FROM: Vice President & Corporate Secretary Minutes of a Meeting of the Executive Directors of the Bank and IDA held in the Board Room on May 23, 2019 at 10:05 a.m. 1. There were present: CHAIR: K. Georgieva, Chief Executive Officer, IBRD/IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Agustin L. Klemola H. Alogeel A. Kouagou E. Bethel P. LNU M. Bhuiyan B. Lvin O. Bougara A. Manuel J. Chavez Presa T. Nomoto P-O. Chotard T. Nyamadzabo K. Davidse P. Pagano R. Eletreby G. Schoenleitner A. Fernandez T. Sewen W. Guo K. Zajdel-Kurowska C. Hogan J. Zattler D. Kinder OFFICERS AND STAFF PARTICIPATING: I. Kichigina, Acting Senior Vice President and General Counsel M. Garcia, Acting Vice President and Corporate Secretary V. Kwakwa, Regional Vice President H. Ghanem, Vice President Q. Fan, Director L. Monari, Director R. Chaves, Country Director C. Turk, Country Director S. Banerjee, Practice Manager D. Chen, Senior Economist D. Alvarez Estrada, Senior Public Sector Management Specialist R. Kitchlu, Senior Energy Specialist 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. Indonesia – Third Indonesia Fiscal Reform Development Policy Loan 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2019-0086;/3, dated April 18, 2019, May 8, 2019, and May 10, 2019, respectively) and approved the Third Indonesia Fiscal Reform Development Policy Loan in the amount of JPY 110.795 billion (US$ 1 billion equivalent) to Indonesia. Ethiopia – IDA Guarantees - Third Indonesia Fiscal Reform Development Policy Loan 3. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2019-0119, May 3, 2019) and approved the guarantees under a Multiphase Programmatic Approach (MPA) with an overall financing envelope of US$200 million to Ethiopia for the Renewable Energy Guarantees Program. Adjournment 4. The meeting adjourned at 12:40 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 May 22, 2019 and May 23, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Mozambique – Grant - Mozambique Urban Sanitation Project 1. The Executive Directors recorded their approval on May 22, 2019 of the grant in the amount of SDR 82.9 million (US$115.0 million equivalent) to Mozambique for a Mozambique Urban Sanitation Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0143, dated May 13, 2019). Mr. Bethel wished to be recorded as abstaining. Benin - Credit - Benin Stormwater Management and Urban Resilience Project 2. The Executive Directors recorded their approval on May 23, 2019 of the credit in the amount of EUR 89.1 million (US$100 million equivalent) to Benin for a Benin Stormwater Management and Urban Resilience Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0126, dated May 6, 2019). Ethiopia – Credit and Grant - Lowlands Livelihood Resilience Project 3. The Executive Directors recorded their approval on May 23, 2019 of the credit in amount of SDR 200.3 million (US$280 million equivalent) and a grant in the amount of SDR 50.1 million (US$70 million equivalent) to Ethiopia for a Lowlands Livelihood Resilience Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0127; /2, dated May 6, 2019, and May 15, 2019, respectively). Mali - Grant - Deployment of State Resources for Better Service Delivery Project 4. The Executive Directors recorded their approval on May 23, 2019 of the grant in the amount of SDR36.1 million (US$50 million equivalent) to Mali for a Deployment of State Resources for Better Service Delivery Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0121, dated May 6, 2019). Mali - Grant - Strengthening Climate Resilience in Mali Project 5. The Executive Directors recorded their approval on May 23, 2019 of the grant in the amount of SDR 6.0 million (US$8.25 million equivalent) to Mali for a Strengthening Climate Resilience in Mali Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0129, dated May 6, 2019). Georgia – Loan and Guarantee - Energy Supply Reliability and Financial Recovery Project 6. The Executive Directors recorded their approval on May 23, 2019 of the loan in the amount of EUR62 million (US$70.7 million) and a proposed guarantee in the amount of US$50 million equivalent to Georgia for an Energy Supply Reliability and Financial Recovery Project 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. on the terms and conditions set out in the President’s Memorandum (R2019-0106, dated May 6, 2019). Egypt – Private Sector Development for Inclusive Growth Development Policy Financing - Proposed Waivers of two Prior Actions for Release of the Second Tranche 7. The Executive Directors recorded their approval on May 23, 2019 of the proposal entitled “Egypt – Private Sector Development for Inclusive Growth Development Policy Financing - Proposed Waivers of two Prior Actions for Release of the Second Tranche” (R2019-0120, dated May 10, 2019). West Bank and Gaza – Additional Grant - Strengthening Disaster Risk Management and Climate Resilience Project 8. The Executive Directors recorded their approval on May 23, 2019 of the additional grant to the Palestine Liberation Organization (for the Benefit of the Palestinian Authority) in the amount of US$10.0 million for the Third Municipal Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0148, dated May 14, 2019). ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Ecuador – Investment in Bolivariano C.A. 9. The Board of Directors authorized on May 22, 2019 an investment in Ecuador - Bolivariano C.A. (IFC/R2019-0134, dated May 10, 2019) in the form of an A loan of up to US$50 million, and a B1 loan of up to US$25 million. Paraguay – Investment in Banco Familiar S.A.E.C.A. (Familiar CL) 10. The Board of Directors authorized on May 23, 2019 an investment in Paraguay - Banco Familiar S.A.E.C.A. (Familiar CL) (IFC/R2019-0138, dated May 13, 2019) in the form of an “A” loan of up to US$8 million and a “B1” loan of up to US$17 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.