[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110655-en":3,"doc-seo-110655-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110655,13056703019404,"Miles","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","IFC Board of Directors Minutes - December 10, 2020 - Meeting held via WebEx and investment approvals","Minutes of an IFC Board of Directors meeting conducted via WebEx on December 10, 2020 at 10:03 a.m. record the attendance of the Chair, directors and participating officers, and document board discussion and approval of the President’s Memorandum. The board approves an equity-linked investment in Cebu Air, Inc. via convertible bonds and related instruments, and approves a loan in Electric Networks of Armenia, with recorded abstention by Ms. Zajdel-Kurowska. The meeting adjourns at 12:40 p.m.","Public Disclosure Authorized Public Disclosure Authorized  \nFROM: Vice President and Corporate Secretary  \nMinutes of a Meeting of the Board of Directors ofIFC via WebEx on December 10, 2020 at 10:03 a.m.  \n1. There were present:  \nCHAIR:  \nS. von Friedeburg, Interim Managing Director and Executive Vice President and COO, IFC  \nDIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS:  \nA.  \nV.  \nA.  \nA.  \nM.  \nK.  \nH.  \nR.  \nG.  \nT.  \nP.  \nB.  \nD.  \nAlkhalaf Bassant Bedjaoui Buisse Coelho Davidse Demircan Eletreby Haarde Hara Hauger Kang Kinder  \nL.  \nA.  \nR.  \nM.  \nDJ  \nT.  \nR.  \nL.  \nE.  \nK.  \nT.  \nLevonian Manuel  \nMarshavin Medina Nordquist Nyamadzabo Parjiono  \nTopno  \nUribe Restrepo Valle Maestro Zajdel-Kurowska Zhang  \nOFFICERS AND STAFF PARTICIPATING:  \nD. Gaye, Vice President and Corporate Secretary  \nC. Stephens, Vice President and General Counsel  \nA. Garcia Mora, Regional Vice President  \nG. Baker, Regional Vice President  \nI. Chatterton, Director  \nW. Schloemer, Director  \nC. Hanway, Senior Manager  \nF. Siddiqui, Manager  \nL. Varbanov, Manager  \nJ. van Bilsen, Chief Investment Officer  \nA. Thuillier, Senior Investment Officer  \nP. Whang, Principal Investment Officer  \nH. Gupta, Principal Investment Officer  \nJ. Villegas, Senior Environmental and Social Dev. Specialist  \nPhilippines-Investment in Cebu Air, Inc. for Agila  \n2. The Board of Directors ofIFC discussed the President’s Memorandum and a Report on a proposed investment in Cebu Air, Inc. (Cebu Pacific) in the Philippines and approved the investment consisting of an equity-linked investment of up to US$125 million in the form of convertible bonds, bonds with warrants and/or other similar instruments with up to a seven-year tenor. The investment includes the potential mobilization of financing of up to US$62 .5 million from the IFC Asset Management Company Emerging Asia Fund (IFC/R2020-0235, dated November 25, 2020) . The Board of Directors adopted Resolution No. IFC2020-0018.  \nArmenia-Investment in Electric Networks of Armenia  \n3. The Board of Directors ofIFC discussed the President’s Memorandum and a report on and investment in Electric Networks of Armenia in Armenia (IFC/R2020-0209;/7, dated October 9, 2020, October 20, 2020, October 27, 2020, October 29, 2020, November 4, 2020, November 6, 2020, November 17, 2020, and November 19, 2020, respectively) and approved the investment consisting of an “A” loan of up to US$60 million, or its equivalent in EUR. The Board of Directors adopted Resolution No. IFC2020-0017. Ms. Zajdel-Kurowska wished to be recorded as abstaining.  \nAdjournment  \n4. The meeting adjourned at 12:40 p.m.  \nThe following item(s) have been approved on an Absence-of-Objection Basis or have been authorized to proceed on a streamlined basis  \nbetween December 2, 2020 and December 10, 2020  \nTHE EXECUTIVE DIRECTORS OF THE BANK AND IDA  \nUganda-Additional Credit-Additional Financing for Uganda Reproductive, Maternal and Child Health Services Improvement Project  \n1. The Executive Directors approved on December 2 , 2020 an additional credit to Uganda in the amount of SDR 10.7 million (US$15 million equivalent) for the Additional Financing for Uganda Reproductive Maternal and Child Health Services Improvement Project on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0377, dated November 11, 2020) .  \nTajikistan-Additional Grant-Public Finance Management Modernization Project 2  \n2. The Executive Directors approved on December 2, 2020 an additional grant to Tajikistan in the amount of SDR 4.3 million (US$6 million equivalent) for the Public Finance Management Modernization Project 2 on the terms and conditions set out in the President’s Memorandum (IDA/R2020-0375, dated November 11, 2020) .  \nKiribati – Grant-Second Inclusive and Resilient Growth Development Policy Operation  \n3. The Executive Directors approved on December 3 , 2020 a grant to Kiribati for the equivalent of US$5 million (SDR 3.6 million) for","cbCaihedHaoOdIOX","https://ap.wps.com/l/cbCaihedHaoOdIOX","pdf",256098,1,9,"English","en",105,"# Meeting overview\n## Attendance and participating officers\n## Cebu Air, Inc. investment approval\n## Electric Networks of Armenia loan approval\n## Adjournment and streamlined approvals","[{\"question\":\"When and how was the IFC Board of Directors meeting held?\",\"answer\":\"The meeting was held via WebEx on December 10, 2020 starting at 10:03 a.m.\"},{\"question\":\"What investment did the Board approve for Cebu Air, Inc.?\",\"answer\":\"The Board approved an equity-linked investment of up to US$125 million through convertible bonds, bonds with warrants, and/or similar instruments with up to a seven-year tenor.\"},{\"question\":\"What happened in the Electric Networks of Armenia proposal and who abstained?\",\"answer\":\"The Board approved an “A” loan of up to US$60 million (or the EUR equivalent). Ms. Zajdel-Kurowska requested to be recorded as abstaining.\"}]",1784486453,23,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"ifc-board-of-directors-minutes-december-10-2020-meeting-held-via-webex-and-investment-approvals","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/ifc-board-of-directors-minutes-december-10-2020-meeting-held-via-webex-and-investment-approvals/110655/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"When and how was the IFC Board of Directors meeting held?","Question",{"text":74,"@type":75},"The meeting was held via WebEx on December 10, 2020 starting at 10:03 a.m.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What investment did the Board approve for Cebu Air, Inc.?",{"text":79,"@type":75},"The Board approved an equity-linked investment of up to US$125 million through convertible bonds, bonds with warrants, and/or similar instruments with up to a seven-year tenor.",{"name":81,"@type":72,"acceptedAnswer":82},"What happened in the Electric Networks of Armenia proposal and who abstained?",{"text":83,"@type":75},"The Board approved an “A” loan of up to US$60 million (or the EUR equivalent). 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