Minutes of a Meeting of the Board of Directors of IFC held in the Board Room on December 14, 2023 - Approved Investments and Executive Directors' Items

Jul 19, 2026

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Board minutes record the attendance list, discussion of the President’s Memorandum, and approval by IFC’s Board of an investment for the Nur Bukhara Solar PV project in Uzbekistan. The approved package includes an IFC loan for its own account, a concessional senior loan as the implementing entity of the BCFP, and US dollar interest rate swaps with a loan-equivalent exposure capped by a stated LEQ. The minutes also note the meeting time, adjournment, and subsequent streamlining/absence-of-objection approvals for multiple country projects, credits, grants, and loans approved by IBRD and IDA executive directors.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

Attendance and Meeting Proceedings

Participants and Roles

Board Discussion and Resolutions

Investment Approval for Uzbekistan Solar Project

Loan Components and Loan-Equivalent Exposure

Adjournment

Executive Directors' Streamlined Approvals (Dec 13-14, 2023)

Ethiopia Digital ID for Inclusion and Services

Ethiopia Trade Logistics Project

Dominican Republic MPA and Utility Strengthening

Nigeria Renewable Energy Scale-up

Sierra Leone Inclusive Growth Development Policy Financing

Ukraine PEACE Project

Guyana Human Capital Accumulation Credit

Morocco Higher Education and Scientific Research Operation

Public Disclosure Authorized Public Disclosure Authorized Minutes of a Meeting of the Board of Directors ofIFC held in the Board Room on December 14, 2023, at 10:02 a.m. 1. There were present: CHAIR: M. Gouled, Vice President DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: R. L. F. M. N. A. T. D. N. O. M. D. A. Alfrayyan Benmime Bilbeisi Bugamelli Cabiles Dlodlo Dorji Favre Francken Graham Yamahuchi Gurstein Kim Kotondi Amadou M. S. L. R. I. H. J. I. E. C. N. R. Krake Lambasara Magagula Marshavin Menendez De Luarca Bellido Murai Qian Rakauskas Rhuggenaath Richard Strychacz Tasker OFFICERS AND STAFF PARTICIPATING: M. Tembon, Corporate Secretary R. Nagpal, Vice President and General Counsel E. Kushnareva, Chief Counsel M. Travaly, Manager P. Ghosh, Principal Investment Officer M. Sorial, Senior Investment Officer P. Lam, Senior Infrastructure Finance Specialist E. Dolinina, Investment Officer *D. Shepherd, Manager *Y. Charafi, Chief Investment Officer *F. Esen, Senior Energy Specialist *via videoconference Uzbekistan – Investment in Nur Bukhara Solar PV LLC FE for the Bukhara Solar Project 2. The Board of Directors ofIFC discussed the President’s Memorandum and a Report (IFC/R2023-0350, dated December 1, 2023) and approved the investment consisting of: (i) an A loan of up to US$90 million for IFC’s own account; (ii) a concessional senior loan of up to US$20 million from IFC as implementing entity of the BCFP; and (iii) US dollar interest rate swaps representing an exposure to IFC measured as a loan-equivalent amount of up to US$6 million in Nur Bukhara Solar PV LLC FE in Uzbekistan. The Loan-Equivalent Amount (LEQ) is an estimate of the average future mark to market exposures ofthe interest rate swaps and the actual LEQ will be determined at the time of execution. The Board of Directors ofIFC adopted Resolution No. IFC2023-0021. Adjournment 3. The meeting adjourned at 11:13 a.m. The following item(s) have been approved on an absence-of-objection basis or have been authorized to proceed on a streamlined basis between December 13, 2023 and December 14, 2023 THE EXECUTIVE DIRECTORS OF IBRD AND IDA Ethiopia – Credit and Grant-Digital ID for Inclusion and Services Project 1. The Executive Directors approved on December 13, 2023 a credit in the amount of SDR 228.2 million (US$300 million equivalent) and a grant in the amount of SDR 38.1 million (US$50 million equivalent) from the Window for Host Communities and Refugees to Ethiopia for the Digital ID for Inclusion and Services Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0314, dated November 22, 2023) . Ethiopia – Additional Credit-Trade Logistics Project 2. The Executive Directors approved on December 13, 2023 an additional credit in the amount of SDR 68.5 million (US$90 million equivalent) to Ethiopia for the Trade Logistics Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0309, dated November 22, 2023) . Dominican Republic-Multiphase Programmatic Approach (MPA) and Loan-Distribution Efficiency Improvement and Utility Strengthening Project 3. The Executive Directors approved on December 13, 2023 a Multiphase Programmatic Approach (MPA) with an overall Program Financing Envelope of US$505 million and IBRD loan for Phase 1 of the MPA in the amount of US$225 million to the Dominican Republic for the Distribution Efficiency Improvement and Utility Strengthening Project on the terms and conditions set out in the President’s Memorandum (R2023-0289, dated November 22, 2023) . Nigeria – Credits-Distributed Access through Renewable Energy Scale-up Project 4. The Executive Directors approved on December 14, 2023 credits in the total amount of US$750 million, comprised of US$350 million on Shorter Maturity Loan (SML) terms from the IDA Scale Up Window, US$250 million

FAQs

Who participated in the IFC Board meeting and what roles were recorded?

The minutes list the Chair, directors/alternates acting as directors, and officers and staff participating, including the corporate secretary and legal counsel roles.

What investments were approved for the Nur Bukhara Solar PV LLC project in Uzbekistan?

The Board approved an IFC loan up to US$90 million, a concessional senior loan up to US$20 million as implementing entity of the BCFP, and US dollar interest rate swaps representing a loan-equivalent exposure up to US$6 million.

What approvals followed after the meeting and how were they authorized?

Items were approved on an absence-of-objection basis or authorized on a streamlined basis between December 13 and December 14, 2023, with IBRD/IDA executive directors approving specific credits, grants, and loans by country.

Jul 19, 2026

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