Minutes of Meeting of the Board of Directors of IFC held in the Board Room on June 1, 2017 at 10:02 a.m.

Transcription

1 Minutes of Meeting of the Board of Directors of IFC held in the Board Room on June 1, 2017 at 10:02 a.m. 1. There were present: CHAIR: Philippe H. Le Houerou, Chief Executive Officer, IFC DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: T. Almutairi D. Kinder O. Bougara K. Koguchi B. Catzaras P. Kunene R. Eletreby X. Li A. Fernando E. Miagkov M. Fikre P. Pagano S. Garg R. Pierini W. Gruber D. Quintero A. Hadiyanto G. Schoenleitner F. Heemskerk C. Svedberg R. Hernandez J.-C. Tchatchouang C. Hogan A. Thermann H. Kim OFFICERS AND STAFF PARTICIPATING: E. Tafara, Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary D. Tsitsiragos, Vice President * H. Lankes, Vice President C. Seydi, Director S. Pimenta, Director * P. Um, Country Director * A. Maiga, Senior Manager M.-J. Moyo, Senior Manager K. Shah, Chief Investment Officer H. Sfeir, Senior Investment Officer G. Lorne, Investment Officer * via videoconference

2 Ethiopia - Investment in GTST Ethiopia The Board of Directors authorized an investment in the form of an unfunded risk participation of up to US$100 million in a guarantee facility provided by Natixis for the project GTST Ethiopia 17 in Ethiopia (IFC/R , dated May 22, 2017) and adopted Resolution No. IFC South Africa - Investment in BMW South Africa (Pty) Ltd. 3. The Board of Directors authorized an investment in the form of an A loan of up to US$150 million (equivalent in South African rand) to BMW South Africa (Pty) Ltd. in South Africa (IFC/R ; /4, dated May 16, 2017, May 27, 2017, May 30, 2017, and May 31, 2017, respectively) and adopted Resolution No. IFC Ms. Mathiasen wished to be recorded as opposing. Ms. Robinson and Mr. Koguchi wished to be recorded as abstaining. Adjournment 4. The meeting adjourned at 12:46 p.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 31, 2017 and June 1, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA India - Loan- Innovate in India for Inclusiveness (I 3 ) Project 1. The Executive Directors recorded their approval on May 31, 2017 of a loan to India in the amount US$125 million for the Innovate in India for Inclusiveness (I 3 ) project on the terms and conditions set out in the President s Memorandum (R , dated May 11, 2017). Ms. Mathiasen wished to be recorded as abstaining. Lao People's Democratic Republic - Development Policy Credit - First Programmatic Green Growth Development Policy Operation 2. The Executive Directors recorded their approval on May 31, 2017 of a development policy credit to Lao People s Democratic Republic in the amount of SDR 28.5 million (US$38.6 million equivalent) for a First Programmatic Green Growth Development Policy Operation on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 9, 2017). Kiribati - Grant - Phase 4 of the Pacific Regional Connectivity Program - Kiribati Connectivity Project 3. The Executive Directors recorded their approval on May 31, 2017 of a grant to Kiribati in the amount of SDR 14,800,000 (equivalent to US$20 million) for Phase 4 of the Pacific Regional Connectivity Program: Kiribati Connectivity Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2017). Micronesia Additional Grant and Restructuring Pacific Regional Connectivity Program Phase 2: Palau-FSM Connectivity Project 4. The Executive Directors recorded their approval on May 31, 2017 of an additional grant to Micronesia in the amount of SDR 12 million (US$16.2 million equivalent) and restructuring to support the Pacific Regional Connectivity Program Phase 2: Palau-FSM Connectivity Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2017). Papua New Guinea Credit Emergency Tuberculosis Project 5. The Executive Directors recorded their approval on May 31, 2017 of a credit to Papua New Guinea in the amount SDR 11.1 million (equivalent to US$15 million) for the Emergency

