Board Meeting July 11, 2019 Minutes - World Bank



FROM: Vice President and Corporate SecretaryMinutes of a Meeting of the Executive Directors of the Bank and IDAand the Boards of Directors of IFC and MIGAheld in the Board Room on July 11, 2019 at 10:34 a.m. 1.There were present:CHAIRS:S. Yang, Managing Director and WBG Chief Administrative OfficerN. Stoiljkovic, Regional Vice President, IFCMr. Iyer, Vice President and Chief Operating Officer, MIGAEXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:A. AlMutlakD.KinderH.AmraneL.KlemolaG.AntiochA.KouagouE.BethelA.ManuelP-O.ChotardR.MarshavinK.DavidseP.PaganoW.GruberG.SchoenleitnerC.HappeT.ShimanoM.HasanA.SubramaniC.HoganK.TantitemitF.JimenezN.ViggioloA.KabagambeM.ZhangF.KanczukOFFICERS AND STAFF PARTICIPATING:S.Okoro, Senior Vice President and General CounselM.Garcia, Acting Vice President and Corporate SecretaryD.Wetzel, Acting Vice President*J.Jagun-Dokunmu, Director, IFCB.Bird, Country DirectorN.Coffi, Country ManagerY.Yoshino, Program LeaderM.Cammett, Senior Risk Management Officer, MIGAH.Weisfeld, Deputy Division Chief, IMF* via videoconferenceBurundi – Country Partnership Framework2.The Executive Directors discussed the joint IDA/IFC/MIGA Country Partnership Framework for Burundi for the period FY19-FY23 (IDA/R2019-0228[IFC/R2019-0222, MIGA/R2019-0087] dated June 19, 2019).Adjournment3.The meeting adjourned at 12:10 p.m.FROM: Vice President and Corporate SecretaryMinutes of a Meeting of the Executive Directors of the Bank and IDAheld in the Board Room on July 11, 2019 at 12:14 p.m. 1.There were present:CHAIR:S. Yang, Managing Director and WBG Chief Administrative OfficerEXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS:A. AlkhalafB.LvinG.AntiochA.ManuelE.BouzisT.NyamadzaboJ.Chavez PresaA.Ouro SamahP-O.ChotardP.PaganoS.El OuazzaniG.SchoenleitnerR.EletrebyA.SubramaniW.GruberK.TantitemitC.HappeN.ViggioloC.HoganV.VolociucF.KanczukM.YoshidaD.KinderM.ZhangL.KlemolaOFFICERS AND STAFF PARTICIPATING:S.Okoro, Senior Vice President and General CounselM.Garcia, Acting Vice President and Corporate SecretaryA.van Trotsenburg, Regional Vice President*G.Goldschmidt, Director, IFCH.Lopez, Director, Strategy and OperationsJ.Hentschel, Country DirectorE.Sinnott, Program LeaderS.Curto, Senior Economist* via videoconference Argentina - Second Inclusive Growth Programmatic Development Policy Loan2.The Executive Directors considered the President’s Memorandum and Recommendation (R2019-0170, dated June 18, 2019) and approved the Second Inclusive Growth Programmatic Development Policy Loan in the amount of US$500 million to Argentina on the terms and conditions set out in the President’s Memorandum. Adjournment3.The meeting adjourned at 1:44 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 between July 3, 2019 and July 11, 2019THE EXECUTIVE DIRECTORS OF THE BANK AND IDAMozambique – Additional Grant from the Crisis Response Window - Agriculture and Natural Resources Landscape Management Project (SUSTENTA)1.The Executive Directors approved on July 3, 2019 an additional grant from the Crisis Response Window in the amount of SDR 43.3 million (US$60 million equivalent) to Mozambique for the Agriculture and Natural Resources Landscape Management Project (SUSTENTA) on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0218, dated June 14, 2019).World Bank Annual Report 2019 – Draft2.The Executive Directors approved on July 8, 2019 the document entitled “World Bank Annual Report 2019 - Draft” (R2019-0176[IDA/R2019-0229], dated June 21, 2019).Guinea – Grant - Project for Results in Early Childhood and Basic Education3.The Executive Directors approved on July 9, 2019 a grant in the amount of SDR 36.1 million (US$50 million equivalent) to Guinea for a Project for Results in Early Childhood and Basic Education on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0224, dated June 19, 2019).Suriname - Loan - Competitiveness and Sector Diversification Project4.The Executive Directors approved on July 9, 2019 a loan in the amount of US$23 million to Suriname for a Competitiveness and Sector Diversification Project on the terms and conditions set out in the President’s Memorandum (R2019-0174, dated June 18, 2019).Tajikistan - Grant - Rural Electrification Project5.The Executive Directors approved on July 11, 2019 a grant in the amount of SDR 22.9 million (US$31.7 million equivalent) to Tajikistan for a Rural Electrification Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0226, dated June 20, 2019).Bangladesh - Credit - Bangladesh Municipal Water Supply and Sanitation Project6.The Executive Directors approved on July 11, 2019 a credit in the amount of SDR 72.2 million (US$100 million equivalent) to Bangladesh for a Bangladesh Municipal Water Supply and Sanitation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0225, dated June 20, 2019).