Minutes of a Meeting of the Board of Directors of IFC - June 20, 2024

Jul 19, 2026

Board meeting minutes of IFC held on June 20, 2024, at 10:03 a.m., recording attendance of the Chair, directors and alternates acting as directors, and participating officers and staff. The Board discussed the President’s Memorandum and an accompanying report and approved an investment involving IFC subscriptions to UniCredit Bank S.A. senior bonds across multiple tranches up to EUR 100 million, including authorization to dispose of the bonds in the secondary market under management-determined timing and pricing. The meeting adjourned at 10:56 a.m. Additional approvals covering selected IBRD/IDA items were recorded within the June 14–20, 2024 window.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages7

Reading Time18 min

AccessFree to download

Meeting details

Attendance and participants

Investment approval and resolution

Adjournment

Additional IBRD/IDA approvals (June 14–20, 2024)

Cameroon: Additional credit

Malawi: Additional grant

Pakistan: Credit for education services in Punjab

Moldova: Growth and resilience policy operation

Bolivia: Road sector climate resilience program (SOP-1)

Central African Republic: Grant for education (CARE)

Comoros: National water resilience project

Cambodia: Second growth and resilience development policy financing

Public Disclosure Authorized Public Disclosure Authorized Minutes of a Meeting of the Board of Directors ofIFC in the Board Room on June 20, 2024, at 10:03 a.m. 1. There were present: CHAIR: J. Gandolfo, Vice President and Treasurer DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: A. F A. K. H. A. M. M. B. M. J. S. I. Almulla Alswied Bucalossi Chrul Demircan Dlodlo Finaish Glass Guerini Gurstein Halwoodi Hwang Menendez de Luarca Bellido N. T. D. J. D. E. E. E. H. A. P. T. Mohd Yassin Pandalai Pierini Qian Rakauskas Rhuggenaath Sta Ana Sycheva Tavares Tsuji Wisner Yandon OFFICERS AND STAFF PARTICIPATING: A. Gibbs, Acting Vice President and Corporate Secretary L. Sturtevant, Deputy General Counsel A. Garcia Mora, Regional Vice President T Telma, Director V. Di Bello, Director E. Fajnzylber, Director E. Koka, Manager 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. Romania-Investment in UniCredit Bank S.A. (UCB) for the DCM UCB II Romania Project 2. The Board of Directors ofIFC discussed the President’s Memorandum and a Report (IFC/R2024-0157;/1-5, dated May 29, 2024, June 10, 2024, June 12, 2024, June 14, 2024, June 17, 2024, and June 18, 2024, respectively) and approved the investment consisting ofIFC subscriptions to senior bonds to be issued by UniCredit Bank S.A. in several tranches for up to EUR 100 million (approximately US$108 million) in new leu or euro equivalent for IFC’s own account and to dispose of the bonds in the secondary market at times and prices to be determined by IFC’s management. The Board of Directors ofIFC adopted Resolution No. IFC2024-0002 . Mr. Marshavin wished to be recorded as abstaining. Adjournment 3. The meeting adjourned at 10:56 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 June 14, 2024 and June 20, 2024 THE EXECUTIVE DIRECTORS OF THE IBRD AND IDA Cameroon-Additional Credit-Cameroon Transport Sector Development Project 1. The Executive Directors approved on June 14, 2024 an additional credit in the amount of EUR 46.7 million (US$50 million equivalent) from the Scale-Up Window Shorter Maturity Loans to Cameroon for the Cameroon Transport Sector Development Project on the terms and conditions set out in the President’s Memorandum (IDA/R2024-0148, dated May 28, 2024) . Malawi-Additional Grant-Governance to Enable Service Delivery Project 2. The Executive Directors approved on June 14, 2024 an additional grant in the amount of SDR 26.6 million (US$35 million equivalent) to Malawi for the Governance to Enable Service Delivery Project on the terms and conditions set out in the President’s Memorandum (IDA/R2024-0149, dated May 28, 2024) . Pakistan-Credit-Getting Results: Access and Delivery of Quality Education Services in Punjab Project 3. The Executive Directors approved on June 14, 2024 a credit in the amount of US$150 million (SDR 113.81 million equivalent) to Pakistan for a Getting Results: Access and Delivery of Quality Education Services in Punjab Project on the terms and conditions set out in the President’s Memorandum (IDA/R2024-0147, dated May 28, 2024) . Ms. Chang wished to be recorded as abstaining. Moldova-Loan-Moldova Supporting Growth and Resilience Development Policy Operation 4. The Executive Directors approved on June 14, 2024 a loan in the amount of EUR 37.3 million (US$40 million equivalent) to Moldova for a Moldova Supporting Growth and Resilience Development Policy Operation on the ter

FAQs

When and where was the IFC Board of Directors meeting held?

The meeting was held in the Board Room on June 20, 2024, starting at 10:03 a.m.

What investment did the IFC Board approve regarding UniCredit Bank S.A.?

The Board approved IFC subscriptions to UniCredit Bank S.A. senior bonds to be issued in several tranches for up to EUR 100 million, with disposal in the secondary market at times and prices determined by IFC management.

What time did the meeting adjourn?

The meeting adjourned at 10:56 a.m.

Jul 19, 2026

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