FROM: Vice President & Corporate Secretary


                Minutes of a Meeting of the Executive Directors of the Bank and IDA
                                and the Board of Directors of MIGA
                      held in the Board Room on April 23, 2019 at 10:05 a.m.

1.        There were present:
                                                            CHAIRS:

                                  K. Honda, Executive Vice President and CEO
                                 B. Lauwers, Acting Managing Director and CFO


EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES
ACTING AS EXECUTIVE DIRECTORS:

      V.          Agapov                                           A.         Kouagou
      E.          Agustin                                          L.         Laraia
      N.          Algaith                                          T.         Nyamadzabo
      G.          Antioch                                          F.         Odey
      J.          Chavez Presa                                     J.         Stockill
      K.          Davidse                                          A.         Subramani
      C.          DeLuca                                           A.         Sumra
      R.          Eletreby                                         Y.         Suzuki
      A.          Fernandez                                        K.         Tuameiapi
      N.          Francken                                         H.         de Villeroche
      W.          Gruber                                           Y.         Wang
      D.          Harris                                           J.         Zattler
      L.          Klemola


OFFICERS AND STAFF PARTICIPATING:

      I.          Kichigina, Acting Senior Vice President and General Counsel
      A.          Kumar-Capoor, General Counsel, MIGA
      Y.          Tsikata, Vice President and Corporate Secretary
      S.          Iyer, Vice President and Chief Operating Officer, MIGA
      S.          Suri, Director, MIGA
      G.          Martin, Country Manager, Sierra Leone
      M.          Nebe, Sector Manager, MIGA
      F.          Dal Bono, Lead Strategy Officer, DFI
      P.          Diop, Senior Underwriter, MIGA
      W.          Githinji, Environmental and Social Development 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.
Sierra Leone – Guarantees for Investments in Sierra Tropical Limited
and
Allocation from the IDA18 IFC-MIGA Private Sector Window (PSW) MIGA Guarantee
Facility (MGF) in support of a MIGA Guarantee to Dole Asia Holdings Pte. Ltd. in the
Republic of Singapore for its investment in Sierra Tropical Limited

2.     The Board of Directors considered the Report from the President on the guarantees to
dole Asia Holdings Pte. Ltd. Of the Republic of Singapore for its equity investment in and
shareholder loan to Sierra Tropical Limited in Sierra Leone (MIGA/R2019-0040, dated April 10,
2019). MIGA Board of Directors concurred with the guarantee for equity investment and
approved the guarantee for quasi-equity investment as set out in the President’s Memorandum.

The Executive Directors considered the President’s Memorandum and Recommendation
(IDA/R2019-0081, dated April 10, 2019) and approved the allocation from the IDA18 IFC-
MIGA Private Sector Window (PSW) MIGA Guarantee Facility (MGF) to Multilateral
Investment Guarantee Agency (MIGA) in support of a MIGA guarantee to Dole Asia Holdings
Pte. Ltd. In the Republic of Singapore for its investment in Sierra Tropical Limited in Sierra
Leone on the terms and conditions as set out in the President’s Memorandum.

Mr. Bethel wished to be recorded as opposing and Mr. Gruber and Mr. Chavez Presa as
abstaining.


Adjournment

3.        The meeting adjourned at 12:00 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 April 19-23, 2019


THE BOARD OF DIRECTORS OF IFC

Africa Region – Investment in TIDE Africa Fund

1.      The Board of Directors authorized on April 22, 2019 an investment in Africa Region –
TIDE Africa Fund (IFC/R2019-0095, dated April 10, 2019) in the form of equity of up to US$ 5
million, not to exceed 20 percent of aggregate commitments. The Project also includes a US$ 1
million equity investment from WeFi to catalyze the Fund’s outreach and the provision of
finance to early stage high-impact women-owned/managed technology startups and ensure that
they are an ongoing and dedicated focus of the Fund.


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THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF
DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA

Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and
Advisors to Executive Directors as of April 18, 2019

2.     The Executive Directors recorded their approval on April 22, 2019 of the “Official Travel
of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to
Executive Directors as of April 18, 2019” (R2019-0092[IDA/R2019-0097, IFC/R2019-0108,
MIGA/R2019-0046], dated April 19, 2019).




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.