70539
 

  FROM:        Vice President and Corporate Secretary

 

 
                               Minutes of Meeting of the Board of Directors of IFC,
                         held in the Board Room on Tuesday, June 12, 2012, at 12:08 p.m.

 

 
    1.      There were present:
                                                                CHAIR:

                                                S. Khairi, Vice President, CRFVP

  EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:

  H. Al-Ghwell (Temporary Alternate)                            I.    Hoven
  K. Alkhudairy (Temporary Alternate)                           D. Kalyalya (Alternate)
  K. Aminul Islam (Alternate)                                   A. Kane (Temporary Alternate)
  J. Baeten (Temporary Alternate)                               M. Kivine (Temporary Alternate)
  D. Bohan (Alternate)                                          S.    Kurasawa (Temporary Alternate)
  J.J. Bravo (Alternate)                                        S.    Mirjalili (Temporary Alternate)
  A. Carmignani (Temporary Alternate)                           S.    Moongananiyil (Temporary Alternate)
  I.-K. Cho (Alternate)                                         S.    Moorehead
  V. Dhanpaul (Alternate)                                       M.-L. Morin
  A. Fernandez (Temporary Alternate)                            M. Muhtar (Alternate)
  J. Frieden                                                    K. Panov (Temporary Alternate)
  S. Gooch (Temporary Alternate)                                A. Touret-Blondy (Alternate)
  B. Han (Alternate)

  ALTERNATE NOT ACTING AS EXECUTIVE DIRECTOR:

  W. Rissmann

                        
  OFFICERS AND STAFF PARTICIPATING:

    E.   Marmolo, Acting Corporate Secretary   S.                      Featherston, CMGCS
    D.   Harris, Deputy General Counsel, CLEAA E.                      Sterlin, CMGCS
    V.   Prakash, Director, CM1DR              T.                      Duson, Corporate Secretariat




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. 
 
                                                                   -2-


 
    East Asia and the Pacific Region - Investment in IHH Healthcare Berhad
 
  2.      The Board of Directors considered the President's Memorandum and a Report on an investment in
  IHH Healthcare Berhad in the East Asia and the Pacific Region (IFC/R2012-0219; /1, dated June 1 and
  June 13, 2012, respectively) and adopted the following resolution:
 
                                RESOLUTION NO. IFC 2012-0040
 
          RESOLVED:
 
          (A) THAT the Corporation be authorized to conclude the transactions outlined in
                paragraphs 7.2 and 7.3 of the Report substantially on the terms therein set forth;
                and
 
          (B) THAT the President, Executive Vice President, a Vice President, a Department
                Director, the General Counsel or a Deputy General Counsel, or any staff member
                of the Corporation authorized by any one of them, enter in the name and on behalf
                of the Corporation, into an agreement or agreements providing for such
                transactions and containing such other terms and conditions as he or she, by the
                execution thereof, shall approve.

  Ms. Garcia and Mr. Solomon (via email dated June 12, 2012) wished to be recorded as abstaining.

  3.      The Board of Directors recorded its authorization for Management to proceed with the following
  investments under the Streamlined Procedure:
 
      (a) Ukraine - an investment in PJSC Credit Europe Bank (CEB Ukraine) (IFC/R2012-0163, dated
          May 16, 2012) in the form of a senior loan of up to US$15 million, authorized on May 29, 2012.

       (b) Philippines - an investment in La Suerte Biomass Project (IFC/R2012-0165, dated May 16, 2012)
           in the form of a local currency "A" loan of up to US$2 million, a senior loan of up to US$2
           million with IFC acting as implementing entity for the Clean Technology Fund, and warrants and
           options giving IFC the right to subscribe to up to US$5 million common shares, authorized on
           May 29, 2012.

       (c) Iraq - an investment in Gulftainer II (IFC/R2012-0164, dated May 17, 2012) in the form of a loan
           of up to US$30 million, authorized on May 30, 2012.
                                   
       (d) Nepal - an investment in Bank of Kathmandu (IFC/R2012-0167, dated May 17, 2012) in the form
           of a short-term loan of up to US$8 million, authorized on May 30, 2012.

       (e) Philippines - an investment in Rizal Commercial Banking Corporation Special Purpose Vehicle
           under IFC's Debt and Asset Recovery Program (DARP) (IFC/R2012-0168, dated May 17, 2012)
           in the form of a loan of up to PHP 1.16 billion (US$27.5 million equivalent), a subordinated note
           with income participation of up to PHP 248.7 million (US$5.9 million equivalent), and equity of
           up to PHP 20,000 (US$474 equivalent), authorized on May 30, 2012.

       (f) Mexico - an investment in Alta Growth Capital, Mexico Fund II, LP (IFC/R2012-0171, dated
           May 17, 2012) in the form of equity of up to US$15 million, authorized on May 30, 2012.

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. 
 
                                                                   -3-


 
       (g) Turkey - an investment in Tiryaki Agro Foods Industry and Trade Corporation (IFC/R2012-0173,
           dated May 17, 2012) in the form of an "A" loan of up to US$30 million, authorized on May 30,
           2012.
 
       (h) Cote d’Ivoire - an investment in Banque Internationale pour le Commerce et l’Industrie de la
           Cote d’Ivoire (IFC/R2012-0174, dated May 17, 2012) in the form of a risk-sharing facility of up
           to XOF 9 billion (US$18 million equivalent), authorized on May 30, 2012.
 
