Minutes of Meeting of the Board of Directors of IFC held in the Board Room on June 9, 2015 at 10:05 a.m. CHAIR: D. Tsitsiragos, Vice President

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FROM: The Corporate Secretary 1. There were present: Minutes of Meeting of the Board of Directors of IFC held in the Board Room on June 9, 2015 at 10:05 a.m. CHAIR: D. Tsitsiragos, Vice President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: S. Al Issa N. Khosa K. Alkhudairy P. Larose C. Ansorena Montero A. Lourenco S. Bor A. Lushin S. Chen P. Pagano H. de Villeroche W. Rissmann S-S. Eun S. Santala A. Foxley A. Silveira J. Frieden P. Sirinupongs D. Fujii A. Smith F. Godts S. Sowerby F. Heemskerk M. Tareque M. Kayad OFFICERS AND STAFF PARTICIPATING: Public Disclosure Authorized D. Harris, Acting General Counsel S. Suleymanov, Acting Corporate Secretary M. Brujis, Director S. Andrews, Senior Manager M. Aijazuddin, Principal Investment Officer B. Samra, Principal Banking Sector Specialist

2 China Investment in Postal Savings Bank of China Equity 2. The Executive Directors considered the President s Memorandum and a Report on an investment in the form of equity of up to an RMB equivalent of US$300 million in Postal Savings Bank of China Equity in China (IFC/R , dated May 27, 2015) and adopted Resolution No. IFC Mmes. Hines, Mueller, and Santala; and Messrs. de Villeroche, Godts, Kan, Pagano, Sheets and Smith wished to record their abstentions. Adjournment 3. The meeting adjourned at 11:52 a.m.

3 The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between May 29, 2015 and June 9, 2015 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Benin Additional Credit Emergency Urban Environment Project 1. The Executive Directors recorded their approval on May 29, 2015 of the additional credit in the amount of SDR 29 million (US$40 million equivalent) to Benin for the Emergency Urban Environment Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2015). Cote d Ivoire Credit Productive Social Safety Net Project 2. The Executive Directors recorded their approval on May 29, 2015 of the credit in the amount of SDR 36.3 (US$50 million equivalent) to Cote d Ivoire for the Productive Social Safety Net Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2015). Senegal Taiba Ndiaye Independent Power Producer Project 3. The Executive Directors recorded their approval on May 29, 2015 of the modifications to certain aspects of the IDA partial risk guarantee (PRG) in support of the Republic of Senegal and Tobene Power SA for the Taiba Ndiaye Independent Power Producer Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 12, 2015). China Loan Xinjiang Technical and Vocational Education and Training Project 4. The Executive Directors recorded their approval on May 29, 2015 of the loan in the amount of US$50 million to China for the Xinjiang Technical and Vocational Education and Training Project on the terms and conditions set out in the President s Memorandum (R , dated May 11, 2015). Vietnam Credit Ho Chi Minh City Green Transport Development Project 5. The Executive Directors recorded their approval on May 29, 2015 of the credit in the amount of SDR 88.2 million (US$124 million equivalent) to Vietnam for the Ho Chi Minh City Green Transport Development Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2015).

