89089 FROM: The Acting Corporate Secretary Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Thursday, June 19, 2014 at 10:26 a.m. 1. There were present: CHAIR: J.-Y. Cai, Executive Vice President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: OFFICERS AND STAFF PARTICIPATING: S. Khairi, Vice President E. Tafara, Vice President and General Counsel A. Gibbs, Manager A. Hofman, Director This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. IFC FY14 Annual Report on Financial Risk Management and Capital Adequacy Paper 2. The Board of Directors discussed the IFC FY14 Annual Report on Financial Risk Management and Capital Adequacy Paper (IFC/R2014-0187, dated May 29, 2014). Adjournment 3. The meeting adjourned at 11:34 a.m. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. FROM: The Acting Corporate Secretary Minutes of Joint Meeting of the Executive Directors of the Bank and IDA, held in the Board Room on June 19, 2014 at 11:41 a.m. 1. There were present: CHAIR: Bertrand Badré, Managing Director and WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: OFFICERS AND STAFF PARTICIPATING: A.-M. Leroy, Senior Vice President and General Counsel * M. Diop, Vice President K. Kadiresan, Country Director * M.-F. Marie-Nelly, Country Director M. Van Nieuwkoop, Sector Manager S. Bashir, Sector Manager V. Pillai, Country Program Coordinator A. Gibbs, Manager J. Saghir, Director J. Casanova Anoll, Sr. Water Manager S. Fofana, Sr. Rural Development Specialist A. Blom, Lead Education Economist * via videoconference This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. Malawi - Skills Development Project 2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2014-0212, dated May 30, 2014) and approved a credit in the amount of SDR 29.8 million (US$46 million equivalent) and a grant in the amount of SDR 3.2 million (US$4.9 million equivalent) (all totaling of SDR 33 million or US$50.9 million equivalent) to Malawi for the Skills Development Project, on the terms and conditions set out in the President’s Memorandum and Recommendation. Nigeria - Transforming Irrigation Management in Nigeria Project 3. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2014-0209, dated May 30, 2014) and approved a credit in the amount of SDR 319.7 million (US$495.3 million equivalent) for the Transforming Irrigation Management in Nigeria Project in Nigeria, on the terms and conditions set out in the President’s Memorandum and Recommendation. Adjournment 4. The meeting adjourned at 13:34 p.m. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between June 18, 2014 and June 19, 2014: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: 2014 Regular Election of Bank Executive Directors 1. The Executive Directors recorded their approval on June 18, 2014 of the recommendations contained in paragraph 2 of the Memorandum from the Acting Corporate Secretary and the Report of the Ad Hoc Committee on Rules for the 2014 Regular Elections of Bank Executive Directors entitled "2014 Regular Election of Bank Executive Directors" (R2014-0137, dated June 6, 2014), namely, the Directors recommended that the draft Report of the Executive Directors (Attachment I, Annex A) be transmitted to the Board of Governors for a vote without meeting and that the draft Resolution (Attachment I, Annex B) be adopted by the Governors. Kosovo – Credit – Energy Efficiency and Renewable Energy Project 2. The Executive Directors recorded their approval on June 18, 2014 of the credit to Kosovo for an Energy Efficiency and Renewable Energy Project in the amount of SDR 20.1 million (US$31 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0200, dated May 30, 2014). Messrs. Forcieri, Prasad, Bravo, and Grishin wished to be recorded as abstaining. Honduras and Nicaragua – Credits – Catastrophe Risk Insurance Project 3. The Executive Directors recorded their approval on June 18, 2014 of the credits to Honduras and Nicaragua for a Catastrophe Risk Insurance Project in the amount of SDR 7.8 million (US$12 million equivalent) to Honduras and SDR 7.8 million (US$12 million equivalent) to Nicaragua, on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0201, dated May 30, 2014). Bolivia – Additional Financing - Strengthening Statistical Capacity and the Informational Base for Evidence-Based Planning Project 4. The Executive Directors recorded their approval on June 18, 2014 of the additional credit to Bolivia for a Strengthening Statistical Capacity and the Informational Base for Evidence-Based Planning Project in the amount of SDR 15,038,200 (US$23.3 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0205, dated May 28, 2014). Montenegro - Country Partnership Strategy - Progress Report 5. The Executive Directors recorded their noting on June 19, 2014 of the IBRD Country Partnership Strategy Progress Report for Montenegro for the period FY2011-2015 (R2014-0118, dated May 29, 2014). This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. Bangladesh – Additional Financing – Rural Electrification and Renewable Energy Development II Project 6. The Executive Directors recorded their approval on June 19, 2014 of the additional credit to Bangladesh for a Rural Electrification and Renewable Energy Development II Project in the amount of SDR 50.58 million (US$78.4 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0206, dated June 2, 2014). ***************************************************************** THE BOARD OF DIRECTORS OF IFC: Haïti –Investment in Sofihdes Financière Haïtienne de Développement (Sofihdes) 7. The Board of Directors authorized on June 19, 2014 an investment in Haiti - Sofihdes Financière Haïtienne de Développement (Sofihdes) (IFC/R2014-0208, dated June 9, 2014) in the form of a senior loan of up to US$4 million, which is backed by a partial credit guarantee for the Global SME Finance Facility of up to US$1.2 million. Malawi – Investment in Malawi Mangoes 8. The Board of Directors authorized on June 19, 2014 an investment in Malawi – Malawi Mangoes (IFC/R2014-0209, dated June 9, 2014) in the form of a senior secured “C” loan of up to US$5 million from IFC's own account, and a US$5 million senior secured loan from GAFSP (that IFC will be implementing). Africa Region - Investment in Helios HTA III 9. The Board of Directors authorized on June 19, 2104 an investment in Africa Region – Helios HTA III (IFC/R2014-0212, dated June 9, 2014) in the form of equity of up to US$35 million. ***************************************************************** This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA: Independent Evaluation Group - Work Program and Budget FY14 and Indicative Plan FY15-16 10. The Executive Directors recorded their approval on June 19, 2014 of the Memorandum and Report of the Director General, Independent Evaluation Group, entitled "Independent Evaluation Group - Work Program and Budget FY15 and Indicative Plan FY16-17" (R2014-0103 [IDA/R2014-0179, IFC/R2014-0157, MIGA/R2014-0034]; /2), dated May 15 and June 9, 2014, respectively). Minutes of Previous Meetings 11. 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 June 19, 2014 of the Minutes of the meeting held on June 10, 2014 and of the Record of approvals or authorizations between June 6 through June 10, 2014 (M2014-0029, [IDA/M2014-0029, IFC/M2014-0029, MIGA/M2014-0023], dated June 13, 2014). ***************************************************************** THE BOARD OF DIRECTORS OF MIGA: 2014 Regular Election of MIGA Directors 12. The Board of Directors recorded its approval on June 18, 2014 of the recommendations contained in paragraph 2 of the Memorandum from the Acting Corporate Secretary and the Report of the Ad Hoc Committee on Rules for the 2014 Regular Elections of MIGA Directors attached thereto entitled "2014 Regular Election of MIGA Directors" (MIGA/R2014-0050, dated June 6, 2014), namely, the Directors recommended that the draft Report of the Board of Directors (Attachment I, Annex A) be transmitted to the Council of Governors for a vote without meeting and that the draft Resolution (Attachment I, Annex B) be adopted by the Governors. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.