Meeting Minutes - 9/22/2016



OFFICIAL USE ONLYM2016-0042IDA/M2016-0042IFC/M2016-0042MIGA/M2016-0040November 2, 2016 3123565134620Closing Date: Wednesday, November 9, 2016at 6:00pm00Closing Date: Wednesday, November 9, 2016at 6:00pmFROM: Vice President and Corporate SecretaryMinutes of Meeting of the Executive Directors of the Bank and IDAand the Boards of Directors of IFC and MIGAheld in the Board Room on September 22, 2016andRecord of Approvals on an Absence-of-Objection Basis or authorizations to proceed on a Streamlined BasisbetweenSeptember 8, 2016 and September 22, 2016In the absence of comments or objections to be notified to the Vice President and Corporate Secretary by 6:00 p.m. on November 9, 2016 the following Minutes and the Record of Previous Approvals will be deemed approved and so recorded in a subsequent set of Minutes of the Executive Directors of the Bank and IDA and the Board of Directors of IFC and MIGA.Distribution:Executive Directors and AlternatesPresidentBank Group Senior ManagementVice Presidents, Bank, IFC and MIGADirectors and Department Heads, Bank, IFC and MIGAFROM: Vice President and Corporate SecretaryMinutes of Meeting of the Executive Directors of the Bank and IDAand the Boards of Directors of IFC and MIGAheld in the Board Room on September 22, 2016 at 10:05 a.m. 1.There were present:CHAIR:J. Levy, Managing Director and WBG Chief Financial OfficerEXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:K. AlkhudairyM.HasanJ.AllfordF.HeemskerkB.CatzarasE.HreggvidssonH.CoutancheD.KinderB.de GuindosA.LushinR.De LeonM.McGuireR.Dominguez PabonN.MirekuM.EhuiP.PaganoA.FoxleyR.SchroederJ.FriedenP.SirinupongsD.FujiiA.SmithS.GargJ.YeF.GodtsOFFICERS AND STAFF PARTICIPATING:A.-M.Leroy, Senior Vice President and General Counsel S.Boubacar, Acting Vice President and Corporate SecretaryM.Murthi, Director, Strategy and Operations*R.Benmessaoud, Country Director*E.Essien, Country ManagerF.Douamba, Chief Program Manager, IFC S.Dreyhaupt, Program Manager, MIGAI. Konjhodzic, Country Program CoordinatorG.Leon, Mission Chief, IMF*via videoconferenceNigeria – Performance and Learning Review of the Country Partnership Strategy2.The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Country Partnership Strategy for Nigeria for the period FY14-FY17 (R2016-0176[IDA/R2016-00220[IFC/R2016-0259, MIGA/R2016-0077], dated August 30, 2016).Adjournment3.The meeting adjourned 12:17 p.m.The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a Streamlined Basis betweenSeptember 8, 2016 and September 22, 2016THE EXECUTIVE DIRECTORS OF THE BANK AND IDAMontenegro – Additional Loan - Institutional Development and Agriculture Strengthening Project1.The Executive Directors recorded their approval on September 9, 2016 of an additional loan to Montenegro in the amount of EUR3.0 million (US$3,343,800 equivalent) for the Institutional Development and Agriculture Strengthening Project on the terms and conditions set out in the President’s Memorandum (R2016-0172, dated August 22, 2016).China - Global Environment Facility (GEF) Trust Fund Grant - Capacity Strengthening for Implementation of Minamata Convention on Mercury Project2.The Executive Directors recorded their approval on September 9, 2016 of a trust fund grant from the Global Environment Facility (GEF) to China in the amount of US$8 million for the Capacity Strengthening for Implementation of Minamata Convention on Mercury Project on the terms and conditions set out in the President’s Memorandum (GEF/R2016-0011, dated August 25, 2016). Mr. McGuire wished to be recorded as abstaining.Ethiopia - Irrigation and Drainage Project - Restructuring3.The Executive Directors recorded their approval on September 12, 2016 of the recommendation contained in paragraph 4 of the President's Memorandum entitled “Ethiopia - Irrigation and Drainage Project - Proposal to Restructure” (IDA/R2016-0218, dated August 31, 2016).Belize – Global Environment Facility’s Special Climate Change Fund (SCCF) Grants -Energy Resilience for Climate Adaptation Project4.The Executive Directors recorded their approval on September 12, 2016 of grants to Belize in the amount of US$2.38 million and to Belize Electricity Limited in the amount of US$5.62 million under the Global Environmental Facility’s Special Climate Change Fund (SCCF) for the Energy Resilience for Climate Adaptation Project on the terms and conditions set out in the President’s Memorandum (GEF/R2016-00012, dated August 26, 2016). Kiribati – Additional Grant - Third Economic Reform Development Policy Operation5.The Executive Directors recorded their approval on September 13, 2016 of the additional grant in the amount of SDR1.5 million (US$2 million equivalent) to Kiribati for the Third Economic Reform Development Policy Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0215, dated August 19, 