Minutes of a Meeting of the Board of Directors of IFC and the Executive Directors of the Bank and IDA - Meeting Minutes for March 31, 2022

Jul 19, 2026

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Formal meeting minutes record the attendees, discussion points, and approvals from the Board of Directors of IFC and the Executive Directors of the Bank and IDA held via WebEx on March 31, 2022. The document covers the President’s memoranda and reports for extending IFC Fast Track COVID-19 Facility and Base of the Pyramid Program availability through June 30, 2023, including loan tenor changes, envelope increases, and AIMM scoring modifications. It also documents IDA PSW blended finance and local currency support extensions and additional allocations, plus resolutions adopted and abstentions noted.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages7

Reading Time18 min

Meeting Details

Attendance and Roles

Board Discussion and Resolutions

Adjournment and Approved Items

Executive Directors of the Bank and IDA

Public Disclosure Authorized Public Disclosure Authorized Minutes of a Meeting of the Board of Directors ofIFC and the Executive Directors ofthe Bank and IDA held via WebEx on March 31, 2022 at 10:01 a.m. 1. There were present: CHAIRS: S. von Friedeburg, Senior Vice President, IFC A. van Trotsenburg, Managing Director, Operations, World Bank and IDA EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. A. A. A. F. E. M. H. R. R. R. J. M. I. Ahmad Alkhalaf Bedjaoui Bello Bouvet Bouzis Coelho Demircan Eletreby Kachur Khullar Klimaviciene Medina Menendez de Luarca R. T. N. N. K. E. K. T. A. K. T. Montgomery Nyamadzabo Putscher Ray Rechico Sycheva Todani Tsuda Weintraub Zajdel-Kurowska Zhang OFFICERS AND STAFF PARTICIPATING: D. Kiara, Acting Senior Vice President and General Counsel C. Stephens, Vice President and General Counsel, IFC M. Gouled, Vice President, IFC P. de Bolle, Senior Director, IFC A. Gekis, Director, IFC S. Borlini, Director, IFC S. Maimbo, Director, IDA Mobilization and IBRD Corporate Finance K. Sierra-Escalante, Senior Manager, IFC L. Tran, Principal Operations Officer, IFC R. Beltran, Principal Environmental Specialist, IFC World Region-Extension with Modifications ofIFC’s Fast Track COVID-19 Facility and Base of the Pyramid Program World Region-Support from the IDA18 and IDA19 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) and Local Currency Facility (LCF) to the International Finance Corporation (IFC) Investments in the Fast Track COVID-19 Facility and Base of the Pyramid Program-Extension with Modifications 2. The Board of Directors ofIFC discussed the President’s Memorandum and Report entitled “World Region-Extension with Modifications ofIFC’s Fast Track COVID-19 Facility and Base of the Pyramid Program”(IFC/R2022-0065, dated March 18, 2022), approved the extension of the availability period for all components to June 30, 2023 and consisting: (a)increase in the tenor of loans under the Working Capital Solutions (WCS) from a maximum of two years to up to three years; (b) increase in the tenor of loans under the Base of the Pyramid Program from a maximum of three years to up to five years; (c) expansion of the available Base of the Pyramid instruments to include other senior debt instruments beyond senior loans; (d) increase of the Base of the Pyramid envelope by US$200 million; and (e) modification of Anticipated Impact Measurement and Monitoring (AIMM) scoring for projects under the Fast Track COVID-19 Facility from standardized to individual ratings, following the procedure already applied under the Base of the Pyramid. The Board of Directors ofIFC adopted Resolution No. IFC2022-0007.Ms. Lind and Mr. Putscher wished to be recorded as abstaining. The Executive Directors of IDA discussed and approved the proposal outlined in the President’s Memorandum and Report entitled “World Region-Support from the IDA18 and IDA19 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility (BFF) and Local Currency Facility (LCF) to the International Finance Corporation (IFC) Investments in the Fast Track COVID-19 Facility and Base of the Pyramid Program-Extension with Modifications”(IDA/R2022-0090, dated March 18, 2022) consisting of: (a) an extension of PSW support to two components ofthe IFC Fast Track Covid-19 Facility, viz. Global Trade Finance Platform (GTFP) and Working Capital Solutions (WCS) till June 30, 2023; (b) an extension of PSW support to IFC investment in the Base of Pyramid (BOP) Program till June 30, 2023; and (c) an additional allocation of US$50 million from IDA PSW BFF and new allocation of US$250 million from IDA PSW LCF to support the BOP Program as outlined in the President’s Memorandum. Ms. Lind and Mr. Putscher wished to be recorded as abstaining. Adjournment 3. The meeting adjourned at 11:32 a.m. The following item(s)

FAQs

When and how was the meeting held?

The meeting was held via WebEx on March 31, 2022, starting at 10:01 a.m.

What major IFC program changes were approved for the extension through June 30, 2023?

The approvals included extending loan availability periods, increasing loan tenors for WCS and the Base of the Pyramid Program, expanding BOP instruments, increasing the BOP envelope by US$200 million, and modifying AIMM scoring methodology for Fast Track COVID-19 Facility projects.

What did the IDA Executive Directors approve regarding PSW blended finance and local currency support?

They approved extending PSW support to GTFP and WCS components and to the BOP Program through June 30, 2023, and added IDA PSW BFF and LCF allocations of US$50 million and US$250 million respectively.

Jul 19, 2026

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