4 Tuberculosis Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 19, 2017). Vanuatu - IDA Credit, IDA Grant, Grants from the Scaling-Up Renewable Energy Program and the Pacific Regional Infrastructure Facility Rural Electrification Project Stage II 6. The Executive Directors recorded their approval on May 31, 2017 of a IDA credit in the amount of SDR 1.50 million (US$2.0 million equivalent) and IDA grant in the amount of SDR 1.50 million (US$2.0 million equivalent), to Vanuatu for the Rural Electrification Project Stage II, and US$6.77million from the Scaling-up Renewable Energy Program under the Strategic Climate Fund, with IDA acting as implementing entity on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2017). Bangladesh - Credit Export Competitiveness for Jobs Project 7. The Executive Directors recorded their approval on June 1, 2017 of a credit to Bangladesh in the amount of SDR 73.8 million (equivalent to US$100 million) for the Export Competitiveness for Jobs Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 12, 2017). Ms. Mathiasen wished to be recorded as abstaining. ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Cambodia Investment in Advanced Bank of Asia Limited (ABA Gender Loan) 8. The Board of Directors authorized on May 31, 2017 an investment in Cambodia - Advanced Bank of Asia Limited (ABA Gender Loan) (IFC/R , dated May 18, 2017) of up to US$10 million comprised of (i) a B loan of up to US$5 million funded by IFC s Asset Management Company (through the Women Entrepreneurs Debt Fund, LP ( WEDF )), and (ii) an A loan for IFC s own account for any portion of the up to US$10 million financing package that is not funded by WEDF. Cambodia Investment in Hattha Kaksekar Limited (HKL Senior Loan 2017) 9. The Board of Directors authorized on May 31, 2017 an investment in Cambodia - Hattha Kaksekar Limited (HKL Senior Loan 2017) (IFC/R , dated May 18, 2017) in a form of a senior loan of up to US$5 million. Lao People's Democratic Republic Guarantee for ACLEDA Bank Lao Limited (ABL Lao Kip II) 10. The Board of Directors authorized on May 31, 2017 an investment in Lao People's Democratic Republic - Guarantee for ACLEDA Bank Lao Limited (ABL Lao Kip II)

5 (IFC/R , dated May 18, 2017) in a form of (i) a credit guarantee of up to LAK74.5 billion (equivalent to US$9.1 million) for IFC s own account; and (ii) a co-guarantee providing first loss coverage of up to US$2.3 million in local currency from IFC as an implementing entity for the Global Small and Medium Enterprise Finance Facility. Vietnam Investment in Vietnam Prosperity Joint Stock Commercial Bank for the VPBank Quasi-Equity Project 11. The Board of Directors authorized on May 31, 2017 an investment in Vietnam - Vietnam Prosperity Joint Stock Commercial Bank for the VPBank Quasi-Equity Project (IFC/R , dated May 18, 2017) in a form of a 2-year (extendable for another 2-years at IFC s option) senior loan, convertible into ordinary shares of VPBank at the option of IFC for a stake of up to 5 percent upon the exercise of the conversion, for an amount of up to US$57 million, or its equivalent in Vietnamese Dong. Brazil Investment in RecargaPay 12. The Board of Directors authorized on May 31, 2017 an investment in Brazil - RecargaPay (IFC/R , dated May 18, 2017) of up to US$7 million in Series B preferred shares in RecargaPay Holdings Inc. (Delaware). MENA Region Proposed Rights Issue in Gaia Equity & GEL Equity 13. The Board of Directors recorded their approval on May 31, 2017 of the recommendation contained in paragraph 3 of the President s Memorandum entitled MENA Region Proposed Rights Issue in Gaia Equity & GEL Equity (IFC/R , dated May 18, 2017) and adopted Resolution No. IFC Ms. Mathiasen wished to be recorded as abstaining. Costa Rica Investment in Cooperativa Nacional de Educadores, R.L. (COOPENAE II) 14. The Board of Directors authorized on June 1, 2017 an investment in Costa Rica - Cooperativa Nacional de Educadores, R.L. (COOPENAE II) (IFC/R ; /1, dated May 19, 2017, and May 25, 2017, respectively) in a form of a senior loan of up to US$20 million for IFC s own account. ***************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA Proposed Pre-Approval of Audit- Related Services to be Performed by KPMG 15. The Executive Directors recorded their approval on March 31, 2017 of the of the recommendation contained in paragraph 8 of Memorandum of the President entitled Proposed Pre-Approval of Audit- Related Services to be Performed by KPMG (R [IDA/R , IFC/R , MIGA/R ], dated May 19, 2017).