Minutes of Meeting of the Boards of Directors of IFC, held in the Board Room on Thursday, December 18, 2014 at 10:04 a.m.

Transcription

1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FROM: The Corporate Secretary Minutes of Meeting of the Boards of Directors of IFC, held in the Board Room on Thursday, December 18, 2014 at 10:04 a.m. 1. There were present: CHAIR: James Scriven, Vice President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy N. Khosa J. Bvumbe A. Lushin B. Charassangsomboon U. Mueller D. Crane F. Odey H. De Villeroche L. Palma S.-S. Eun J. Rojas A. Foxley S. Santala S. Garg A. Silveira M. Hasan A. Smith F. Heemskerk W. Szczuka G. Hines G. Yazganarikan Y. Kato J. Ye M. Kayad OFFICERS AND STAFF PARTICIPATING: D. Harris, Deputy General Counsel A. Gibbs, Acting Corporate Secretary B. Sheahan, Director L. Crist, Senior Manager M. Sheng, Principal Investment Officer S. Singhal, Investment Officer

2 - 3 - China Investments in China Gas Holdings Limited and China Tian Lun Gas Holdings Limited 2. The Board of Directors considered the President's Memorandum and a Report on investments by IFC in the form of: (i) debt of up to US$500 million in China Gas Holdings Limited; and (ii) debt and equity of up to a total amount of US$135 million in China Tian Lun Gas Holdings in China (IFC/R , dated December 5, 2014) and adopted Resolution No. IFC Ms. Aviel wished to be recorded as abstaining. Adjournment 3. The meeting adjourned at 11:04 a.m.

3 - 4 - 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 the Board Room on December 18, 2014 at 11:08 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director and WBG Chief Operating Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: J. Abdul Ghaffar H. Khosa V. Agapov L. Laraia K. Alkhudairy M. Livingston S. Bajare P. Maleka J. Bvumbe U. Mueller B. Charassangsomboon Y. Nishii H. De Villeroche J. Rojas S.-S. Eun A. Silveira A. Foxley A. Smith S. Garg W. Szczuka F. Heemskerk G. Yazganarikan G. Hines J. Ye M. Kayad OFFICERS AND STAFF PARTICIPATING: A.-M. Leroy, Senior Vice President and General Counsel A. Gibbs, Acting Corporate Secretary M. Diop, Vice President * M. Lundell, Country Director K. Kubota, Lead Economist T. Buckley, Country Program Coordinator * via videoconference

4 - 5 - Madagascar Re-engagement Development Policy Operation 2. The Executive Directors considered the President s Memorandum and Recommendation and approved the development policy credit in the amount of SDR 30.5 million (US$45 million equivalent) to Madagascar for the Reengagement Development Policy Operation (IDA/R , dated November 24, 2014) on the terms and conditions set out in the President s Memorandum. Adjournment 3. The meeting adjourned at 11:37 a.m.

5 - 6 - 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 the Board Room on December 18, 2014 at 11:39 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director and WBG Chief Operating Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: V. Agapov L. Laraia A. Alkhalaf G. Letilly Z. Allawi M. Livingston S. Bajare D. Pedro S. Bouda W. Rissmann J. Bvumbe J. Scandiucci B. Charassangsomboon A. Smith S.-S. Eun W. Szczuka A. Foxley M. Tareque F. Heemskerk R. Turrent G. Hines G. Yazganarikan M. Ishizuka J. Ye N. Khosa OFFICERS AND STAFF PARTICIPATING: A. -M. Leroy, Senior Vice President and General Counsel A. Gibbs, Acting Corporate Secretary M. Diop, Vice President J. Familiar, Regional Vice President * V. Songwe, Country Director S. Sirtaine, Country Director E. Wallentin, Senior Manager, IFC P. English, Program Leader P. Nadji, Senior Country Officer J. Cretegny, Principal Country Officer, IFC P. Hackett, Economist, MIGA M.-C. Uwanyiligira, Country Program Coordinator * via videoconference

6 - 7 - Cabo Verde - Country Partnership Strategy 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Partnership Strategy for Cabo Verde for the period FY2015-FY2017 (R [IDA/R , IFC/R , MIGA/R ]; /2, dated November 24, 2014 and December 11, 2014, respectively). Suriname - Country Partnership Strategy 3. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Strategy for Suriname for the period FY2015-FY2019 (R [IFC/R , MIGA/R ]; /1, dated December 11, 2014 and December 18, 2014, respectively). Adjournment 4. The meeting adjourned at 12:32 p.m.

7 - 8 - The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between December 17, 2014 and December 18, 2014: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: Micronesia Grant Pacific Regional Connectivity Program Phase 2 Palau-Federated States of Micronesia Connectivity Project 1. The Executive Directors recorded their approval on December 17, 2014 of the grant to Micronesia for a Pacific Regional Connectivity Program Phase II Palau-Federated States of Micronesia Connectivity Project in the amount of SDR 32.1 million (US$47.5 million equivalent) on the terms and conditions set out in the President s Memorandum (IDA/R , dated November 26, 2014). Sierra Leone Development Policy Grant Emergency Economic and Fiscal Support Operation 2. The Executive Directors recorded their approval on December 17, 2014 of the development policy grant to Sierra Leone for an Emergency Economic and Fiscal Support Operation in the amount of SDR 20.6 million (US$30 million equivalent) on the terms and conditions set out in the President s Memorandum (IDA/R , dated December 11, 2014). Democratic Republic of Congo Credit and Grant - Health System Strengthening for Better Maternal and Child Health Results Project 3. The Executive Directors recorded their approval on December 18, 2014 of the credit and grant to the Democratic Republic of Congo for the Health System Strengthening for Better Maternal and Child Health Results Project in the amount of SDR 88,000,000 (US$130 million equivalent) and SDR 60,900,000 (US$90 million equivalent), respectively, on the terms and conditions set out in the President s Memorandum (IDA/R , dated December 1, 2014). Madagascar Credit Second Integrated Growth Poles and Corridor Project 4. The Executive Directors recorded their approval on December 18, 2014 of the credit to Madagascar for the Second Integrated Growth Poles and Corridor Project in the amount of SDR 33.8 million (US$50 million equivalent), on the terms and conditions set out in the President s Memorandum (IDA/R , dated December 1, 2014).

