73626   FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Thursday, October 18, 2012, at 10:05 a.m.     1. There were present:   CHAIR:   J.-Y. Cai, Executive Vice President EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   I. Alturki (Alternate) D. Kalyalya (Alternate)   M. Ayesu (Temporary Alternate) A. Kane (Temporary Alternate) G. Balcytyte (Alternate) H. Manao   A. Carmignani (Temporary Alternate) N. Mohamed (Temporary Alternate) F. Castro y Ortiz (Temporary Alternate) M.-L. Morin   V. Daza Foronda (Alternate) M. Muhtar (Alternate) B. Delaney (Temporary Alternate) G. Mukai (Temporary Alternate)   V. Dhanpaul (Alternate) K. Panov (Temporary Alternate) H. Dufey (Temporary Alternate) M.N. Prasad   J. Frieden K.-W.Schmitter (Temporary Alternate) B. Han (Alternate) I. Solomon   K. Huber R. Treffers S. James (Alternate)   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   K. Dalrymple M. Tareque   W. Szczuka OFFICERS AND STAFF PARTICIPATING:   S. Suleymanov, Acting Corporate Secretary W. Gohary, CF3S9   R.   Robbins, Vice President and E. Ikiisik, CN3P3 General Counsel, CLVVP* A. Marghub, CN3S9 D. Tsitsiragos, Vice President, CEMVP* P. Marime-Ball, CFGME S. Hoda, Director, CN3DR* N. Moukarbel, CNGPW M. Makhlouf, Director, CMEDR* S. Quaynor, CAFW5 K.A.Ahmed, Director, CF3DR A.G. Russell, CLEAF* J. Scriven, Director, CFGDR K. Sierra-Escalante, CLEBG* S. Swann, CDFBF D. Soliven, CLEAA* M. Cherkaoui, CF3S9 M. Spicer, CN3F8 F. Felli, CLEM3* S. Tamir, Corporate Secretariat *Via Videoconference 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-     Nigeria - Investment in Access Bank Plc   2. The Board of Directors considered the President's Memorandum and a Report on an investment in   Access Bank Plc in Nigeria (IFC/R2012-0321, dated October 5, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0064   RESOLVED:   (A) THAT the Corporation be authorized to conclude the transactions outlined in   paragraph 7.1 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 Vice President and General Counsel, the 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.   Turkey - Investment in Farcan ACWA   3. The Board of Directors considered the President's Memorandum and a Report on an investment in   Farcan ACWA in Turkey (IFC/R2012-0318, dated October 4, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0065   RESOLVED:   (A) THAT the Corporation be authorized to conclude the transactions outlined in   paragraph 7.1 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 Vice President and General Counsel, the 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. Mr. Solomon wished to be recorded as abstaining. 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-     Tunisia - Investment in Amen Bank   4. The Board of Directors considered the President's Memorandum and a Report on an investment in   Amen Bank in Tunisia (IFC/R2012-0317; /1, dated October 4 and 17, 2012, respectively) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0066   RESOLVED:   (A) THAT the Corporation be authorized to conclude the transactions outlined in   paragraph 9.1 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 Vice President and General Counsel, the 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.   5. The Board of Directors recorded its authorization for Management to proceed with the following   investments under the Streamlined Procedure:   (a) India - an investment in Ramkrishna Forgings Limited (IFC/R2012-0300, dated September 13, 2012) in the form of an "A" loan of up to US$15 million and equity investment of up to INR 275   million (US$5 million equivalent), authorized on September 25, 2012.   (b) Sri Lanka - an investment in Softlogic Holdings PLC (IFC/R2012-0304, dated September 17, 2012) in the form of an "A" loan of up to US$10 million and two "C" loans of up to a total   amount of US$15 million, authorized on September 27, 2012. Mr. Solomon (via email dated September 27, 2012) wished to be recorded as abstaining.   (c) Kenya - an investment in Kenya Tea Development Agency (Holdings) Limited   (IFC/R2012-0306, dated September 17, 2012) in the form of an "A" loan of up to US$12 million, authorized on September 27, 2012.     (d) Russian Federation - an investment in Elbrus Capital Partners II (IFC/R2012-0307, dated September 18, 2012) in the form of equity of up to US$20 million, authorized on September 28, 2012. (e) Kenya - an investment in Co-operative Bank of Kenya Limited (IFC/R2012-0310, dated September 25, 2012) in the form of a senior loan of up to US$60 million, authorized on October 5, 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-       (f) Colombia - an investment in Recaudo Bogota (IFC/R2012-0312, dated October 1, 2012) in the form of an "A" loan of up to US$35 million and a "C" loan of up to US$25 million, authorized on   October 12, 2012.   Minutes of Previous Meetings   6. The Board of Directors recorded its approvals on September 25, 2012 of the Minutes of meetings held on July 26, 2012 (IFC/M2012-0054) and August 30, 2012 (IFC/M2012-0059); and, on October 3,   2012 of the Minutes of the meeting held on September 13, 2012 (IFC/M2012-0061).   Adjournment   7. The meeting adjourned at 11:42 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.