Minutes of the Meeting of the Executive Directors of the Bank and IDA via WebEx - May 4, 2021 - Meeting minutes and approved items

Jul 19, 2026

Minutes document the meeting of the Executive Directors of the Bank and IDA held via WebEx on May 4, 2021 at 10:00 a.m. It records attendees, including the chair, executive directors, alternates, temporary alternates, participating officers, and other participants from the IMF. The directors discuss the joint IDA/IFC/MIGA Country Partnership Framework for Malawi for FY21–FY25 and the meeting adjourns at 11:31 a.m., followed by listed approvals authorized to proceed between April 30 and May 4, 2021.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

Meeting Minutes

Attendance and Meeting Proceedings

Discussion and Adjournment

Approved Items Between April 30 and May 4, 2021

Public Disclosure Authorized Public Disclosure Authorized FROM: Vice President and Corporate Secretary Minutes of a Meeting of the Executive Directors ofthe Bank and IDA via WebEx on May 4, 2021 at 10:00 a.m. 1. There were present: CHAIR: A. van Trotsenburg, Managing Director, Operations EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: E. S. A. N. A. K. G. M. A. H. R. Y. G. Acevedo Alam Alqifari Baloch Bello Berg Berger Bugamelli Buisse Demircan Eletreby Gavish Haarde H. L. M. R. T. N. V. K. A. K. T. Ikarashi Levonian Medina Montgomery Nyamadzabo Parjiono Ray Tamozhnikov Todani Weintraub Zajdel-Kurowska Zhang OFFICERS AND STAFF PARTICIPATING: M. Garcia Jauregui, Acting Vice President and Corporate Secretary S. Okoro, Senior Vice President and General Counsel H. Ghanem, Regional Vice President S. Pimenta, Regional Vice President, IFC M. Baroudu, Director, MIGA H. Riddel, Country Manager OTHER PARTICIPANT(S): M. Saito, Deputy Division Chief and Mission Chief, IMF F. Gwenhano, Resident Representative, IMF M. Farid, Senior Economist, Lead Desk, IMF Malawi-Country Partnership Framework 2. The Executive Directors discussed the joint IDA/IFC/MIGA Country Partnership Framework for Malawi for the period of FY21-FY25 (IDA/R2021-0075[IFC/R2021-0056, MIGA/R2021-0016], dated April 12, 2021) . Adjournment 3. The meeting adjourned at 11:31 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 April 30, 2021 and May 4, 2021 THE EXECUTIVE DIRECTORS OF THE BANK AND IDA Colombia – Grant-Second Additional Financing for the Forest Conservation and Sustainability in the Heart of the Colombian Amazon Project 1. The Executive Directors approved on April 30, 2021 an additional grant in the amount of US$18,366,972 to the Patrimonio Natural Fondo para la Biodiversidad y Areas Protegidas in Colombia for the Forest Conservation and Sustainability in the Heart of the Colombian Amazon Project on the terms and conditions set out in the President’s Memorandum (GEF/R2021-0003, dated April 16, 2021) . Argentina – Loan-Buenos Aires – Mitre Passenger Railway Line Modernization Project 2. The Executive Directors approved on April 30, 2021 a loan in the amount of US$347 million to Argentina for a Buenos Aires – Mitre Passenger Railway Line Modernization Project on the terms and conditions set out in the President’s Memorandum (R2021-0057, dated April 13, 2021) . ***************************************************************************** THE BOARD OF DIRECTORS OF IFC Africa Region-Investment in Kasada Hospitality Fund LP 3. The Board of Directors approved on April 30, 2021 an investment in Africa Region Kasada Hospitality Fund LP (IFC/R2021-0071, dated April 20, 2021) in the form of: (i) IFC “A”loans of up to US$100 million, and (ii)“B1” loans and/or parallel loans of up to US$60 million. Mr. Haarde wished tobe recorded as opposing, and Messrs. Bouzis, Beger, Davidse andDemircan wished to be recorded as abstaining. Philippines-Investment in Union Bank of the Philippines 4. The Board of Directors approved on April 30, 2021 an investment in Philippines-Union Bank of the Philippines (IFC/R2021-0069, dated April 20, 2021) in the form of a subscription of a senior and unsecured social bond in an amount of up to US$150 million . Thailand-Investment in Ngern Tid Lor Public Company Limited (NTL Senior Loan) 5. The Board of Directors approved on April 30, 2021 an investment in Thailand-Ngern Tid Lor Public Company Limited (IFC/R2021-0070, dated April 20, 2021) in the form of: (i) a 3-year senior loan facility of up to US$200 million, comprising (a) an A loan of up to US$100 million and (b) mobilization of up to US$100 million through B1-loan program; and (ii) a crosscurrency swap with a loan equivalent exposure of up to

FAQs

When and how was the meeting held?

The meeting of the Executive Directors of the Bank and IDA was held via WebEx on May 4, 2021, at 10:00 a.m. It adjourned at 11:31 a.m.

What key topic did the Executive Directors discuss?

They discussed the joint IDA/IFC/MIGA Country Partnership Framework for Malawi for the period of FY21–FY25.

What happens after the adjournment in the minutes?

The minutes list items approved on an Absence-of-Objection Basis or authorized to proceed on a streamlined basis between April 30, 2021 and May 4, 2021, including Bank and IFC board approvals.

Jul 19, 2026

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