea, Guinea-Bissau and Senegal – Credits - OMVG Interconnection Project 4. The Executive Directors recorded their approval on April 29, 2015 of the credits in the respective amounts of SDR 33.4 million (US$47 million equivalent) to Gambia; SDR 21.4 million (US$30 million equivalent) to Guinea; SDR 55.5 million (US$78 million equivalent) to Guinea-Bissau; and SDR 32 million (US$45 million equivalent) to Senegal for the OMVG Interconnection Project on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0076, dated April 10, 2015). Mr. Sheets (via eCenter) wished to record his abstention. 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. Ghana – Additional Credit – Energy Development and Access Project 5. The Executive Directors recorded their approval on April 30, 2015 of the additional credit in the amount of SDR 42.7 million (US$60 million equivalent) to Ghana for the Energy Development and Access Project on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0084, dated April 13, 2015). Kenya – Credit – Financial Sector Support Project 6. The Executive Directors recorded their approval on April 30, 2015 of the credit in the amount of SDR 26.3 million (US$37 million equivalent) to Kenya for the Financial Sector Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0082, dated April 13, 2015). China – GEF Trust Fund Grant – Contaminated Site Management Project 7. The Executive Directors recorded their approval on April 30, 2015 of the grant from the Global Environment Facility (GEF) in the amount of US$15 million to China for the Contaminated Site Management Project on the terms and conditions set out in the President’s Memorandum (GEF/R2015-0008, dated April 16, 2015). Mr. Sheets wished to record his abstention. Croatia – Loans – Sustainable Croatian Railways in Europe Project 8. The Executive Directors recorded their approval on April 30, 2015 of loans with the sovereign guarantee from Croatia to HZ Passenger Transport (HPT) in the amount of EUR 43 million (US$48.2 million equivalent); HZ Cargo (HZC) in the amount of EUR 41.5 million (US$46.5 million equivalent); and HZ Infrastructure (HZI) in the amount of EUR 79 million (US$88.65 million equivalent) for the Sustainable Croatian Railways in Europe Project on the terms and conditions set out in the President’s Memorandum (R2015-0079, dated April 13, 2015). Pakistan – Credit – Punjab Skills Development Project 9. The Executive Directors recorded their approval on April 30, 2015 of the credit in the amount of SDR 36.30 million (US$50 million equivalent) to Pakistan for the Punjab Skills Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0081, dated April 13, 2015). ***************************************************************************** This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. THE BOARD OF DIRECTORS OF IFC South Africa – Investment in Cullinan 10. The Board of Directors authorized on April 29, 2015 an investment in South Africa - Cullinan (IFC/R2015-0098, dated April 17, 2015) for the purchase of bonds to be issued by Petra Diamonds US$ Treasury Plc in an amount not exceeding US$70 million. Nigeria – Investment in LAPO Microfinance Bank Ltd. 11. The Board of Directors authorized on April 30, 2015 an investment in Nigeria – LAPO Microfinance Bank Ltd. (IFC/R2015-0101, dated April 20, 2015) in the form of a senior loan of up to NGN 2 billion (approximately US$10 million). Poland – Investment in 21 Concordia 12. The Board of Directors authorized on April 30, 2015 an investment in Poland – 21 Concordia (IFC/R2015-0099, dated April 20, 2015) in the form of equity of up to EUR 15 million, not to exceed 20% of the Fund's total commitments. Bangladesh – Investment in Eastern Bank Ltd. (WCSS II) 13. The Board of Directors authorized on April 30, 2015 an investment in Bangladesh – Eastern Bank Ltd. (WCSS II) (IFC/R2015-0100, dated April 20, 2015) in the form of a senior loan of up to US$30 million. Central Africa Region – Investment in African Rivers Fund 14. The Board of Directors authorized on May 1, 2015 an investment in Central Africa Region – African Rivers Fund (IFC/R2015-0103, dated April 21, 2015) in the form of equity for the lesser of US$10 million or 20% of the total committed capital of the Fund. Chile – Investment in Banco Consorcio S.A. 15. The Board of Directors authorized on May 1, 2015 an investment in Chile – Banco Consorcio S.A. (IFC/R2015-0105, dated April 21, 2015) in the form of a senior loan of up to US$60 million. India – Investment in Yes Bank Ltd Project 16. The Board of Directors authorized on May 5, 2015 an investment in India – Yes Bank Ltd Project (IFC/R2015-0106, dated April 23, 2015) in the form of (i) up to US$50 million (equivalent) in unsecured infrastructure bonds to be issued by Yes Bank; and (ii) an “A” loan of up to US$50 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. 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.