Shaolin Yang, Managing Director & WBG Chief Administrative Officer

Transcription

1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FROM: Vice President & 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 May 17, 2016 at 10:05 a.m. 1. There were present: CHAIR: Shaolin Yang, Managing Director & WBG Chief Administrative Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: J. Allford N. Khosa T. Almutairi B. Kunene M. Bhuiyan L. Larose N. Bleiber C. Lynch B. de Guindos E. Miagkov A. Delaunay P. Pagano A. Foxley M. Robinson F. Godts S. Santala H. Haji Mahmud A. Silveira M. Hasan W. Szczuka F. Heemskerk C. Volk M. Ishizuka J. Ye M. Kayad OFFICERS AND STAFF PARTICIPATING: Public Disclosure Authorized A-M. Leroy, Senior Vice President and General Counsel R. Pasi, Acting Corporate Secretary H. Ghanem, Vice President M.F. Marie-Nelly, Country Director A. Bassani, Director *M. Makhlouf, Director, IFC D. Biller, Sector Manager, MIGA *via videoconference

2 Tunisia - Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Tunisia for the period FY16-FY20 (R [IFC/R , MIGA/R ], dated April 25, 2016). Adjournment 3. The meeting adjourned at 11:49 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 13, 2016 and May 17, 2016 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA India IBRD Loan, Clean Technology Fund (CTF) Loan, Clean Technology Fund (CTF) Grant Grid-Connected Rooftop Solar Program Program-for-Results 1. The Executive Directors recorded their approval on May 13, 2016 of the IBRD loan in the amount of US$500 million, a CTF loan in the amount of US$120 million and a CTF Grant in the amount of US$5 million to the State Bank of India (SBI) with the sovereign guarantee of India for the Grid-Connected Rooftop Solar Program Program-for-Results on the terms and conditions set out in the President s Memorandum (R , dated April 26, 2016). Ethiopia Credit Small and Medium Enterprise Finance Project 2. The Executive Directors recorded their approval on May 17, 2016 of the credit in the amount of SDR million (US$200 million equivalent) to Ethiopia for the Small and Medium Enterprise Finance Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated April 28, 2016). Senegal Additional Credit West Africa Agricultural Productivity Program Second Phase 3. The Executive Directors recorded their approval on May 17, 2016 of the additional credit in the amount of EURO million (US$20 million equivalent) to Senegal for the West Africa Agricultural Productivity Program Second Phase on the terms and conditions set out in the President s Memorandum (IDA/R , dated April 28, 2016). India Capacity Building for Industrial Pollution Management Project Proposal to Restructure 4. The Executive Directors recorded their approval on May 17, 2016 of the recommendation contained in paragraph 5 of the President s Memorandum entitled India Capacity Building for Industrial Pollution Management Project Proposal to Restructure (R [IDA/R ], dated May 6, 2016). *****************************************************************************

