EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:

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 30, 2017 at 10:04 a.m. 1. There were present: CHAIR: K. Georgieva, Chief Executive Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy F. Jimenez J. Allford D. Kinder R. Beadle K. Koguchi O. Bougara B. Kunene A. Bvumbe B. Lvin O. Canuto P. Pagano H. de Villeroche D. Pierini R. Eletreby G. Schoenleitner S. Garg J-C. Tchatchouang W. Gruber S. Ulbaek A. Hadiyanto Y. Yang F. Heemskerk J. Zattler C. Hogan OFFICERS AND STAFF PARTICIPATING: Public Disclosure Authorized I. Kichigina, Acting Senior VP & General Counsel Y. Tsikata, Vice President and Corporate Secretary V. Kwakwa, Vice President, EAP Region J-H. Lopez, Acting Vice President, LAC Region O. Dione, Country Director, Vietnam T. Khan, Country Director, Belize *V. Pathak, Director K. Kelhofer, Senior Manager F. Sader, Head, IFC C. Sjetnan, Senior Country Officer P. Barbour, Senior Risk Management Officer, IFC L. Lemes, Country Officer *via videoconference

2 Vietnam Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Partnership Framework for Vietnam for the period FY18-FY22 (R [IDA/R , IFC/R , MIGA/R ], dated May 5, 2017). Belize Country Partnership Framework 3. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Belize for the period FY18-FY22 (R [IFC/R , MIGA/R ], dated May 9, 2017). Adjournment 4. The meeting adjourned 12:53 p.m.

3 FROM: Vice President & Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on May 30, 2017 at 12:57 p.m. 1. There were present: CHAIR K. Georgieva, Chief Executive Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: J. Agapov B. Kunene T. Almutairi X. Li J. Bougara K. Mathiasen A. Bvumbe Z. Pedic B. Catzaras D. Pierini J. Diaz Palacios D. Quintero R. Eletreby P. Sirinupongs B. Gasperi J-C. Tchatchouang W. Gruber C. Ulbaek C. Hogan J. Van Damme H. Kim S. Yadav D. Kinder J. Zattler K. Koguchi OFFICERS AND STAFF PARTICIPATING: I. Kichigina, Acting Senior Vice President and General Counsel A. Gibbs, Acting Vice President and Corporate Secretary M. Diop, Vice President, Africa Region *B. Bird, Country Director S. Wahba Tadros, Director L. Finneran, Director A. Parvez, Senior Disaster Risk Management Specialist *via videoconference

4 Somalia Grants Emergency Drought Response and Recovery Project 2. The Executive Directors considered the President s Memorandum and Recommendation (IDA/R , dated May 23, 2017) and approved the grants from the International Development Association Crisis Response Window (CRW) in the total amount of SDR36.5 million (US$50 million equivalent) for a Somalia Emergency Drought Response and Recovery Project (SEDRP) on the terms and conditions set out in the President s Memorandum, including the waivers requested. Specifically, the Board approved a grant of SDR21.9 million (US$30 million equivalent) to the Food and Agricultural Organization of the United Nations (FAO), and SDR14.6 million (US$20 million equivalent) to the International Committee of the Red Cross (ICRC). Adjournment 3. The meeting adjourned 2:13 p.m.

5 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 26, 2017 and May 30, 2017 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Senegal Credit Supporting Gas Project Negotiations and Enhancing Institutional Capacities Project 1. The Executive Directors recorded their approval on May 26, 2017 of the credit in the amount of EUR 27.2 million (US$29 million equivalent) to Senegal for the Supporting Gas Project Negotiations and Enhancing Institutional Capacities Project on the terms and conditions set out in the President s Memorandum (IDA/R ; /2-3, dated April 25, 2017, May 12, 2017 and May 19, 2017, respectively). Vietnam Additional Financing Da Nang Sustainable City Development Project 2. The Executive Directors recorded their approval on May 26, 2017 of the additional credit from the Scale-Up Facility in the amount of US$72.52 million to Vietnam for the Da Nang Sustainable City Development Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 9, 2017). India Loan Andhra Pradesh 24X7 Power for All Project 3. The Executive Directors recorded their approval on May 26, 2017 of the loan in the amount of US$240 million to India for the Andhra Pradesh 24X7 Power for All Project on the terms and conditions set out in the President s Memorandum (R , dated May 1, 2017). India Loan Jharkhand Opportunities for Harnessing Rural Growth (JOHAR) Project 4. The Executive Directors recorded their approval on May 26, 2017 of the loan in the amount of US$100 million to India for the Jharkhand Opportunities for Harnessing Rural Growth (JOHAR) Project on the terms and conditions set out in the President s Memorandum (R , dated May 9, 2017). India Loan Assam Citizen-Centric Service Delivery Project 5. The Executive Directors recorded their approval on May 26, 2017 of the loan in the amount of US$39.2 million to India for the Assam Citizen-Centric Service Delivery Project on the terms and conditions set out in the President s Memorandum (R , dated May 9, 2017).

