FROM:        Vice President and Corporate Secretary
                                                                                                   67721
 

 
                    Minutes of Joint Meeting of the Executive Directors of the Bank and IDA,
                                 and the Boards of Directors of IFC and MIGA,
                      held in the Board Room on Tuesday, March 13, 2012, at 12:24 p.m.
 

 
    1.      There were present:
                                                                CHAIR:

                                           M. Mohieldin, Managing Director
                                  Followed by: V. La Via, WBG Chief Financial Officer
 
    EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:
 
  K. Alkhudairy (Temporary Alternate) S.   James (Alternate)
  Z. Allawi (Temporary Alternate)     A. Kavcic (Temporary Alternate)
  D. Bohan (Alternate)                M.S. Kayad (Alternate)
  A. Brandt                           L.   Laraia (Temporary Alternate)
  J.J. Bravo (Alternate)              W. Liu (Temporary Alternate)
  F.A. Camarasa                       R.   Mokate
  K. Dalrymple (Alternate)            M.N. Prasad
  V. Dhanpaul (Alternate)             W. Rissmann (Alternate)
  E. Elfaki (Temporary Alternate)     I.   Solomon
  A. Fayolle                          J.   Talat
  J. Frieden                          R.   Treffers
  V. Grishin                          J.   Whitehead
  N. Hayashi
 
  ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:
 
  K. Aminul Islam                     S. Nanu
  J. Haarlov                          W. Szczuka
  E. Miagkov                          A. Touret-Blondy
  M. Muhtar                   

    OFFICERS AND STAFF PARTICIPATING:

    A. Peuker, Acting Corporate Secretary                       S.     Goldmark, Director, LCC6C
    A. Toft, Deputy General Counsel, LEGVP                      L.     Benavides, LCC6C
    I. Guerrero, Vice President, SARVP                          E.     Wallentin, CLASC
    R.V. Pulley, Vice President, Corporate Finance              A.     Santos, IMF
         and Risk Management, CFRVP                             T.     Duson, Corporate Secretariat
    H. Tuluy, Vice President, LCRVP
    M. Baroudi, Director and Chief Credit
         Officer, CFRCR

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. 
 
                                                                   -2-


  Peru - Country Partnership Strategy

  2.      The Executive Directors discussed the joint IBRD-IFC-MIGA Country Partnership Strategy for
  Peru for the period FY2012-FY2016 (R2012-0025 [IFC/R2012-0034, MIGA/R2012-0004], dated
  February 17, 2012). (The Chair’s Summing Up of the discussion was subsequently distributed as
  SU2012-0004 [IFC/SU2012-0004, MIGA/SU2012-0001, dated March 19, 2012.)
 
  An Approach for Managing Exposure in Borrowing Countries Close to the Single Borrower Limit -
  The Case of India

  3.       The Executive Directors considered the Memorandum of the President entitled "An Approach for
  Managing Exposure in Borrowing Countries Close to the Single Borrower Limit - The Case of India"
  (R2012-0030, dated February 21, 2012) and approved the recommendation contained in paragraph 33 of
  the President's Memorandum, namely, the arrangements and the execution of the "Framework
  Agreement," the "Bond Purchase Agreement, and the "Tripartite Account Agreement," in substantially
  the form annexed to the Memorandum, and, should there be requests from other SBL countries for a
  similar arrangement, Management would return to the Board to obtain its approval.

  Chile - Loan - Tertiary Education Finance for Results Project III

  4.       The Executive Directors approved the loan to Chile for a Tertiary Education Finance for Results
  Project III in the amount of US$40 million on the payment terms and other terms and conditions set out in
  the President’s Memorandum (R2012-0027, dated February 22, 2012),

  Mexico - Development Policy Lending (Loan) - Second Upper Secondary Education Development
  Policy Operation
 
  5.      The Executive Directors approved the development policy loan to Mexico for a Second Upper
  Secondary Education Development Policy Operation in the amount of US$300,751,879.70 on the
  payment terms and other terms and conditions set out in the President’s Memorandum (R2012-0023,
  dated February 17, 2012).

  India - Loan - Assam State Roads Project

  6.     The Executive Directors approved the loan to India for an Assam State Roads Project in the
  amount of US$320 million on the payment terms and other terms and conditions set out in the President’s
  Memorandum (R2012-0031, dated February 22, 2012).

  Minutes of Previous Meetings
                              

    7.      The Executive Directors recorded their approvals on March 6, 2012 of the Minutes of meetings
    held on February 2 (M2012-0008[IDA/M2012-0008]), February 16 (M2012-0011[IDA/M2012-0011])
    and February 21, 2012 (M2012-0013[IDA/M2012-0013]), respectively.

    Date of Next Meeting

    8.     It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Thursday,
    March 15, 2012.



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. 
 
                                                                   -3-


  Adjournment

  9.        The meeting recessed at 12:52 p.m., reconvened at 2:33 p.m., and adjourned at 3:23 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.