FROM: Vice President & Corporate Secretary Minutes of a Meeting of the Board of Directors of MIGA held in the Board Room on April 30, 2019 at 11:45 a.m. 1. There were present: CHAIR: K. Honda, Executive Vice President and CEO EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. Abdul Karim M. Meis E. Agustin R. Montgomery A. Alhosani J. Nathan H. Alogeel T. Nyamadzabo J. Chavez Presa P. Pagano N. Francken D. Pierini W. Gruber A. Shah W. Guo R. Sheoraj D. Harris A. Subramani R. Kachur Y. Suzuki L. Klemola H. de Villeroche A. Kouagou A. Zekri R. Marshavin OFFICERS AND STAFF PARTICIPATING: 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 N. Mohammed, Senior Adviser, MNA Region M. Nebe, Sector Manager Y. Mohamed, Sector Manager S. Choudhury, Senior Underwriter 2 Oman – Guarantees to Cover Financial Institutions to be Mandated for their Non- Shareholder Loans to the Government of Oman 2. The Board of Directors considered the Report from the President on the Guarantees to Cover Financial Institutions to be Mandated for their Non-Shareholder Loans to the Government of Oman (MIGA/R2019-0041; /2, dated April 10, 2019 and April 24, 2019, respectively). The MIGA Board of Directors concurred with the guarantee for equity investment and approved by special majority the guarantee for quasi-equity investment as set out in the President’s Memorandum. Mr. Bethel wished to be recorded as opposing and Mr. Zattler as abstaining. Adjournment 3. The meeting adjourned at 1:33 p.m. 3 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 26-30, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Burkina Faso – Credit – Financial Inclusion Support Project 1. The Executive Directors recorded their approval on April 30, 2019 of the credit in the amount of EUR 87.6 million (US$100 million equivalent) to Burkina Faso for the Financial Inclusion Support Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0084, dated April 11, 2019). Madagascar – Grant – Fiscal Sustainability and Energy Development Policy Financing 2. The Executive Directors recorded their approval on April 30, 2019 of the grant in the amount of SDR 71.6 million (US$100 million equivalent) to Madagascar for the Fiscal Sustainability and Energy Development Financing on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0071, dated April 9, 2019). Kenya – Loan – Kenya Affordable Housing Finance Project 3. The Executive Directors recorded their approval on April 30, 2019 of the loan in the amount of EUR 219 million (US$250 million equivalent) to Kenya for the Kenya Affordable Housing Finance Project on the terms and conditions set out in the President’s Memorandum (R2019-0085, dated April 11, 2019). Rwanda – Credit and Grant – Socio-Economic Inclusion of Refugees and Host Communities in Rwanda Project 4. The Executive Directors recorded their approval on April 30, 2019 of the credit in the amount of SDR 25.1 million (US$35 million equivalent) of which US$25 million is from the IDA18 Refugee Sub-window (RSW), and the grant in the amount of SDR 17.9 million (US$25 million equivalent) from IDA18 RSW to Rwanda for the Socio-Economic Inclusion of Refugees and Host Communities in Rwanda Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0076; /2, dated April 11, 2019 and April 17, 2019, respectively). Honduras – Credit – Social Protection Integration Project 5. The Executive Directors recorded their approval on April 30, 2019 of the credit in the amount of US$30 million to Honduras for the Social Protection Integration Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0082, dated April 11, 2019). ****************************************************************************** 4 THE BOARD OF DIRECTORS OF IFC Nigeria – Investment in Secure ID Ltd. 6. The Board of Directors authorized on April 26, 2019 an investment in Nigeria – Secure ID Ltd. (IFC/R2019-0098, dated April 16, 2019) in the form of a senior loan of up to US$4.5 million. Brazil – Investment in XP Investimentos S.A. (DCM XP Invest II) 7. The Board of Directors authorized on April 30, 2019 an investment in Brazil – XP Investimentos S.A. (IFC/R2019-0101, dated April 18, 2019) in the form of an A/B senior loan of up to US$125 million comprising of an “A” loan of up to US$5 million for IFC’s own account, and a “B” loan of up to US$120 million for the account of participants. ****************************************************************************** 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 25, 2019 8. The Executive Directors recorded their approval on April 29, 2019 of the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of April 25, 2019” (R2019-00101[IDA/R2019-0114, IFC/R2019-0118, MIGA/R2019-0051], dated April 26, 2019). Audit and Budget Committees (Nomination of Successor to Mr. Hesham Alogeel and Mr. Rodrigo Carriedo) 9. The Executive Directors recorded their approval on April 29, 2019 of the appointment of Mr. Jorge Chavez Presa to serve the remainder of the term of office of Mr. Hesham Alogeel on the Audit Committee, and Mr. Rodrigo Carriedo on the Budget Committee, that is until October 31, 2020 (R2019-0096[IDA/R2019-0101, IFC/R2019-0111, MIGA/R2019-0048], dated April 25, 2019). Egypt – Performance and Learning Review of the Country Partnership Framework 10. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA recorded their approval on April 30, 2019 of the Performance and Learning Review of the joint IBRD/IFC/MIGA Country Partnership Framework for Egypt for the period FY15-FY19 (R2019-0081[IFC/R2019-0090, MIGA/R2019-0036], dated April 9, 2019]). 5