2016). Samoa - Development Policy Credit - Second Fiscal and Economic Reform Operation6.The Executive Directors recorded their approval on September 13, 2016 of the development policy credit in the amount of SDR 3.6 million (US$ 5.0 million equivalent) to Samoa for the Second Fiscal and Economic Reform Operation on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0214, dated August 22, 2016). The Gambia – Additional Grant - Results for Education Achievement and Development Project7.The Executive Directors recorded their approval on September 14, 2016 of the additional grant in the amount of SDR 5.4 million (US$7.5 million equivalent) to The Gambia for the Results for Education Achievement and Development (READ) project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0217;/2, dated August 22, 2016, and September 8, 2016, respectively). Mr. Godts and Ms. Mueller wished to be recorded as abstaining. West Bank and Gaza – Trust Fund Grant - Integrated Cities and Urban Development Project8.The Executive Directors recorded their approval on September 21, 2016 of the grant from the Trust Fund for Gaza and the West Bank (administered by the International Development Association) to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority) in the amount of US$5 million for the West Bank and Gaza Integrated Cities and Urban Development Project on the terms and conditions set out in the President’s Memorandum (R2016-0221, dated September 1, 2016). Red Sea and Gulf of Aden Strategic Ecosystem Management Project - Restructuring9.The Executive Directors recorded their approval on September 16, 2016 of the recommendation contained in paragraph 4 of the President's Memorandum entitled “Red Sea and Gulf of Aden Strategic Ecosystem Management Project - Proposal to Restructure” (GEF/R2016-0013, dated September 6, 2016).Pakistan – Additional Loan - Tarbela Fourth Extension Hydropower Project10.The Executive Directors recorded their approval on September 20, 2016 of the additional loan in the amount of US$390 million to Pakistan for the Tarbela Fourth Extension Hydropower Project on the terms and conditions set out in the President’s Memorandum (R2016-0173, dated August 31, 2016). Nicaragua – Additional Credit - Second Support to the Education Sector Project11.The Executive Directors recorded their approval on September 22, 2016 of the additional credit in the amount of US$5 million to Nicaragua for the Second Support to the Education Sector Project on the terms and conditions set out in the President’s Memorandum (IDA/R2016-0222, dated September 2, 2016). *****************************************************************************THE BOARD OF DIRECTORS OF IFCCentral America Region - Investment in International Shopping Center Holdings, Inc. for the ISCH III Project12.The Board of Directors authorized on September 8, 2016 an investment in Central America Region - International Shopping Center Holdings, Inc. for the ISCH III Project (IFC/R2016-0257, dated August 26, 2016) in the form of loans with aggregate value of up to US$45 million to three subsidiaries of International Shopping Center Holdings, Inc.: (i) an “A” loan of up to US$22 million to Metrocentro S.A. de C.V. in El Salvador; (ii) an “A” loan of up to U$13 million to Multiplaza S.A. in Nicaragua; and (iii) an “A” loan of up to US$10 million to Multiplaza S.A. de C.V. in Honduras.Romania - Investment in NE Property Cooperatief UA for the NEPI Bond Project13.The Board of Directors authorized on September 8, 2016 an investment in Romania – NE Property Cooperatief UA for the NEPI Bond Project (IFC/R2016-0258, dated August 26, 2016) in the form of a Eurobond of up to €50 million (approximately US$56.5 million).World Region - Investment in Remitly14.The Board of Directors authorized on September 8, 2016 an investment in World Region– Remitly (IFC/R2016-0256, dated August 26, 2016) in the form of equity of up toUS$3 million.Dominican Republic– Additional Investment in Banco BHD Leon15.The Board of Directors authorized on September 13, 2016 an additional investment in Dominican Republic – Banco BHD Leon (IFC/R2016-0260, dated September 1, 2016), originally presented to the Board of Directors under streamlined board procedure on March 23, 2015 (IFC/R2015-0052), of DOP 2,150 million (approximately US$46.6 million).Myanmar – Investment in Oway Group16.The Board of Directors authorized on September 14, 2016 an investment in Myanmar – Oway Group (IFC/R2016-0261; /1, dated September 1, 2016 and September 7, 2016, respectively) in the form of a subscription for preferred shares of up to US$2 million.Indonesia – Investment in PT Aneka Gas Industri Tbk for the Aneka Gas Project17.The Board of Directors authorized on September 20, 2016 an investment in Indonesia – PT Aneka Gas Industri Tbk for the Aneka Gas Project (IFC/R2016-0263, dated September 8, 2016) in the form of equity of up to IDR 147 billion (approximately US$11 million equivalent).Mexico – Investment in Vinte-NuEDGE18.The Board of Directors authorized on September 20, 2016 an investment in Mexico – Vinte-NuEDGE (IFC/R2016-0262, dated September 8, 2016) in the form an “A” loan of upto MXN350 million (approximately US$18.8 million equivalent).