FROM: The Corporate Secretary -2- 92256 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 October 30, 2014 at 10:05 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: V. Agapov L. Iulai K. Alkhudairy M. Kayad S. Aviel N. Khosa B. Charassangsomboon L. Larose S. Chen A. Lourenco P. Cipollone U. Mueller H. de Villeroche S. Santala A. Foxley A. Smith J. Frieden R. Studart F. Heemskerk M. Tareque A. Hernandez R. Turrent G. Hines RK Wissa M. Ishizuka G. Yazganarikan OFFICERS AND STAFF PARTICIPATING: A.M. Leroy, Senior Vice President and General Counsel D. Harris, Deputy General Counsel, IFC A.-M. Betancourt, General Counsel, MIGA S. Suleymanov, Acting Corporate Secretary K. Honda, Executive Vice President, MIGA I. Andersen, Regional Vice President G. Byam, Director, Strategy and Operations Y. Habesch, Principal Country Officer, IFC R. Mukherjee, Country Program Coordinator 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. -3- West Bank and Gaza - Assistance Strategy 2. The Executive Directors discussed the joint IBRD/IDA/IFC/MIGA Assistance Strategy for West Bank and Gaza for the period FY2015-2016 (R2014-0231[IDA/R2014-0297, IFC/R2014-0327, MIGA/R2014-0077]; /1, dated October 16, 2014). Farewell to Executive Director 3. The Chair made the customary presentation to Mr. Piero Cipollone, Executive Director, on expiration of his terms of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Farewell to Alternate Executive Director 4. The Chair made the customary presentation to Mr. Rogerio Studart, Alternate Executive Director, on expiration of his terms of service and tendered his good wishes for the future. The Executive Directors recorded their appreciation. Adjournment 3. The meeting adjourned at 11:47 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. -4- The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between October 29, 2014 and October 30, 2014: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: Tonga – Development Policy Grant and Credit – Second Economic Reform Support Development Policy Operation 1. The Executive Directors recorded their approval on October 29, 2014 of the development policy credit and grant to Tonga for a Second Economic Reform Support Development Policy Operation in the amount of SDR 1.7 million (US$2.5 million equivalent) and SDR 1.7 million (US$2.5 million equivalent), respectively, on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0294, dated October 9, 2014). West Bank and Gaza – Supplemental Financing - Gaza Emergency Response for the Palestinian National Development Plan Development Policy Grant VI 2. The Executive Directors recorded their approval on October 30, 2014 of the supplemental financing to the sixth development policy grant (DPG VI) from the trust fund for Gaza and West Bank to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority) in the amount of US$41 million, on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0303, dated October 21, 2014). West Bank and Gaza – Additional Financing Grant and Restructuring – Gaza Emergency Response for the Second Municipal Development Project 3. The Executive Directors recorded their approval on October 30, 2014 of the additional financing grant from the trust fund for Gaza and West Bank to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority) for a Gaza Emergency Response for the Second Municipal Development Project in the amount of US$3 million, and restructuring, on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0305, dated October 21, 2014). West Bank and Gaza – Additional Financing Grant and Restructuring – Gaza Water Supply and Sewage Systems Improvement Project 4. The Executive Directors recorded their approval on October 30, 2014 of the additional financing grant from the trust fund for Gaza and West Bank to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority) for a Gaza Water Supply and Sewage Systems Improvement Project in the amount of US$3 million, and restructuring, on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0306, dated October 21, 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. -5- West Bank and Gaza – Additional Financing Grant and Restructuring – Gaza Electricity Network Rehabilitation Project 5. The Executive Directors recorded their approval on October 30, 2014 of the additional financing grant from the trust fund for Gaza and West Bank to the Palestinian Liberation Organization (for the benefit of the Palestinian Authority) for a Gaza Electricity Network Rehabilitation Project in the amount of US$15 million, and restructuring, on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0307, dated October 21, 2014). Ms. Aviel wished to be recorded as opposing. ********************************************************** THE BOARD OF DIRECTORS OF IFC: Ethiopia – Investment in Nib International Bank S.C. for the Ethiopian Coffee II Project 6. The Board of Directors authorized on October 29, 2014 an investment in Ethiopia – Nib International Bank S.C. for the Ethiopian Coffee II Project (IFC/R2014-0332, dated October 17, 2014) in the form of a risk sharing facility of up to ETB180 million (approximately US$9 million equivalent). Armenia – Investment in FINCA UCO CJSC (FINCA Armenia 2) 7. The Board of Directors authorized on October 29, 2014 an investment in Armenia – FINCA UCO CJSC (FINCA Armenia 2) (IFC/R2014-0331, dated October 17, 2014) in the form of a senior loan of up to US$3 million or the equivalent in local currency. ********************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA: Extended-Term Consultant and Temporary Appointments: Interim Exigent Measure to Allow Third-Year ET Appointments 8. The Executive Directors recorded their approval on October 30, 2014 of the recommendations contained in paragraph 7 of the President's Memorandum entitled "Extended-Term Consultant and Temporary Appointments: Interim Exigent Measure to Allow Third-Year ET Appointments" (R2014-0237 [IDA/R2014-0311, IFC/R2014-0337, MIGA/R2014-0081, dated October 21, 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.