FROM: Acting Vice President & Corporate Secretary Minutes of a Meeting of the Executive Directors of the Bank and IDA held in the Board Room on November 14, 2019 at 10:03 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: A. AlMutlak T. Nomoto F. Bouvet DJ. Nordquist J. Chavez Presa T. Nyamadzabo U. Dash P. Pagano A. Fernandez Parjiono N. Francken J. Putscher G. Haarde L. Shuaibu D. Harris A. Subramani M. Hasan A. Sumra R. Kachur E. Sycheva F. Kanczuk J-C. Tchatchouang D. Kinder K. Zajdel-Kurowska M. Li OFFICERS AND STAFF PARTICIPATING: S. Okoro, Senior Vice President and General Counsel Y. Tsikata, Vice President and Corporate Secretary C. Muller, Vice President, Europe and Central Asia Region C. Sanchez, Global Director * L. Van Gelder, Country Director * M. Salim, Country Manager G. Vincelette, Practice Manager M. Hernandez Ore, Lead Economist A. Oviedo Silva, Senior Economist * 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. Albania – Development Policy Loan – Gender Equality in Access to Economic Opportunities Development Policy Financing 2. The Executive Directors considered the President’s Memorandum and Recommendation (R2019-0240;/2, dated October 23, 2019, and November 12, 2019, respectively) and approved the development policy loan in the amount of in the amount of EUR 9.1 million (US$10 million equivalent) to Albania for the Gender Equality in Access to Economic Opportunities on the terms and conditions set out in the President’s Memorandum. Adjournment 3. The meeting adjourned at 11:20 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 November 8, 2019 and November 14, 2019 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Uzbekistan – Credit - Prosperous Villages Project 1. The Executive Directors approved on November 14, 2019 the credit to Uzbekistan in the amount of US$100 million for the Prosperous Villages Project on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0298, dated October 28, 2019). Ms. Nordquist wished to be recorded as abstaining. Jamaica – Loan - Second Rural Economic Development Initiative (REDI II) Project 2. The Executive Directors approved on November 14, 2019 the loan to Jamaica in the amount of US$40 million for the Second Rural Economic Development Initiative (REDI II) Project on the terms and conditions set out in the President’s Memorandum (R2019-0244, dated October 28, 2019). ****************************************************************************** THE BOARD OF DIRECTORS OF IFC Kazakhstan – Investment in Microfinance Organization Arnur Credit LLP for the Arnur Credit II Project 3. The Board of Directors authorized on November 8, 2019 an investment in Kazakhstan – Microfinance Organization Arnur Credit LLP for the Arnur Credit II Project (IFC/R2019-0310,/1 dated October 29, 2019, and December 4, 2019, respectively) consisting of a senior loan of up to US$4 million (estimated KZT 1,558 million equivalent). Ukraine – Investment in Public JSC Joint Stock Bank Ukrgasbank for the Ukrgasbank Support Project 4. The Board of Directors authorized on November 11, 2019 an investment in Ukraine – Public JSC Joint Stock Bank Ukrgasbank for the Ukrgasbank Support Project (IFC/R2019-0312, dated October 30, 2019) consisting of a senior loan of up to EUR 30 million (approximately US$33 million) for IFC’s own account. Romania – Investment in BT Microfinantare IFN SA for the BT Mic Loan I Project 5. The Board of Directors authorized on November 12, 2019 an investment in Romania – BT Microfinantare IFN SA for the BT Mic Loan I Project (IFC/R2019-0313, dated October 31, 2019) consisting of an A-loan of up to US$16 million in local currency (RON 69.5 million equivalent). 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. Morocco– Investment in Casablanca Tramway 6. The Board of Directors authorized on November 13, 2019 an investment in Morocco – Casablanca Tramway (IFC/R2019-0315, dated November 1, 2019) consisting: (i) an A Loan of up to US$58 million or EUR equivalent for IFC’s own account and (ii) a Trust Loan of up to US$60 million or EUR equivalent from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program (“MCPP”), provided that the total amount of investment will not exceed US$100 million or EUR equivalent thereof. Thailand – Investment in 2C2P 7. The Board of Directors authorized on November 14, 2019 an investment in Thailand – 2C2P (IFC/R2019-0316, dated November 4, 2019) of up to US$15 million investment for IFC’s own account in preferred equity. Kosovo – Investment in KEP