4 Tajikistan Grant and Credit Second Public Finance Management Modernization Project 6. The Executive Directors recorded their approval on June 1, 2015 of the grant and credit in the amount of SDR 7.2 million (US$10 million equivalent) to Tajikistan for the Second Public Finance Management Modernization Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 12, 2015). Comoros Grant - Second Economic Governance Reform Operation 7. The Executive Directors recorded their approval on June 2, 2015 of the development policy grant in the amount of SDR 2.2 million (US$3 million equivalent) to Comoros for the Second Economic Governance Reform Operation on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2015). India Credit Jhelum and Tawi Flood Recovery Project 8. The Executive Directors recorded their approval on June 2, 2015 of the credit in the amount of US$250 million (SDR million, estimated) to India for the Jhelum and Tawi Flood Recovery Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 21, 2015). Pakistan Credit Disaster and Climate Resilience Improvement Project 9. The Executive Directors recorded their approval on June 2, 2015 of the credit in the amount of SDR 88.9 million (US$125 million equivalent) to Pakistan for the Disaster and Climate Resilience Improvement Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 21, 2015). Nicaragua Grant Strengthening the Public Health Care System Project 10. The Executive Directors recorded their approval on June 4, 2015 of the grant in the amount of SDR 42.7 million (US$60 million equivalent) to Nicaragua for the Strengthening the Public Health Care System Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 15, 2015). Uganda Credit and Global Environment Facility Trust Fund Grant Energy for Rural Transformation III Project 11. The Executive Directors recorded their approval on June 5, 2015 of the credit in the amount of SDR 97.9 million (US$135 million equivalent) and a Global Environment Facility Trust Fund grant in the amount of US$8.2 million to Uganda for the Energy for Rural Transformation III Project on the terms and conditions set out in the President s Memorandum (IDA/R [GEF/R ], dated May 18, 2015).

5 Bangladesh Credit Financial Sector Support Project 12. The Executive Directors recorded their approval on June 5, 2015 of the credit in the amount of SDR million (US$300 million equivalent) to Bangladesh for the Financial Sector Support Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 18, 2015). Bangladesh Credit National Agricultural Technology Project Phase II Project 13. The Executive Directors recorded their approval on June 5, 2015 of the credit in the amount of SDR million (US$ million equivalent) to Bangladesh for the National Agricultural Technology Program Phase II Project on the terms and conditions set out in the President s Memorandum (IDA/R ; /2, dated May 18, 2015). Kenya Additional Grant Kenya Informal Settlements Improvement Project 14. The Executive Directors recorded their approval on June 8, 2015 of the additional grant from the Swedish International Development Cooperation Agency (Sida) in the amount of Swedish Kroner 70.6 million (US$8.3 million equivalent) to Kenya for the Kenya Informal Settlements Improvement Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 19, 2015). Armenia Grant from the Strategic Climate Fund Geothermal Exploratory Drilling Project 15. The Executive Directors recorded their approval on June 8, 2015 of the grant from the Strategic Climate Fund in the amount of US$8.55 million to Armenia for the Geothermal Exploratory Drilling Project on the terms and conditions set out in the President s Memorandum (R , dated June 8, 2015). Grenada Additional Loan and Grant from the Strategic Climate Fund Regional Disaster Vulnerability Reduction Project 16. The Executive Directors recorded their approval on June 8, 2015 of the additional Strategic Climate Fund loan in the amount of US$3.8 million and additional SCF grant in the amount of US$5 million to Grenada for the Regional Disaster Vulnerability Reduction Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 19, 2015). *****************************************************************************

6 THE BOARD OF DIRECTORS OF IFC Africa Region Investment in Ciel Healthcare Limited 17. The Board of Directors authorized on May 29, 2015 an investment in Africa Region Ciel Healthcare Limited (IFC/R , dated May 18, 2015) in the form of equity of up to US$6.75 million. Cote d Ivoire Investment in SIB Cargill RSF 18. The Board of Directors authorized on May 29, 2015 an investment in Cote d Ivoire SIB Cargill RSF (IFC/R , dated May 18, 2015) in the form of a risk sharing facility with IFC s maximum exposure of up to XOF 1.75 billion (approximately US$3 million) with Société Ivoirienne de Banques. Sao Tome and Principe Investment in Banco Internacional de Sao Tome e Principe 19. The Board of Directors authorized on May 29, 2015 an investment in Sao Tome and Principe Banco Internacional de Sao Tome e Principe (IFC/R , dated May 18, 2015) in the form of a risk sharing facility of up to STD 65.7 billion (approximately US$3 million). Tanzania Investment in PanAfrican Energy Tanzania Limited 20. The Board of Directors authorized on May 29, 2015 an investment in Tanzania PanAfrican Energy Tanzania Limited (IFC/R , dated May 18, 2015) in the form of an income-participating, subordinated loan of up to US$60 million. China Investment in JFLC Loan II 21. The Board of Directors authorized on May 29, 2015 an investment in China Jiangsu Financial Leasing Company Limited Loan II (IFC/R , dated May 18, 2015) in the form of a senior loan of up to RMB 400 million (US$65 million equivalent). Mr. Sheets (via ecenter on May 29, 2015) wished to record his abstention. China Investment in Wasion Group 22. The Board of Directors authorized on May 29, 2015 an investment in China Wasion Group (IFC/R , dated May 18, 2015) in the form of equity of up to HK$155 million (approximately US$20 million equivalent). Mr. Sheets (via ecenter on May 29, 2015) wished to record his abstention. India Investment in NxtGen 23. The Board of Directors authorized on May 29, 2015 an investment in India NxtGen (IFC/R , dated May 18, 2015) in the form of equity of up to US$7.14 million.

