97667
                               IDA Participations Pilot Program
                                           Chair Summary*
                                            June 22, 2015


        The Executive Directors authorized IDA to sell IDA Participations on a pilot basis during
the IDA17 period as recommended in paragraph 8 of the President’s Memorandum and subject to
the general terms in paragraph 33 of the accompanying paper, for up to twenty (20) Participation
Agreements or a total amount of SDR 700 million, whichever occurs first, and to assess IDA
Participations pilot during the IDA18 Mid-term Review.

        Directors expressed broad support for the proposed pilot program and noted the detailed
work has gone into the legal and administrative arrangements among IDA, its clients and
Participating Partners resulting in a program that protects IDA’s preferred creditor status and
financial sustainability while benefiting IDA recipient countries.

        Directors welcomed the inclusion of IDA grants and non-interest bearing standard terms
credit within the scope of the program, and appreciated that IDA would remain solely responsible
for implementation support and supervision. The possible exclusion of interest-bearing IDA blend
terms credits from the pilot was discussed. Directors urged Management to pay attention to Fragile
and Conflicted Situations (FCS) and small countries as well as closely monitor the risks identified,
and lessons learned. Finally, Directors looked forward to updates on pilot progress and to the
review during IDA18 mid-term review.




________________________________
*This summary is not an approved record.