97670 FROM: The Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on June 18, 2015 at 11:47 a.m. 1. There were present: CHAIR: Sri Mulyani Indrawati, Managing Director and Chief Operating Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: K. Alkhudairy D. Kostzer C. Ansorena Montero P. Lezhava S. Bajare F. Liu S. Bouda A. Lourenco A. Bvumbe B. Lvin A. Delaunay F. Mercusa S.-S. Eun K. Naradate J. Frieden W. Rissmann S. Garg R. Silaban F. Godts A. Silveira M. Hasan A. Smith G. Hines S. Sowerby N. Khosa OFFICERS AND STAFF PARTICIPATING: A.-M. Leroy, Senior Vice President and General Counsel A. Gibbs, Acting Corporate Secretary A. Dixon, Regional Vice President R. Benmessaoud, Country Director J. Lopez Calix, Lead Country Economist Pakistan - Second Fiscally Sustainable and Inclusive Growth Development Policy Credit 2. The Executive Directors considered the President’s Memorandum and Recommendation (IDA/R2015-0139; /2, dated May 28, 2015) and approved the Second Fiscally Sustainable and Inclusive Growth development policy credit to Pakistan in the amount of SDR 355.6 million (US$500 million equivalent) on the terms and conditions set out in the President’s Memorandum. Adjournment 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. The meeting adjourned at 12:50 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. FROM: The Corporate Secretary Minutes of Meeting of the Board of Directors of MIGA held in the Board Room on June 18, 2015 at 2:33 p.m. 1. There were present: CHAIR: Keiko Honda, Executive Vice President DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: S. Bajare A. Lourenco F. Bilbeisi D. Malaspina Hernandez S. Bor N. Mota Pinto S. Bouda K. Naradate A. Bvumbe M. O'Dea A. Cisse W. Rissmann H. Dufey A. Silveira J. Frieden P. Sirinupongs S. Garg P. Snisorenko F. Godts S. Sowerby S. Ibrahimi M. Tattersall Z. Kalezic J. Ye D. Kostzer OFFICERS AND STAFF PARTICIPATING: A.-M. Betancourt, General Counsel A. Gibbs, Acting Corporate Secretary E. Quintrell, Director R. Benmessaoud, Country Director J. Lopez Calix, Lead Country Economist P. Barbour, Senior Risk Management Officer Bangladesh - Guarantee to Standard Chartered Bank for a Non-shareholder Loan to North-West Power Generation Company Limited 2. The Board of Directors considered the Report from the President on the guarantee to Standard Chartered Bank of the United Kingdom for a proposed non-shareholder loan to North-West Power Generation Company Limited in People's Republic of Bangladesh (MIGA/R2015-0139, dated June 8, 2015) and concurred with the issuance of the guarantee as set out in the President’s Memorandum. The US wished to be recorded as abstaining. Adjournment 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. The meeting adjourned at 3:10 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 June 17, 2015 and June 18, 2015: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: Bhutan – Development Policy Credit – First Fiscal Sustainability and Investment Climate Development Policy Credit 1. The Executive Directors recorded their approval on June 17, 2015 of the development policy credit to Kingdom of Bhutan for a First Fiscal Sustainability and Investment Climate Development Policy Credit Project in the amount of US$20 million (SDR 14.5 million equivalent) on the terms and conditions set out in the President’s Memorandum IDA/R2015-0138, dated May 27, 2015). India – Credit - Andhra Pradesh Disaster Recovery Project 2. The Executive Directors recorded their approval on June 17, 2015 of the credit to India for an Andhra Pradesh Disaster Recovery Project in the amount of US$250 million (SDR 177.8 million, estimated) on the terms and conditions set out in the President’s Memorandum IDA/R2015-0157, dated June 8, 2015). Mr. Sheets wished to be recorded as abstaining. ***************************************************************** THE BOARD OF DIRECTORS OF IFC: Bulgaria – Investment in Bulmarket DM OOD for Bulmarket LPG Project 3. The Board of Directors authorized on June 18, 2015 an investment in Bulgaria – Bulmarket DM OOD for Bulmarket LPG Project (IFC/R2015-0156, dated June 8, 2015) in the form of a “A” loan of up to Euro 15 million (approximately US$16.4 million equivalent). ***************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA: Minutes of Previous Meetings 4. The Executive Directors of the Bank and IDA, the Board of Directors of IFC and the Board of Directors of MIGA, recorded their approval on June 18, 2015 of the Minutes of the meeting held on May 21, 2015 and of the Record of approvals or authorizations between May 20, 2015 through May 21, 2015 (M2015-0020, [IDA/M2015-0020, IFC/M2015-0020, MIGA/M2015-0017], dated June 11, 2015). 5. The Board of Directors of IFC, recorded its approval on June 18, 2015 of the Minutes of the meeting held on May 28, 2015 and of the Record of approvals or authorizations between May 27, 2015 through May 28, 2015 (M2015-0022, [IDA/M2015-0022, IFC/M2015-0022, 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. MIGA/M2015-0019], dated June 11, 2015). ***************************************************************** THE BOARD OF DIRECTORS OF MIGA: Turkey – Guarantees to Meridiam Eastern Europe S.a.r.l. and Siemens Bank GmbH 6. The Board of Directors recorded its authorization on June 18, 2015 for the President to proceed with issuance of the guarantees to Meridiam Eastern Europe S.a.r.l. and Siemens Bank GmbH for Investments in and Loans to YZG Saðlik Yatirim A.S. as set out in the Report from the President entitled Turkey – Proposed Guarantees to Meridiam Eastern Europe S.a.r.l. and Siemens Bank GmbH for Investments in and Loans to YZG Saðlik Yatirim A.S.(MIGA/R2015- 0045, dated June 8, 2015). 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.