Agri, KRK Agri, and AFK Agri 8. The Board of Directors authorized on November 14, 2019 an investment in Kosovo – KEP Agri, KRK Agri, and AFK Agri (IFC/R2019-0317, dated November 4, 2019) consisting of senior loans to three client MFIs in Kosovo: (i) up to EUR8.0 million (US$8.8 million equivalent) for KEP; (ii) up to EUR6.0 million (US$6.6 million equivalent) for KRK; and (iii) up to EUR4.0 million (US$4.4 million equivalent) for AFK. The total investment would be up to EUR18.0 million (US$19.8 million equivalent). Messrs. Marshavin, Fernandez and Chavez Presa wished to be recorded as abstaining. ****************************************************************************** THE BOARD OF DIRECTORS OF MIGA Panama - Guarantees for Investments in Panama Line 1 Metro – Modification of Prior Approvals 9. The Board of Directors authorized on November 13, 2019 by special majority the modification of prior approvals as set out in the Memorandum from the President for “Panama - Guarantees for Investments in Panama Line 1 Metro – Proposed Modification of Prior Approvals” (MIGA/R2019-0129, dated November 1, 2019). Minutes of Previous Meeting 10. The Board of Directors of the MIGA recorded their approval on November 14, 2019 of the minutes of the meeting in Executive Session held on November 7, 2019 (MIGA/XM2019- 0005, dated November 7, 2019). ****************************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, AND THE BOARD OF DIRECTORS OF MIGA Djibouti – MIGA Guarantees to Djibouti Wind Company LTD (Acting for Djibouti Wind LP as its General Partner) for its Investments in Red Sea Power Limited SAS and Allocation from the IDA18 IFC-MIGA Private Sector Window (PSW) MIGA Guarantee 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. Facility(MGF) in Support of MIGA Guarantees to Djibouti Wind Company Ltd (Acting for Djibouti Wind LP as its General Partner) for its Investments in Red Sea Power Limited SAS 11. The Board of Directors of the IDA approved on November 8, 2019 an allocation from the IDA18 IFC-MIGA Private Sector Window (PSW) MIGA Guarantee Facility (MGF) in the amount of up to US$48.39 million in support of MIGA guarantees of up to US$100.81 million to Djibouti Wind Company Limited of Mauritius, acting for Djibouti wind LP as its General Partner for its Investments in Red Sea Power Limited SAS on the terms and conditions set out in the President’s Memorandum (IDA/R2019-0304, dated October 29, 2019). 12. The Board of Directors of MIGA (i) concurred with the issuance of MIGA guarantees to Djibouti Wind Company LTD (Acting for Djibouti Wind LP as its General Partner) of up to US$100.81 million, to cover its equity and shareholder loan investments, and (ii) approved that the guarantees cover its quasi-equity investment in Red Sea Power Limited SAS in Djibouti (MIGA/R2019-0127, dated October 29, 2019). ****************************************************************************** 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 November 7, 2019 13. The Executive Directors approved on November 11, 2019 the “Official Travel of Executive Directors, Alternate Executive Directors, Senior Advisors and Advisors to Executive Directors as of November 7, 2019” (R2019-0252[IDA/R2019-0313, IFC/R2019-0321, MIGA/R2019-0133], dated November 8, 2019). Ethics Committee – Appointment of Committee Chair, Vice Chair and Member 14. The Executive Directors recorded their approval on November 13, 2019 that Mr. Guenther Schoenleitner be appointed as Chair of the Ethics Committee, and Ms. Larai Shuaibu as a member and Vice Chair of the Committee (R2019-0256[IDA/R2019-0314, IFC/R2019- 0325, MIGA/R2019-0135], dated November 12, 2019). Minutes of Previous Meeting 15. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on November 11, 2019 the minutes of the meeting held on October 24, 2019, and the record of approvals and authorizations between October 11, 2019 and October 24, 2019 (M2019-0047[IDA/M2019-0047, IFC/M2019-0047, MIGA/M2019-0046], dated November 4, 2019). Minutes of Previous Meeting 16. The Executive Directors of the Bank and IDA and the Boards of Directors of IFC and MIGA approved on November 14, 2019 the minutes of the meeting held on September 26, 2019, and the record of approvals and authorizations between September 20, 2019 and September 26, 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. 2019 (M2019-0045[IDA/M2019-0045, IFC/M2019-0045, MIGA/M2019-0044], dated November 7, 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.