7 Malawi Additional IFC Investment in Meridian Consolidated Investments Limited for the MCIL Increase Project 24. The Board of Directors authorized on June 5, 2015 an additional IFC investment in Malawi Meridian Consolidated Investments Limited (IFC/R , dated May 26, 2015) in the form of an increased commitment amount for (i) IFC's senior "A" loan from up to US$10 million to up to US$15 million; and (ii) GAFSP's subordinated secured loan from up to US$10 million to up to US$15 million, and adopted Resolution No. IFC Ethiopia Investment in GTST Ethiopia Trade Facility III 25. The Board of Directors authorized on June 8, 2015 an investment in Ethiopia GTST Ethiopia Trade Facility III (IFC/R , dated May 27, 2015) in the form of a short-term trade finance discounting facility of up to US$100 million. Thailand Investment in Bank of Ayudhya Public Company Ltd. (BAY RSF) 26. The Board of Directors authorized on June 9, 2015 an investment in Thailand Bank of Ayudhya Public Company Ltd. (BAY RSF) (IFC/R , dated May 28, 2015) in the form of an unfunded risk sharing facility of up to THB 2.8 billion (approximately US$85 million equivalent). ****************************************************************************** THE BOARD OF DIRECTORS OF MIGA Nicaragua Guarantees to EcoPlanet Bamboo Group, LLC of the United States of America for its Investment in the EcoPlanet Bamboo Project Modification of Prior Concurrence 27. The Board of Directors of MIGA recorded its authorization on June 1, 2015 for the President to proceed with the modification of prior concurrence as set out in the Memorandum from the President entitled Nicaragua Guarantees to EcoPlanet Bamboo Group, LLC of the United States of America for its Investment in the EcoPlanet Bamboo Project Modification of Prior Concurrence in the Republic of Nicaragua (MIGA/R , dated May 19, 2015). ******************************************************************************

8 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND BOARD OF DIRECTORS OF MIGA Senegal Performance and Learning Review of the Country Partnership Strategy 28. The Executive Directors recorded their noting on May 29, 2015 of the Performance and Learning Review of the joint IDA/IFC/MIGA Country Partnership Strategy for Senegal for the period FY13-FY17 (IDA/R [IFC/R , MIGA/R ], dated May 7, 2015). Record of Previous Meetings 29. The Executive Directors of the Bank and IDA recorded their approval on June 2, 2015 of the Minutes of the meeting in Restricted Executive Session held on May 27, 2015 (XM [IDA/XM ], dated May 27, 2015) The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on June 2, 2015 of the Minutes of the meeting held on May 26, 2015, and the record of approvals and authorizations between May 22, 2015 through May 26, 2015 (M (IDA/M , IFC/M , MIGA/M ], dated May 27, 2015). Invitation to Observers to the 2015 Annual Meetings 31. The Executive Directors recorded their approval on June 5, 2015 of the recommendations contained in the draft letter to the Chairman of the Boards of Governors of the World Bank Group and the International Monetary Fund entitled Invitation to Observers to the 2015 Annual Meetings (R [IDA/R , IFC/R , MIGA/R ], dated June 2, 2015).