       (i) China - an investment in Jiangsu Financial Leasing Company, Limited (IFC/R2012-0169, dated
           May 18, 2012) in the form of an "A" loan of up to RMB 315 million (US$50 million equivalent),
           authorized on May 31, 2012. Mr. Solomon (via email dated May 30, 2012) wished to be recorded
           as abstaining.

       (j) Pakistan - an investment in Pakistan International Bulk Terminal (PIBT) (IFC/R2012-0170, dated
           May 18, 2012) in the form of equity of up to US$19 million and an "A" loan of up to US$26.5
           million, authorized on May 31, 2012.

       (k) China - an investment in United Water (IFC/R2012-0172, dated May 18, 2012) in the form of
           equity of up to US$4 million and of an "A" loan of up to US$16 million, authorized on May 31,
           2012.

       (l) Indonesia - an investment in Falcon House Partners Indonesia Fund I, LP (IFC/R2012-0175, dated
            May 18, 2012) in the form of equity of up to US$25 million, authorized on May 31, 2012.
 
       (m) Russian Federation - an investment in Rusfinance Energy Efficient Car Lending
           (IFC/R2012-0176, dated May 18, 2012) in the form of an "A" loan of up to US$50 million and a
           B loan / parallel loan of up to US$50 million, authorized on May 31, 2012.
 
       (n) Uganda - an investment in Eaton Uganda (IFC/R2012-0177, dated May 21, 2012) in the form of
           an "A" loan of up to US$30 million, authorized on June 1, 2012.

       (o) India - an investment in Inabensa Bharat (IFC/R2012-0179, dated May 21, 2012) in the form of
           an "A" loan of up to US$14 million, authorized on June 1, 2012.
 
       (p) Turkey - an investment in MNT Saglyk Hizmetleri ve Ticaret A.S. (IFC/R2012-0181, dated May
           21, 2012) in the form of equity of up to US$15 million and a "C" loan of up to US$15 million,
           authorized on June 1, 2012.
                                   
       (q) Egypt and Ukraine - an investment in Kuwait Energy Plc. (KEC) Expansion (IFC/R2012-0182,
           dated May 21, 2012) in the form of a reserve-based loan of up to US$75 million, authorized on
           June 1, 2012.

       (r) Uruguay - an investment in Cooperativa Nacional de Productores de Leche (Conaprole)
           (IFC/R2012-0183, dated May 21, 2012), in the form of an "A" loan of up to US$30 million,
           authorized on June 1, 2012.

       (s) MENA Region - an investment in Metito Holdings Limited (Metito III) (IFC/R2012-0184, dated
           May 22, 2012) in the form of an "A" loan of up to US$30 million, a "B" loan / parallel loans of
           up to US$60 million, and a "C" loan of up to US$20 million, authorized on June 4, 2012.

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. 
 
                                                                   -4-


 
       (t) Cambodia - an investment in Prasac Microfinance Institution Limited (IFC/R2012-0185, dated
           May 22, 2012) in the form of a senior loan of up to US$5 million, authorized on June 4, 2012.

       (u) Cameroon - an investment in SCI SIGS (IFC/R2012-0186, dated May 22, 2012) in the form of an
           "A" loan of up to EUR 9.4 million (US$12.2 million equivalent) and a "C" loan of up to EUR 2.3
           million (US$3 million equivalent), authorized on June 4, 2012.

       (v) Brazil - an investment in Itau Unibanco (IFC/R2012-0180, dated May 23, 2012) in the form of an
           "A" loan of up to US$50 million and a "B" loan of up to US$250 million, authorized on June 5,
           2012.

       (w) Belarus - an investment in COOO "Alumintechno" and Alutech Doors Systems LLC
           (IFC/R2012-0187, dated May 23, 2012) in the form of an "A" loan of up to EUR 25 million
           (US$34 million equivalent) and a parallel loan of up to EUR 20 million (US$27 million
           equivalent), authorized on June 5, 2012.
 
       (x) India - an investment in Flareum Solar Technologies Private Limited (IFC/R2012-0188, dated
           May 23, 2012) in the form of equity of up to US$1 million, authorized on June 5, 2012.

       (y) Turkey - an investment in Andblok Inşaat Yapi Malzemeleri Makine Imalat Ithalat Ihracat Sanayi
           Taahut ve Ticaret Ltd. Şti (IFC/R2012-0190, dated May 24, 2012) in the form of equity of up to
           US$6 million, authorized on June 6, 2012.

       (z) Ukraine - an investment in Nibulon Limited (IFC/R2012-0192, dated May 24, 2012) in the form
           of an "A" loan of up to US$30 million and a working capital facility of up to US$20 million,
           authorized on June 6, 2012.

      (a1) Serbia - an investment in MK Group d.o.o. and Carnex d.o.o. Meat Industry (IFC/R2012-0193,
           dated May 24, 2012) in the form of an "A" loan of up to EUR 45 million (US$58 million
           equivalent), authorized on June 6, 2012.

  Minutes of Previous Meeting

  4.      The Board of Directors recorded its approval on June 1, 2012 of the Minutes of the meeting held
  on April 12, 2012 (IFC/M2012-0027).
 
  Adjournment
                                
  5.      The meeting adjourned at 12:59 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.