Minutes of a Meeting of the Executive Directors of IBRD, IDA and IFC Board of Directors

Jul 19, 2026

Meeting minutes record the Executive Directors’ attendance, discussions, and approvals for World Bank Group operations held on November 16, 2023. The Executive Directors reviewed the President’s Memorandum and Recommendation and approved an IBRD loan plus grants from the Innovative Global Public Goods Solutions fund to support the Uruguay Green and Resilient Growth Development Policy Loan. The minutes also cover approved streamlined items and specific project or loan actions across multiple countries, followed by adjournment at 1:04 p.m.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

Attendance and Meeting Decisions

Uruguay Green and Resilient Growth Development Policy Loan

Absence-of-Objection / Streamlined Approvals

Adjournment

Public Disclosure Authorized Public Disclosure Authorized Minutes of a Meeting of the Executive Directors of IBRD held in the Board Room on November 16, 2023, at 11:30 a.m. 1. There were present: CHAIR: A. van Trotsenburg, Senior Managing Director EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. Y. R. E. A. M. H. A. V. E. P. Z. M. Acevedo Al Yaarubi Alfrayyan Amor Bedjaoui Bugamelli Demircan Dlodlo Gnanendran Gomes Iyer Kibwe Krake J. S. L. A. M. K. E. A. H. A. P. W. Kurski Lambasara Lind Morozov Puloc’h Rechico Rhuggenaath Saizar Renart Tavares Tsuji Wisner Yang OFFICERS AND STAFF PARTICIPATING: M. Tembon, Vice President and Corporate Secretary A. Shayne, Deputy General Counsel, Operations F. Jaramillo, Regional Vice President A. Nishio, Vice President G. Andronova Vincelette, Director M. Fay, Country Director F. Fragano, Sector Leader P. Martin, Lead Natural Resources Management Specialist OTHER PARTICIPANTS: J.F. Clevy Aguilar, Senior Economist, IMF B. Sbrancia, Senior Economist, IMF 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. Uruguay-Uruguay Green and Resilient Growth Development Policy Loan 2. The Executive Directors discussed the President’s Memorandum and Recommendation (R2023-0267;/4, dated October 30, 2023, November 9, 2023, and November 15, 2023, respectively) and approved an IBRD loan in the amount of US$350 million and authorized a total transfer from the IBRD Fund for Innovative Global Public Goods Solutions (GPG fund) for US$14 million in grants for the Uruguay Green and Resilient Growth Development Policy Loan (DPL) as follows: (a) a grant of up to a maximum amount of US$12 .5 million by way of transfers to IBRD to buy down the interest costs ofthe loan upon achievement of Key Performance Indicator (KPI) targets; (b) a grant of up to US$0 .5 million to finance the retention by the Bank of an independent agency to perform the annual verification of the KPI targets; and (c) a grant of up to US$1 .0 million to provide related technical assistance (including delegated authority to the LAC RVP for the approval of such grant) . Executive Directors also approved an amendment of Executive Directors’ Resolution No. 2019-0006 to extend the termination date of the GPG Fund to June 30, 2050 and adopted Resolution No. 2023-0010. They also approved a waiver to the standard interest terms applicable to IBRD loans as described in the Memorandum of the President as described in the Memorandum of the President. Adjournment 3. The meeting adjourned at 1:04 p.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 November 10, 2023 and November 16, 2023 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Republic of Congo – Additional Credit-Climate-Resilient and Inclusive Livelihoods Project 1. The Executive Directors approved on November 10, 2023 an additional credit in the amount of EUR 47.2 million (US$50.0 million equivalent) from the Crisis Response Window Early Response Financing to the Republic of Congo for the Climate-Resilient and Inclusive Livelihoods Project on the terms and conditions set out in the President’s Memorandum (IDA/R2023-0274, dated November 1, 2023) . Mr. Marshavin wished to be recorded as abstaining. Panama – Loan-Consolidation of the Panama Public Financial Management Information System Project 2. The Executive Directors approved on November 14, 2023 a loan to Panama in the amount of US$40 million for the

FAQs

When was the meeting held and when did it adjourn?

The meeting was held on November 16, 2023 at 11:30 a.m., and it adjourned at 1:04 p.m.

What approvals were made for the Uruguay Green and Resilient Growth Development Policy Loan?

The Executive Directors approved an IBRD loan of US$350 million and authorized US$14 million in grants from the Innovative Global Public Goods Solutions fund for specified purposes, including buy-down of interest costs tied to KPI targets and related verification and technical assistance.

What types of additional items were approved after the main decision?

The minutes state that specific items were approved on an Absence-of-Objection Basis or authorized to proceed on a streamlined basis between November 10, 2023 and November 16, 2023.

Jul 19, 2026

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