*****************************************************************************THE BOARD OF DIRECTORS OF MIGA:Bangladesh - Guarantees to Standard Chartered Bank, Siemens Bank GmbH and other financial institutions to be identified for Non-shareholder Loans to North-West Power Generation Company Limited for the Sirajganj 3 Power Plant19.The Board of Directors recorded its authorization on September 14, 2016 for the President to proceed with the issuance of a guarantees for coverage of an existing project as set out in the Report from the President entitled “Bangladesh - Guarantees to Standard Chartered Bank, Siemens Bank GmbH and other financial institutions to be identified for Non-shareholder Loans to North-West Power Generation Company Limited for the Sirajganj 3 Power Plant” (MIGA/R2016-0078, dated September 1, 2016). Mr. McGuire wished to be recorded as abstaining.Bangladesh - Guarantees to the Hongkong and Shanghai Banking Corporation Limited, Société Générale, Norddeutsche Landesbank Girozentrale and other financial institutions to be identified for Non-shareholder Loans to Bangladesh Power Development Board for the Ghorasal 3 Repowering Project20.The Board of Directors recorded its authorization on September 15, 2016 for the President to proceed with the issuance of a guarantees for coverage of an existing project as set out in the Report from the President entitled “Bangladesh - Guarantees to the Hongkong and Shanghai Banking Corporation Limited, Société Générale, Norddeutsche Landesbank Girozentrale and other financial institutions to be identified for Non-shareholder Loans to Bangladesh Power Development Board for the Ghorasal 3 Repowering Project” (MIGA/R2016-0079, dated September 2, 2016). Mr. McGuire wished to be recorded as abstaining.***********************************************************************************************************************************************************THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND BOARD OF DIRECTORS OF MIGAPoland – Performance and Learning Review of the Country Partnership Strategy21.The Executive Directors recorded their noting on September 13, 2016 of the Performance and Learning Review of the joint IBRD/IFC/MIGA Country Partnership Strategy for Poland (R2016-0170[IFC/R2016-0252, MIGA/R2016-0075], dated August 18, 2016).Renewal of Term: Director-General, Evaluation22.The Executive Directors recorded their approval on September 22, 2016 of the recommendation contained in paragraph 6 of the President's Memorandum entitled “Renewal of Term: Director-General, Evaluation” (R2016-0183[IDA/R2016-0230, IFC/R2016-0270, MIGA/R2016-0081], dated September 19, 2016).Annual Meetings of the Boards of Governors 2016 – Draft Notice and Agenda23.The Executive Directors recorded their approval on September 21, 2016 of the draft notice and agenda of the document entitled “Annual Meetings of the Boards of Governors 2016” (R2016-0167[IDA/R2016-0207, IFC/R2016-0243, MIGA/R2016-0069]; /1, dated August 3, 2016, and September 19, 2016, respectively).Minutes of Previous Meetings24.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on September 9, 2016 of the minutes of the meeting held on August 30, 2016, and the record of approval and authorizations between August 26, 2016 and August 30, 2016 (M2016-0039[IDA/M2016-0039, IFC/M2016-0039, MIGA/M2016-0038], dated September 1, 2016).Minutes of Previous Meetings25.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on September 14, 2016 of the minutes of the meeting held on September 6, 2016, and the record of approval and authorizations between September 2, 2016 and September 6, 2016 (M2016-0040[IDA/M2016-0040, IFC/M2016-0040, MIGA/M2016-0039], dated September 7, 2016).Minutes of Previous Meetings26.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on September 21, 2016 of the minutes of the meeting held on August 4, 2016, and the record of approval and authorizations between July 27, 2016 and August 4, 2016 (M2016-0037[IDA/M2016-0037, IFC/M2016-0037, MIGA/M2016-0036], dated September 14, 2016).Minutes of Previous Meetings27.The Executive Directors of the Bank and IDA and the Board of Directors of IFC recorded their approval on September 22, 2016 of the minutes of the meeting held on September 8, 2016, and the record of approval and authorizations on September 8, 2016 (M2016-0041[IDA/M2016-0041, IFC/M2016-0041], dated September 15, 2016). ................
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