*****************************************************************************THE BOARD OF DIRECTORS OF IFCIFC Annual Report 2019 – Investing for Impact - Draft7.The Board of Directors approved on July 8, 2019 the document entitled “IFC Annual Report 2019 – Investing for Impact - Draft” (IFC/R2019-0223, dated June 21, 2019).Brazil – Investment in Phoenix Towers Participa??es for the Phoenix Tower B4 Project8.The Board of Directors authorized on July 9, 2019 an investment in Brazil - Phoenix Towers Participa??es for the Phoenix Tower B4 Project (IFC/R2019-0227, dated June 25, 2019) consisting of a senior secured facility (A Loan) of up to BRL75 million (US$19.2 million equivalent).Greece – Investment in DARP SPV HoistGR9.The Board of Directors authorized on July 11, 2019 an investment in Greece - DARP SPV HoistGR (IFC/R2019-0229, dated June 27, 2019) consisting of up to EUR 23 million through quasi-equity financial instruments to be issued by the DARP SPV. Mr. Marshavin wished to be recorded as abstaining. ***********************************************************************************THE BOARD OF DIRECTORS OF MIGAMIGA 2019 Annual Report – Draft10.The Board of Directors approved on July 8, 2019 the document entitled “MIGA 2019 Annual Report – Draft” (MIGA/R2019-0088, dated June 21, 2019).******************************************************************************THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA2019 Annual Meetings – Invitation to Observers11.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 8, 2019 the document entitled “2019 Annual Meetings – Invitation to Observers” (R2019-0183[IDA/R2019-0235, IFC/R2019-0230, MIGA/R2019-0093], dated June 28, 2019).Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 2, 201912.The Executive Directors approved on July 8, 2019 the document entitled “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of July 2, 2019” (R2019-0190[IDA/R2019-0246, IFC/R2019-0236, MIGA/R2019-0097], dated July 3, 2019).Honduras – Performance and Learning Review (PLR) of the Country Partnership Framework13.The Executive Directors of the Bank and IDA and the Boards of Directors or IFC and MIGA took note on July 9, 2019 of the Performance and Learning Review of the joint IDA/IFC/MIGA Country Partnership Framework for Honduras for the period FY16-FY20 (IDA/R2019-0211[IFC/R2019-0204, MIGA/R2019-0080], dated June 17, 2019).Budget Committee and MIGA Budget Committee and the Committee on Governance and Executive Directors’ Administrative Matters (Nomination of Successors to Ms. Susan Ulbaek)14.The Executive Directors of the Bank and IDA and the Boards of Directors or IFC and MIGA approved on July 10, 2019 the appointments of Mr. Geir Haarde and Mr. Guenther Schoenleitner to serve the remainder of the term of office of Ms. Susan Ulbaek on the Budget Committee and on the Committee on Governance and Executive Directors’ Administrative Matters, respectively, that is until October 31, 2020 (R2019-0189[IDA/R2019-0243, IFC/R2019-0234, MIGA/R2019-0095], dated July 8, 2019).Minutes of Previous Meeting 15.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 3, 2019 the minutes of the meeting held on May 28, 2019 and the record of approvals and authorizations between May 24, 2019, and May 28, 2019 (M2019-0030[IDA/M2019-0030, IFC/M2019-0030, MIGA/M2019-0029], dated June 26, 2019).Minutes of Previous Meeting - Corrigendum16.The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on July 9, 2019 a corrigendum of the minutes of the meeting held on April 4, 2019 and the record of approvals and authorizations between March 29, 2019, and April 4, 2019 (M2019-0015[IDA/M2019-0015, IFC/M2019-0015, MIGA/M2019-0015];/1, dated July 1, 2019). ................
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