6 Pakistan Credit Sindh Enhancing Response to Reduce Stunting Project 6. The Executive Directors recorded their approval on May 26, 2017 of the credit in the amount of SDR 45.5 million (US$61.62 million equivalent) to Pakistan for the Sindh Enhancing Response to Reduce Stunting Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 9, 2017). Guinea-Bissau Additional Financing and Restructuring Emergency Water and Electricity Services Upgrading Project 7. The Executive Directors recorded their approval on May 30, 2017 of the additional grant in the amount of SDR 5.20 million (US$7 million equivalent), additional credit in the amount of SDR million (US$18 million equivalent) and restructuring to Guinea-Bissau for the Emergency Water and Electricity Services Upgrading Project on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 11, 2017). Mali Development Policy Credit First Poverty Reduction and Inclusive Growth Support Credit 8. The Executive Directors recorded their approval on May 30, 2017 of the development policy credit in the amount of EUR 46.9 million (US$50 million equivalent) to Mali for the First Poverty Reduction and Inclusive Growth Support Credit on the terms and conditions set out in the President s Memorandum (IDA/R , dated May 8, 2017). Vietnam IDA Credit and Scale-Up Facility Credit Vietnam Scaling Up Urban Upgrading Project 9. The Executive Directors recorded their approval on May 30, 2017 of the IDA credit in the amount of SDR million (US$140 million equivalent) and a Scale-Up Facility credit in the amount of US$100 million to Vietnam for the Vietnam Scaling Up Urban Upgrading Project (IDA/R , dated May 10, 2017). Vietnam Credit Emergency Natural Disaster Reconstruction Project 10. The Executive Directors recorded their approval on May 30, 2017 of the credit in the amount of SDR 86.1 million (US$118 million equivalent) to Vietnam for the Emergency Natural Disaster Reconstruction Project (IDA/R ; /2, dated May 18, 2017 and June 1, 2017, respectively). *****************************************************************************

7 THE BOARD OF DIRECTORS OF IFC Senegal Investment in Tobene Power S.A. for the Tobene IPP Phase 2 Project 11. The Board of Directors authorized on May 26, 2017 an investment in Senegal Tobene Power S.A. (IFC/R ; /1-2, dated May 2, 2017, May 12, 2017 and May 19, 2017, respectively) in the form of (i) an A loan of up to EUR 8.0 million (approximately US$8.7 million equivalent), (ii) a B loan of up to EUR 14.0 million (approximately US$15.2 million equivalent), (iii) an equity investment of up to EUR 1.0 million (approximately US$1.1 million equivalent); and (iv) an interest rate swap for a loan-equivalent exposure ( LEQ ) of up to US$750,000. Ms. Ulbaek and Mr. Zattler wished to be recorded as abstaining. Georgia Investment in M2 Real Estate III-Ramada II Project 12. The Board of Directors authorized on May 26, 2017 an investment in Georgia M2 Real Estate III-Ramada II Project (IFC/R , dated May 16, 2017) in the form of an A loan of up to US$12 million (or its equivalent in Euro) for two Ramada Encore hotel investments in two new Special Purpose Vehicles to be created. Brazil Investment in Ventos de Santo Estevão Holding S.A. (Araripe III) 13. The Board of Directors authorized on May 26, 2017 an investment in Brazil Ventos de Santo Estevão Holding S.A. (IFC/R , dated May 16, 2017) in the form of subscription by IFC of senior secured debentures of up to BRL 160 million (approximately US$50 million equivalent) for IFC s own account. Ms. Mathiesen wished to be recorded as abstaining. Bangladesh Investment in Bengal Hotel and Resorts Limited for the Bengal Hotel Project 14. The Board of Directors authorized on May 26, 2017 an investment in Bangladesh Bengal Hotel and Resorts Limited (IFC/R , dated May 16, 2017) in the form of an A loan of up to US$18 million. Nepal Investment in FCS RE Himalayan Chain Resort 15. The Board of Directors authorized on May 26, 2017 an investment in Nepal FCS RE Himalayan Chain Resort (IFC/R , dated May 16, 2017) in the form of an A loan of up to US$1.7 million.

8 Ukraine Investment in Nibulon Agricultural Limited Liability Company for the Nibulon CL Project 16. The Board of Directors authorized on May 30, 2017 an investment in Ukraine Nibulon Agricultural Limited Liability Company (IFC/R , dated May 17, 2017) in the form of an A loan of up to US$60 million and a B loan of up to US$40 million. Mr. Lushin wished to be recorded as abstaining. Argentina Investment in F.V.S.A. for the FV IV Project 17. The Board of Directors authorized on May 30, 2017 an investment in Argentina F.V.S.A. (IFC/R , dated May 17, 2017) in the form of an A loan of up to US$25 million. Brazil Investment in Rede D Or São Luiz S.A. for the Rede Dor Growth Project 18. The Board of Directors authorized on May 30, 2017 an investment in Brazil - Rede D Or São Luiz S.A. (IFC/R , dated May 17, 2017) in the form of (i) an A loan of up to US$100 million (approximately R$312 million), for the account of IFC; (ii) a B loan of up to US$120 million (approximately R$374 million), for the account of the B-Loan participants; and (iii) a C loan of up to US$30 million (approximately R$94 million). Brazil and Panama Investment in Cibrafértil and Paribara 19. The Board of Directors authorized on May 30, 2017 an investment in Brazil and Panama - Cibrafértil and Paribara (IFC/R , dated May 17, 2017) in the form of an A loan of up to US$40 million for IFC s own account to Cibrafértil Sociedade Anônima, S.A. (Cibrafértil) in Brazil and Paribara Sociedad de Responsabilidad Limitada (Paribara) in Panama. Ms. Ulbaek and Mr. Zattler wished to be recorded as abstaining. Peru Investment in LatAm Logistic Properties Company Lurin I SRL for the LLP Peru Project 20. The Board of Directors authorized on May 30, 2017 an investment in Peru LatAm Logistic Properties Company Lurin I SRL (IFC/R , dated May 17, 2017) in the form of an A loan of up to US$23.5 million, and a B loan of up to US$23.5 million.