4 THE BOARD OF DIRECTORS OF IFC China Investment in Envision Energy (Jiangsu) Ltd., Envision Energy (Nanjing) Software Technology Ltd., and Envision Energy (Nanjing) Sales Services Ltd. for the Envision Project 5. The Board of Directors authorized on May 13, 2016 an investment in China - Envision Energy (Jiangsu) Ltd., Envision Energy (Nanjing) Software Technology Ltd., and Envision Energy (Nanjing) Sales Services Ltd. (IFC/R , dated May 3, 2016) in the form of an A loan of up to US$50 million. Mr. McGuire (via ecenter on May 13, 2016) wished to record his opposition. Vietnam Investment in Dragon Capital Group Limited (DCGCapitalMarket) 6. The Board of Directors authorized on May 13, 2016 an investment in Vietnam Dragon Capital Group Limited (IFC/R , dated May 3, 2016) in the form of a senior loan of up to US$50 million for IFC's own account to DC and its subsidiary Vietnam Debt Fund SPC ("VDeF") as co-borrowers. Jordan Investment in FRV Solar Jordan 7. The Board of Directors authorized on May 13, 2016 an investment in Jordan FRV Solar Jordan (IFC/R , dated May 3, 2016) in the form of : (i) an A loan of up to US$22.5 million and a C loan of up to US$2.3 million from IFC s own account; (ii) a B loan of up to US$29 million; (iii) a concessional senior loan of up to US$21.6 million and a subordinated loan of up to US$2.3 million from IFC as implementing entity of the IFC-Canada Climate Change Program (IFC-CCCP); and (iv) US$ interest rate swaps to hedge the Senior Debt in a notional amount of up to US$72 million, representing a Loan Equivalent Exposure estimated as of March 8, 2016 of around US$2 million. India Investments in Tata Financial Services Rural and Tata Housing 8. The Board of Directors authorized on May 13, 2016 investments in India Tata Financial Services Rural and Tata Housing (IFC/R , dated May 3, 2016) in the form of subscriptions to listed secured redeemable NCDs issued by Tata Capital Financial Services Limited (TCFSL) and Tata Capital Housing Finance Limited (TCHFL) for up to INR 2,720 million (equivalent to US$40 million) and INR 4,080 million (equivalent to US$60 million). Mr. McGuire (via ecenter on May 13, 2016) wished to record his abstention.

5 China Investment in Chongqing Economic and Technological Development Zone Houze Small Loan Co., Ltd (CHG Loan) 9. The Board of Directors authorized on May 16, 2016 an investment in China - in Chongqing Economic and Technological Development Zone Houze Small Loan Co., Ltd (IFC/R , dated May 4, 2016) in the form: (i) of an A loan of up to RMB260 million (approximately US$40 million) in Chongqing Economic and Technological Development Zone Houze Small Loan Co., Ltd in China; and (ii) a straight equity of up to US$20 million in Clearwater China Investment Ltd, the holding company of CHG. Mr. McGuire (via ecenter on May 13, 2016) wished to record his abstention. China Investment in Lionbridge Financial Leasing Company (Lionbridge Loan) 10. The Board of Directors authorized on May 16, 2016 an investment in China Lionbridge Financial Leasing Company (IFC/R ; /1, dated May 4, 2016 and May 13, 2016, respectively) in the form of a senior loan of up to RMB 130 million (US$20 million equivalent). Mr. McGuire (via ecenter on May 16, 2016) wished to record his opposition. Argentina Investment in Banco Galicia S.A. (Galicia CL III) 11. The Board of Directors authorized on May 16, 2016 an investment in Argentina Banco Galicia S.A. (IFC/R , dated May 4, 2016) in the form of an A loan of up to US$130 million. Ecuador Investment in Moderna Alimentos S.A. 12. The Board of Directors authorized on May 17, 2016 an investment in Ecuador Moderna Alimentos S.A. (IFC/R , dated May 5, 2016) in the form of an A loan for IFC s own account of up to US$15 million. World Region Investment in Bank of Tokyo Mitsubishi UFJ for the CCFP BTMU II Project 13. The Board of Directors authorized on May 17, 2016 an investment in World Region Bank of Tokyo Mitsubishi UFJ (IFC/R , dated May 5, 2016) in the form of an unfunded risk participation facility of up to US$100 million under IFC s Critical Commodities Finance Program. ******************************************************************************

6 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND BOARD OF DIRECTORS OF MIGA Democratic Republic of Congo Performance and Learning Review of the Country Partnership Strategy 14. The Executive Directors recorded their noting on May 13, 2016 of the Performance and Learning Review (PLR) of the joint IDA/IFC/MIGA Country Partnership Strategy for the Democratic Republic of Congo for the period FY13-FY16 (IDA/R [IFC/R , MIGA/R ], dated April 22, 2016). Armenia Performance and Learning Review of the Country Partnership Strategy 15. The Executive Directors recorded their noting on May 13, 2016 of the Performance and Learning Review (PLR) of the joint IBRD/IDA/IFC Country Partnership Strategy for Armenia for the period FY14-FY17 (R [IDA/R , IFC/R ], dated April 22, 2016).