Minutes of a Meeting of the Executive Directors of IBRD and IDA - April 6, 2023 - Hybrid Capital Pilot Approval

Jul 19, 2026

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Minutes record a meeting of the Executive Directors of IBRD and IDA held on April 6, 2023, including attendees, chair and participating officers, and formal restrictions on disclosure. The Executive Directors discussed a memorandum and a paper on approving an IBRD hybrid capital pilot for capital markets investors, up to $1 billion, under specified terms. Recorded positions include objections by Ms. Chang and Mr. Marshavin and abstentions by Ms. Nahon with Messrs. Gomes and Demircan. The meeting was adjourned at 11:48 a.m.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages12

Reading Time30 min

Minutes of a Meeting of the Executive Directors of IBRD and IDA

Attendees and Roles

Approval of the Hybrid Capital Pilot

Adjournment

Public Disclosure Authorized Public Disclosure Authorized Minutes of a Meeting of the Executive Directors of IBRD and IDA held in the Board Room on April 6, 2023, at 10:04 a.m. 1. There were present: CHAIR: A. Kant, Managing Director and WBG Chief Financial Officer EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: M. N. K. M. A. J. J. H. A. D. V. E. P. Al Shamali Baloch Bawazier Bugamelli Buisse Chang Clark Demircan Dlodlo Favre Gnanendran Gomes Iyer R. Z. M. A. L. R. C. I. W. H. T. E. Kachur Kibwe Krake Kugler Lind Marshavin Nahon Park Saputra Tavares Tsuda Valle Maestro OFFICERS AND STAFF PARTICIPATING: M. Tembon, Vice President and Corporate Secretary C. Frazier, Deputy General Counsel R. Nagpal, Vice President and General Counsel, IFC J. Familiar Calderon, Vice President and Treasurer A. Nishio, Vice President G. Richardson, Director/Global Head of Capital Markets 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. Official Use Only Request for Approval of IBRD’s Hybrid Capital to Capital Markets Investors Pilot Program to Increase IBRD’s Financing Capacity 2. The Executive Directors discussed the Memorandum of the President and paper entitled“Request for Approval of IBRD’s Hybrid Capital to Capital Markets Investors Pilot Program to Increase IBRD’s Financing Capacity”(R2023-0065[IDA/R2023-0050]/1), dated March 31, 2023) and approved a pilot of the capital markets investor purchased program for up to $1 billion on the terms and conditions set out in the President’s Memorandum. Ms. Chang and Mr. Marshavin wished to be recorded as objecting. Ms. Nahon, and Messrs. Gomes and Demircan as abstaining. Adjournment 3. The meeting adjourned at 11:48 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. Official Use Only FROM: The Vice President and Corporate Secretary Minutes of a Meeting of the Board of Directors ofIFC held in the Board Room on April 6, 2023, at 11:54 a.m. 1. There were present: CHAIR: M. Diop, IFC Managing Director and Executive Vice President DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: L. S. N. K. E. M. H. A. O. S. P. K. Z. Albisson Almanza Baloch Bawazier Busygin Coelho Demircan Dlodlo Graham Yamahuchi Heuser Iyer Kaminski Kibwe L. A. A. H. I. W. H. G. R. H. E. W. Lind Mamdani McGee Murai Park Saputra Seifeldin Stoyanova Tasker Tavares Valle Maestro Yang OFFICERS AND STAFF PARTICIPATING: M. Tembon, the Corporate Secretary R. Nagpal, Vice President and General Counsel R. Puliti, Regional Vice President I. Chatterton, Director R. Riopelle, Senior Manager A. Jagwani, Manager E. Kushnareva, Chief Counsel P. Ghosh, Principal Investment Officer J. Jiang, Investment Officer 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. Official Use Only Indonesia-Investment in PT Karian Water Services for the Karian Water Supply Project 2. The Board of Directors ofIFC discussed the President’s Memorandum and a Report and approved the financing package to PT Karian Water Services for the Karian Water Supply Project in Indonesia consisting of: (i) an A loan of up to US$60 million or Indonesian Rupiah equivalent on IFC’s own account; (ii) a B loan of up to US$20 million on the account of B loan participants; (iii) a loan in the amount of up to US$15 million from IFC in its capacity as implementi

FAQs

When was the IBRD and IDA Executive Directors meeting held and when was it adjourned?

The meeting was held on April 6, 2023, and adjourned at 11:48 a.m.

What was the subject approved by the Executive Directors for the IBRD hybrid capital pilot?

They approved a pilot program for capital markets investors purchased under IBRD hybrid capital, up to $1 billion, on the terms set out in the President’s Memorandum.

How were individual voting positions recorded during the approval?

Ms. Chang and Mr. Marshavin were recorded as objecting, while Ms. Nahon and Messrs. Gomes and Demircan were recorded as abstaining.

Jul 19, 2026

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