99224 FROM: The Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in MC13-121 on August 25, 2015 at 10:03 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director & Chief Operating Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy J. Lehmusvaara A. Barclay M. McGuire G. Chen G. Minxhozi A. Delaunay M. O’Dea B. De Guindos W. Rissmann S-S. Eun M. Robinson A. Foxley A. Silveira S. Garg P Sirinupongs F. Godts W. Szczuka M. Hasan N. Tsuda M. Kayad R. Zhukovskyi N. Khosa P. Kunene A. Lushin OFFICERS AND STAFF PARTICIPATING: R. Pastor, Acting General Counsel S. Suleymanov, Acting Corporate Secretary A. Bjerde, Acting Vice President Q. Fan, Country Director L. Moorty, Program Leader S. Eckardt, Senior Economist 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 – Loan – Second Development Policy Loan 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2015-0158, dated August 3, 2015) and approved the development policy loan in the amount of US$500 million to Ukraine for the Second Development Policy Loan on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 11:37 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. FROM: The 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 MC13-121 on August 25, 2015 at 11:37 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director & Chief Operating Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy M. Khosa A. Barclay P. Kunene G. Chen J. Lehmusvaara A. Delaunay A. Lushin B De Guindos M. McGuire S-S. Eun G. Minxhozi F. Filartiga Cantero U. Mueller D. Fujii M. Robinson S. Garg A. Silveira F. Godts P. Sirinupongs J. Harris W. Szczuka M. Hasan R. Zhukovskyi M. Kayad OFFICERS AND STAFF PARTICIPATING: R. Pastor, Acting General Counsel M. Mohieldin, Corporate Secretary A-M. Betancourt, General Counsel, MIGA K. Hemond, Acting General Counsel, IFC 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. Farewell to Mr. Wilhelm Rissmann, Alternate Executive Director, Germany 2. The Chair made the customary presentation to Mr. Wilhelm Rissmann, Alternate Executive Director, on expiration of his term of service and tendered him good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 11:50 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 August 7, 2015 and August 25, 2015 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Cote d’Ivoire – Trust Fund Grant from the Global Environment Facility – Obsolete Pesticides Management Project 1. The Executive Directors recorded their approval on August 25, 2015 of the GEF Trust Fund grant the amount of US$7.00 million to Cote d’Ivoire for the Obsolete Pesticides Management Project on the terms and conditions set out in the President’s Memorandum (GEF/R2015-0014, dated August 6, 2015). Ethiopia – Additional Credit – Tana and Beles Integrated Water Resources Development Project 2. The Executive Directors recorded their approval on August 25, 2015 of the additional credit in the amount of SDR 3.7 million (US$5.1 million equivalent) to Ethiopia for the Tana and Beles Integrated Water Resources Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0214, dated July 30, 2015). Nigeria – Revision to the Application of the Performance Standards to the Qua Iboe Independent Power Project (QIPP) under the Power Sector Guarantees Project 3. The Executive Directors recorded their approval on August 25, 2015 of the revision to the application of the performance standards in accordance with OP 4.03, to the Qua Iboe Independent Power Project (QIPP) under the Power Sector Guarantees Project on the terms and conditions set out in the President’s Memorandum (R2014-0072/2, dated July 24, 2015). Albania – Loan – Citizen Centric Service Delivery Project 4. The Executive Directors recorded their approval on August 25, 2015 of the loan in the amount of EUR 29.3 million (US$32 million equivalent) to Albania for the Citizen Centric service Delivery Project on the terms and conditions set out in the President’s Memorandum (R2015-0153, dated August 6, 2015). Direct Remuneration of Executive Directors and their Alternates (Adoption of Resolution and Tally of Voting) 5. The Executive Directors recorded their approval on August 25, 2015 of the report and the record of voting attached thereto entitled “Direct Remuneration of Executive Directors and their Alternates (Adoption of Resolution and Tally of Voting)” (R2015-0166, dated August 17, 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 World Region – Modification to IFC Ventures 6. The Board of Directors authorized on August 7, 2015 a modification to World Region – IFC Ventures (IFC/R2015-0227; /1, dated July 28, 2015 and August 4, 2015, respectively) for the purposes of the project’s expansion to other countries, and adopted Resolution No. IFC 2015-0028. China – Investment in Decheng Fund II 7. The Board of Directors authorized on July 16, 2015 an investment in China – Decheng Fund II IFC/R2015-0220, dated July 28, 2015) in the form of equity of up to US$20 million. Mr. McGuire (via eCenter on August 7, 2015) wished to record his abstention. Kosovo – Investment in Kreditimi Rural i Kosoves LLC (KRK Kosovo) 8. The Board of Directors authorized on August 7, 2015 an investment in Kosovo - KRK (IFC/R2015-0228, dated July 28, 2015) in the form of a senior loan of up to EUR 1.5 million (approximately US$1.68 million). Turkey – Investment in Finansbank A.S. (Finansbank DPR 2) 9. The Board of Directors authorized on August 7, 2015 an investment in Turkey – Finansbank DPR 2 (IFC/R2015-0223, dated July 28, 2015) in the form of a senior loan of up to US$100 million. Mexico – Investment in DARP Secorse 10. The Board of Directors authorized on August 7, 2015 an investment in Mexico – DARP Secorse (IFC/R2015-0225, dated July 28, 2015) in the form of a US$20 million income participation senior loan to fund a special purpose vehicle to acquire distressed assets in Mexico, and an equity investment of up to US$10 million. India – Investment in ESIP Portea 11. The Board of Directors authorized on August 7, 2015 an investment in India – ESIP Portea (IFC/R2015-0232, dated July 30, 2015) in the form of compulsorily convertible cumulative preference shares of up to US$7 million. Myanmar – Investment in Yoma Fleet Limited 12. The Board of Directors authorized on August 25, 2015 an investment in India – Yoma Fleet Limited (IFC/R2015-0233, dated August 13, 2015) in the form of an “A” loan of up to US$10 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. Paraguay – Investment in Banco Regional S.A.E.C.A. 13. The Board of Directors authorized on August 25, 2015 an investment in Paraguay – Banco Regional S.A.E.C.A. (IFC/R2015-0238, dated August 13, 2015) consisting of (i) an “A” loan of up to US$40 million for IFC’s own account; and (ii) a loan of up to US$20 million from IFC acting in its capacity as the implementing entity for IFC’s Managed Co-Lending Portfolio Program (the “MCPP”). ****************************************************************************** THE BOARD OF DIRECTORS OF MIGA Indonesia – Guarantee to Strand Minerals (Indonesia) Pte. Ltd. of Singapore for its Equity Investment in PT Weda Bay Nickel – Second Modification of Prior Concurrence 14. The Board of Directors recorded its authorization on August 7, 2015 for the President to proceed with the issuance of the modification of prior concurrence as set out in the Memorandum from the President entitled “Indonesia – Guarantee to Strand Minerals (Indonesia) Pte. Ltd. of Singapore for its equity investment in PT Weda Bay Nickel – Second Modification of Prior Concurrence” (MIGA/R2015-0061, dated July 28, 2015. Myanmar – Guarantee to the Bank of Tokyo-Mitsubishi UFJ, Ltd. to cover its loan to Co-operative Bank Ltd. 15. The Board of Directors recorded its authorization on August 7, 2015 for the President to proceed with the issuance of the guarantee, as set out in the Report from the President entitled “Myanmar – Guarantee to the Bank of Tokyo-Mitsubishi UFJ, Ltd. to cover its loan to Co-operative Bank Ltd.” (MIGA/R2015-0060, dated July 28, 2015). THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND BOARD OF DIRECTORS OF MIGA External Review of the Independent Evaluation Group of the World Bank Group – Report to CODE from the Independent Panel – Request for Public Disclosure 16. The Executive Directors recorded their approval on August 7, 2015 of the proposal for public disclosure of the report entitled “External Review of the Independent Evaluation Group of the World Bank Group – report to CODE from the Independent Panel – Request for Public Disclosure (R2015-0157[IDA/R2015-0220, IFC/R2015-0231, MIGA/R2015-0065], dated August 3, 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. Budget Committee and MIGA Budget Committee (Nomination of Successor to Mr. Alister Smith) 17. The Executive Directors recorded their approval on August 7, 2015 of the appointment of Mr. Sung-Soo Eun to serve the remainder of the term of office of Mr. Alister Smith on the Budget Committee and MIGA Budget Committee, that is, until October 31, 2016 (R2015-0159[IDA/R2015-0221, IFC/R2015-0234, MIGA/R2015-0066], dated July 31, 2015). Ethics Committee – Appointment of Chair and Vice Chair 18. The Executive Directors recorded their approval on August 7, 2015 of the appointments of Ms. Ana Lourenco to assume the role of Chair and Mr. Andrei Lushin to assume the role of Vice Chair on the Ethics Committee (R2015-0160[IDA/R2015-0222, IFC/R2015-0210, MIGA/R2015-0067], dated August 3, 2015). 2018 Annual Meetings of the Boards of Governors 19. The Executive Directors recorded their approval on August 7, 2015 of the Report of the Executive Directors to the Board of Governors entitled "2018 Annual Meetings of the Boards of Governors” (R2015-0161[IDA/R2015-0224, IFC/R2015-0236, MIGA/R2015-0069], dated August 5, 2015), Annual Meetings of the Boards of Governors 2015 – Draft Notice and Agenda 20. The Executive Directors recorded their approval on August 25, 2014 of the draft notice and agenda of the document entitled “Annual Meetings of the Boards of Governors 2015 (R2015-0148[IDA/R2015-0203, IFC/R2015-0209, MIGA/R2015-0057], dated August 3, 2015). Committee on Governance and Executive Directors’ Administrative Matters (Nomination of Successor to Ms. Gwen Hines) 21. The Executive Directors recorded their approval on August 25, 2015 of the appointment of Ms. Melanie Robinson to serve the remainder of the term of office of Ms. Gwen Hines on the Committee on Governance and Executive Directors’ Administrative Matters, that is until October 31, 2016 (R2015-0169[IDA/R2015-0234, IFC/R2015-0245, MIGA/R2015-0071], dated August 21, 2015). Ethics Committee – Appointment of Committee Member 22. The Executive Directors recorded their approval on August 25, 2015 of the appointment of Ms. Melanie Robinson as member of the Ethics Committee (R2015-0170[IDA/R2015-0235, IFC/R2015-0246, MIGA/R2015-0072], dated August 21, 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.