FROM: Vice President & Corporate Secretary 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 January 22, 2019 at 10:27 a.m. 1. There were present: CHAIR: S. Yang, Managing Director and WBG Chief Administrative Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim Y. Hu A. Alkhalaf F. Kanczuk G. Antioch L. Klemola E. Bethel A. Manuel M. Bhuiyan R. Marshavin O. Bougara R. Montgomery P-O. Chotard K. Nishikata K. Davidse T. Nyamadzabo R. El-Etreby P. Pedroso V. Garay Estepa G. Schoenleitner A. Gonzalez Martinez J-C. Tchatchouang C. Happe K. Zajdel-Kurowska D. Harris OFFICERS AND STAFF PARTICIPATING: I. Kichigina, Acting Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary J. Familiar, Vice President, LCR G. Baker, Regional Vice President, IFC J. Hentschel, Country Director C. Ortega Sotes, Resident Representative B. Jimenez Mota, Risk Management Officer, MIGA 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. Paraguay – Country Partnership Framework 2. The Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Framework for Paraguay for the period FY19-FY23 (R/2018-0269[IFC/R2018-0358, MIGA/R2018-0163], dated December 20, 2018). Adjournment 3. The meeting adjourned 11:57 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. The following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis between January 16-22, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA India – Development Policy Loan – Shimla Water Supply and Sewerage Service Delivery Reform Programmatic Development Policy Loan 1 1. The Executive Directors recorded their approval on January 16, 2019 of the loan in the amount of US$40 million to India for the Shimla Water supply and Sewerage Service Delivery Reform Programmatic Development Policy Loan 1 on the terms and conditions set out in the President’s Memorandum (R2018-0265, dated December 18, 2018). Sierra Leone – Credit – Sierra Leone Financial Inclusion Project 2. The Executive Directors recorded their approval on January 17, 2019 of the credit in the amount of US$12 million to Sierra Leone for the Sierra Leone Financial Inclusion Project on the terms and conditions set out in the President’s Memorandum (IDA/R2018-0402, dated December 21, 2018). Turkey – Loan and Global Environment Facility Trust Fund Grant – Turkey Irrigation Modernization Project 3. The Executive Directors recorded their approval on January 22, 2019 of the loan in the amount of EUR 222.3 million (US$252 million equivalent) and the GEF Trust Fund grant in the amount of US$2 million on the terms and conditions set out in the President’s Memorandum (R2018-0270[GEF/R2018-0010, dated December 28, 2018). The United States wishes to be recorded having no position. *********************************************************************************** THE BOARD OF DIRECTORS OF IFC Europe and Central Asia – Investment in PCH Green Bond 4. The Board of Directors authorized on January 16, 2019 an investment in “Europe and Central Asia – PCH Green Bond” (IFC/R2019-0005, dated January 4, 2019) in the form of a green bond of up to EUR 80 million. Ecuador – Investment in Banco Internacional S.A. – Internac Loan II 5. The Board of Directors authorized on January 16, 2019 an investment in “Ecuador – Banco Internacional S.A. – Internac Loan II” (IFC/R2019-0004, dated January 4, 2019) in the form of an “A” loan of up to US$38.5 million and a “B” loan of up to US$11.5 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. Ecuador – Investment in Banco Pichincha CA – Pichincha Green Bonds and Subordinated Debt 6. The Board of Directors authorized on January 17, 2019 an investment in “Ecuador – Banco Pinchincha CA – Pichincha Green Bonds and Subordinated Debt” (IFC/R2019-0007, dated January 7, 2019) in the form of: (i) a senior unsecured green bond of up to US$50 million; (ii) a “C” loan of up to US$40 million; and (iii) a subordinated “B” loan of up to US$50 million. The United States wishes to be recorded as having no position. Minutes of Previous Meeting 7. The Board of Directors of IFC recorded their approval on January 17, 2019 of the minutes of the meeting in Restricted Executive Session held on January 10, 2019 (IFC/XM2019-0002, dated January 10, 2019). Romania – Investment in Agricover Credit IFN S.A. for Agricover SME Project 8. The Board of Directors authorized on January 18, 2019 an investment in “Romania – Agricover Credit IFN S.A.” (IFC/R2019-0011, dated January 8, 2019) in the form of an “A” loan of up to RON 40 million (US$9.7 million equivalent). India – Investment in DARP SPV EARC 9. The Board of Directors authorized on January 18, 2019 an investment in “India – DARP SPV EARC” (IFC/R2019-0009, dated January 8, 2019) in the form of a quasi-equity investment of up to INR 2.10 billion (approximately US$30 million equivalent) and a senior debt investment of up to INR 1.40 billion (approximately US$20 million equivalent) by subscription to non- convertible debentures (“NCDs”). *********************************************************************************** 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 January 11 and January 18, 2019 10. The Executive Directors recorded their approval on January 22, 2019 of the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of January 11 and January 18, 2019” (R2019-0016[IDA/R2019-0010, IFC/R2019-0023, MIGA/R2019-0009], dated January 18, 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.