92286 FROM: The Corporate Secretary Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Tuesday, October 28, 2014 at 11:34 a.m. 1. There were present: CHAIR: James Scriven, Acting Executive Vice President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: V. Agapov M. Kan S. Aviel M. Kayad S. Bajare F. Kwateng-Amaning S. Bangura L. Laraia B. Charassangsomboon A. Lourenco S. Chen A. Mihaylova A. Cisse U. Mueller A. Delaunay J. Nuno Garcia M. Florestal A. Smith A. Foxley M. Tareque J. Frieden M. Willcock G. Hines K. Wissa G. Yazganarikan OFFICERS AND STAFF PARTICIPATING: E. Tafara, Vice President and General Counsel S. Suleymanov, Acting Corporate Secretary *S. Kebet-Koulibaly. Director M. Brujis, Director L. Crist, Senior Manager H. Ahn, Manager I. Lee, Senior Investment Officer A. Malpartida, Senior Investment Officer J.A. Mosquera, Investment Officer *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. West Africa Region - Investment in Ebola Emergency Liquidity Facility (EELF) 2. The Board of Directors authorized an investment in West Africa Region - Ebola Emergency Liquidity Facility (EELF (IFC/R2014-0334, dated October 21, 2014) in the form of a multi-borrower short-term loan (funded) facility of up to US$75 million. Colombia – Investment in Pacific Midstream Limited 3. The Board of Directors considered the President’s Memorandum and a Report on an investment in the form of equity of up to US$80 million in Pacific Midstream Limited in Colombia (IFC/R2014-0330, dated October 17, 2014) and adopted Resolution No. IFC 2014-0048. Mmes. Aviel and Hines wished to record their abstentions. Adjournment 4. The meeting adjourned at 1:03 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 October 24, 2014 and October 28, 2014 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Mexico – Loan – Reducing Inequality of Educational Opportunity Project 1. The Executive Directors recorded their approval on October 24, 2014 of the loan to Mexico for the Reducing Inequality of Educational Opportunity Project in the amount of US$150 million on the terms and conditions set out in the President’s Memorandum (R2014-0228, dated October 6, 2014). Mexico – Loan – School Based Management Project 2. The Executive Directors recorded their approval on October 24, 2014 of the loan to Mexico for the School Based Management Project in the amount of US$350 million on the terms and conditions set out in the President’s Memorandum (R2014-0229; /2, dated on October 6, 2014 and October 7, 2014, respectively). Mexico – Loan – Social Protection System Project 3. The Executive Directors recorded their approval on October 24, 2014 of the loan to Mexico for the Social Protection System Project in the amount of US$350 million on the terms and conditions set out in the President’s Memorandum (R2014-0230, dated October 6, 2014). Djibouti – Additional Credit – Social Safety Net Project 4. The Executive Directors recorded their approval on October 28, 2014 of the additional credit to Djibouti for the Social Safety Net Project in the amount of SDR 3.3 million (US$5 million equivalent), on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0293, dated October 8, 2014). ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Brazil – Investment in Usina Delta S.A. 5. The Board of Directors authorized on October 24, 2014 an investment in Brazil – Usina Delta S.A. (IFC/R2014-0328, dated October 14, 2014) in the form of (i) an “A” loan of up to US$40 million; (ii) a “B” loan of up to US$20 million; and (iii) a loan of up to US$20 million from IFC, acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program. 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. Proposal for Appointment of External Sanctions Board Member 6. The Board of Directors recorded their approval on October 24, 2014 of the proposal contained in the Memorandum of the President entitled “Proposal for Appointment of External Sanctions Board Member” (IFC/R2014-0329, dated October 15, 2014). ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC AND THE BOARD OF DIRECTORS OF MIGA Selected Benefit Simplifications and Pension Plan Changes for Board Members of the World Bank Group – Follow-up to the 2014 Joint Committee on Remuneration 7. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on October 27, 2014 of the proposals contained in the document entitled “Selected Benefit Simplifications and Pension Plan Changes for Board Members of the World Bank Group – Follow-up to the 2014 Joint Committee on Remuneration (R2014-0232[IDA/R2014-0301, IFC/R2014-0325, MIGA/R2014-0078], dated October 16, 2014). 8. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on October 27, 2014 of the Minutes of the meeting held on October 16, 2014, and the Record of Approvals and authorizations between October 3, 2014 and October 16, 2014 (M2014-0050[IDA/M2014-0050, IFC/M2014-0051, MIGA/M2014-0043], dated October 20, 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.