88944 FROM: The Corporate Secretary Minutes of Meeting of the Executive Directors of the Bank and IDA held in the Board Room on June 17, 2014 at 11:13 a.m. 1. There were present: CHAIR: S.M. Indrawati, Managing Director EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: I. Alturki Y. Kato H. Al-Ghwell E. Miagkov S. Aviel M. Muhtar B. Barry A. Ncube O. Bougara W. Rissmann J. Bravo S. Santala B. Charassangsomboon A. Smith V. Daza Foronda R. Tan A. Delaunay M. Tareque J. Frieden L. Wang R. Giordano M. Willcock G. Hines G. Yazganarikan Z. Kalezic OFFICERS AND STAFF PARTICIPATING: A.M. Leroy, General Counsel M. Mohieldin, Corporate Secretary J. Familiar, Vice President M. Sharp, Country Operations Adviser O. Calvo-Gonzalez, Lead Economist & Sector Leader M. Hernandez Ore, Senior Economist 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. Guatemala – Enhanced Fiscal and Financial Management for Greater Opportunities Development Policy Loan 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2014-0098, dated May 13, 2014) and approved the credit in the amount of US$340 million on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 3:23 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 13, 2014 and June 17, 2014 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Per Capita Income Guidelines for Operational Purposes 1. The Executive Directors recorded their approval on June 13, 2014 of the proposal contained in the document entitled “Per Capita Income Guidelines for Operational Purposes” (R2014-0120; /1, dated May 29, 2014 and June 10, 2014, respectively. Mr. Forcieri (via eCenter on June 9, 2014) wished to record his opposition. Burkina Faso – Additional Grant and Credit – Electricity Sector Support Project 2. The Executive Directors recorded their approval on June 13, 2014 of the additional grant in the amount of SDR 17.5 million (US$27 million equivalent) and additional credit in the amount of SDR 5.2 million (US$8 million equivalent) to Burkina Faso for the Electricity Sector Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0188, dated May 27, 2014). Burkina Faso – Additional Credit – Agricultural Diversifications and Market Development Project 3. The Executive Directors recorded their approval on June 13, 2014 of the additional credit to Burkina Faso for the Agricultural Diversifications and Market Development Project in the amount of SDR 32.4 million (US$50 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R3014-0195, dated May 27, 2014). Egypt – GEF Trust Fund Grant – Sustainable Persistent Organic Pollutants Management Project 4. The Executive Directors recorded their approval on June 13, 2014 of the GEF Trust Fund Grant to Egypt for the Sustainable Persistent Organic Pollutants Management Project in the amount of US$8.1 million on the terms and conditions set out in the President’s Memorandum (GEF/R2014-0010, dated May 30, 2014). Ms. Aviel (via eCenter on June 13, 2014) wished to record her abstention. Morocco – Oum Er Rbia Sanitation Project – Proposal to Restructure 5. The Executive Directors recorded their approval on June 13, 2014 of the recommendation contained in paragraph 4 of the President’s Memorandum entitled “Morocco – Oum Er Rbia Sanitation Project”(R2014-0127, dated May 19, 2014). Guinea – Credit and Grant – Power Sector Recovery Project 6. The Executive Directors recorded their approval on June 16, 2014 of the credit in the amount of SDR 14.6 million (US$22.6 million equivalent) and grant in the amount of SDR 17.7 million (US$27.4 million equivalent) to Guinea for the Power Sector Recovery Project on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0197, dated May 28, 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. Tanzania – Additional Credit – Water Sector Support Project 7. The Executive Directors recorded their approval on June 16, 2014 of the additional credit to Tanzania for the Water Sector Support Project in the amount of SDR 29 million (US$44.90 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0199, dated May 28, 2014). Ms. Aviel (via eCenter on June 16, 2019) wished to record her abstention. Tunisia – Loan – Third Export Development Project 8. The Executive Directors recorded their approval on June 16, 2014 of the loan to Tunisia for the Third Export Development Project in the amount of EUR 36.3 million (US$50 million equivalent) on the terms and conditions set out in the President’s Memorandum (R2014-0116, dated May 28, 2014). Ghana – Additional Grant – Sustainable Land and Water Management Project 9. The Executive Directors recorded their approval on June 17, 2014 of the additional grant from the Global Environment Facility (GEF) to Ghana for the Sustainable Land and Water Management Project in the amount of US$8.75 million on the terms and conditions set out in the President’s Memorandum (GEF/R2014-0008, dated June 3, 2014). Nigeria – Credit – Ibadan Urban Flood Management Project 10. The Executive Directors recorded their approval on June 17, 2014 of the credit to Nigeria for the Ibadan Urban Flood Management Project in the amount of SDR 129.1 million (US$200 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2014-0202, dated May 29, 2014). Ms. Aviel (via eCenter on June 17, 2014) wished to record her abstention. ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Kenya – Investment in Bidco Oil Refineries Limited 11. The Board of Directors authorized on June 13, 2014 an investment in Kenya – Bidco Oil Refineries Limited for the Bidco Bev. & Det. Project (IFC/R2014-0200, dated June 3, 2014) in the form of an “A” loan of up to US$23 million and a “B” loan of up to US$13.5 million. South Africa – Investment in Bakhresa South Africa (Proprietary) Limited for the BGM South Africa Project 12. The Board of Directors authorized on June 13, 2014 an investment in South Africa – Bakhresa South Africa (Proprietary) Limited for the BGM South Africa Project (IFC/R2014-0197, dated June 3, 2014) in the form of an “A” loan of up to US$25 million. Chile – Investment in Luz del Norte 13. The Board of Directors authorized on June 13, 2014 an investment in Chile – Luz del Norte (IFC/R2014-0198, dated June 3, 2014) in the form of a “A” loan of up to US$60 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. Democratic Republic of Congo – Investment in Terra S.A.R.L. and African Milling Company Congo S.A.R.L. for the Terra AMC Project 14. The Board of Directors authorized on June 16, 2014 an investment in the Democratic Republic of Congo - Terra S.A.R.L. and African Milling Company Congo S.A.R.L. for the Terra AMC Project (IFC/R2014-0204, dated June 4, 2014) in the form of and “A” loan of up to US$18 million. Iraq – Investment in Life Water 15. The Board of Directors authorized on June 16, 2014 an investment in Iraq – Life Water (IFC/R2014-0202, dated June 4, 2014) in the form of an “A” loan of up to US$12 million. World Region – Investment in responsAbility Energy Access Fund 16. The Board of Directors authorized on June 16, 2014 an investment in World Region – responsibility Energy Access Fund (IFC/R2014-0203, dated June 4, 2014) in the form of: (i) an “A” loan of up to US$10 million for IFC’s own account; (ii) a senior loan of up to US$5 million from IFC acting as implementing entity of IFC-CCCP; and (iii) a subordinated loan of up to US$2 million from IFC acting as implementing entity of IFC-CCCP. Ms. Santala (via eCenter on June 16, 2014) wished to record her abstention. Mauritania – Investment in Tiviski S.A.R.L. 17. The Board of Directors authorized on June 17, 2014 an investment in Mauritania – Tiviski S.A.R.L. (IFC/R2014-0205, dated June 5, 2014) in the form of: (i) a “C” loan of up to EUR 3.5 million (approximately US$4.8 million equivalent); and (ii) a “C” loan of up to EUR 3.5 million (approximately US$4.8 million equivalent) from IFC in its capacity as implementing entity of the Global Agricultural and Food Security Program’s Private Sector Window. 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.