8 Cote d Ivoire, Chad, Mali, Niger, Mauritania and the Economic Community of West African States (ECOWAS) Credits and Grants - Sahel Women Empowerment and Demographic Dividend Regional Project The Executive Directors recorded their approval on December 18, 2014 of the credits to Cote d Ivoire, Mali, Niger, and grants to Cote d Ivoire, Chad, Mauritania, Niger, and the Economic Community of West African States (ECOWAS) for a Sahel Women Empowerment and Demographic Dividend Regional Project, comprising a credit in Cote d Ivoire in the amount of SDR million (US$20 million equivalent), a credit to Mali in the amount of SDR 27.1 million (US$40 million equivalent), a credit to Niger in the amount of SDR 36.2 million (US$53.5 million equivalent), a grant to Cote d Ivoire in the amount of SDR 6.88 million (US$10 million equivalent), a grant to Chad in the amount of SDR 18.1 million (US$26.7 million equivalent), a grant to Mauritania in the amount of SDR 10.2 million (US$15 million equivalent) and a grant to the Economic Community of West African States (ECOWAS) in the amount of SDR 3.4 million (US$5 million equivalent), on the terms and conditions set out in the President s Memorandum (IDA/R , dated December 1, 2014). ************************************************ THE BOARD OF DIRECTORS OF IFC: Nigeria Investment in Senior Loan Guarantee Trust Bank PLC 6. The Board of Directors authorized on December 17, 2014 an investment in Nigeria Senior Loan Guarantee Trust Bank PLC (IFC/R , dated December 5, 2014) in the form of (i) US$100 million for IFC s own account; (ii) a Managed Co-lending Portfolio Program loan of up to US$75 million; and (iii) B loan(s) of up to US$75 million for the account of participants in Guaranty Trust Bank PLC. Ms. Aviel wished to be recorded as abstaining. Colombia Investment in Centro Hospitalario Serena del Mar for the Serena del Mar Project 7 The Board of Directors authorized on December 17, 2014 an investment in Colombia Centro Hospitalario Serena del Mar for the Serena del Mar Project (IFC/R , dated December 5, 2014) in the form of a C loan of up to US$20 million equivalent in local currency (COP). China Investment in Weigao II 8. The Board of Directors authorized on December 18, 2014 an investment in China Weigao II (IFC/R , dated December 8, 2014) in the form of an A loan of up to RMB600 million (approximately US$98 million equivalent). Ms. Aviel wished to be recorded as abstaining. Belarus Investment in ALC Eterika Minsk Region for the A-100 Project 9. The Board of Directors authorized on December 18, 2014 an investment in Belarus ALC Eterika Minsk Region for the A-100 Project (IFC/R , dated December 8, 2014) in the form of an A loan of up to US$20 million.

9 Uganda Investment in Merryland School The Board of Directors authorized on December 18, 2014 an investment in Uganda Merryland School (IFC/R , dated December 8, 2014) in the form of an A loan of up to US$4.1 million. Costa Rica Banco Davivienda (Costa Rica), S.A. (DavCR) 11. The Board of Directors authorized on December 18, 2014 an investment in Costa Rica Banco Davivienda (Costa Rica), S.A. (DavCR) (IFC/R , dated December 8, 2014) in the form of an unsecured senior loan of up to US$50 million. Romania Bucharest Municipality 12. The Board of Directors authorized on December 18, 2014 an investment in Romania Bucharest Municipality (IFC/R , dated December 8, 2014) in the form of a senior A loan of up to RON100,000,000 (approximately US$28 million equivalent). Brazil Investment in Affero Lab 13. The Board of Directors authorized on December 18, 2014 an investment in Brazil Affero Lab (IFC/R , dated December 10, 2014) in the form of equity represented by subscription for common registered shares of up to R$50 million (approximately US$20 million equivalent) and a purchase of warrants for up to R$1,000 (approximately US$400 equivalent). ************************************************ THE BOARD OF DIRECTORS OF MIGA: Nicaragua Guarantee to OC International Holdings for its Investment in Industria Ceramica Centroamericana S.A. 14. The Board of Directors recorded its concurrence on December 17, 2014 with the President s proposal to issue a guarantee to OC International Holdings for its investment in Industria Ceramica Centroamericana S.A. as set out in the Report from the President entitled "Nicaragua Guarantee to OC International Holdings for its Investment in Industria Ceramica Centroamericana S.A." (MIGA/R , dated December 5, 2014). ************************************************ THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA: Minutes of Previous Meetings 15. The Executive Directors of the Bank and IDA, the Board of Directors of IFC and the Board of Directors of MIGA recorded their approval on December 18, 2014 of the Minutes of the meeting held on December 9, 2014 and of the Record of approvals or authorizations between December 4, 2014 through December 9, 2014 (M /1[IDA/M /1, IFC/M /1, MIGA/M /1], dated December 15, 2014).