67406     FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Board of Directors of IFC,   held in the Board Room on Thursday, February 16, 2012, at 3:25 p.m.     1. There were present:   CHAIR:   R.-R. Kaldany, Vice President, CGIVP   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   A. Ahmed (Temporary Alternate) M. Kivine (Temporary Alternate) A. Alkaffas (Alternate) S. Kurasawa (Temporary Alternate)   K. Alkhudairy (Temporary Alternate) A. Lamrani (Temporary Alternate) J. Alvarez (Temporary Alternate) H. Manao   D. Baransaka (Temporary Alternate) M.-L. Morin J.J. Bravo (Alternate) M. Ostos (Temporary Alternate)   A. Carmignani (Temporary Alternate) D. Peters (Temporary Alternate) H. Dufey (Temporary Alternate) M.N. Prasad   J. Frieden W. Rissmann (Alternate) B. Han (Alternate) V. Tamozhnikov (Temporary Alternate)   K. Huber R. Treffers A. Kane (Temporary Alternate) J. Whitehead   S. Kantor (Temporary Alternate)   OFFICERS AND STAFF PARTICIPATING:     A. Peuker, Acting Corporate Secretary D. Clarke, CN3F8 R. Robbins, Vice President and A. Marghub, CN3S9 General Counsel, CLVVP P. Tropper, CFGPE D. Tsitsiragos, Vice President, CEMVP R. Krech, Corporate Secretariat R. Bourdeaux, MNSSD 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-   Middle East and North Africa Region - Investment in Arab Infrastructure Investment Vehicle (AIIV)   2. The Board of Directors considered the President's Memorandum and a Report on an investment in   the Arab Infrastructure Investment Vehicle (AIIV) in the Middle East and North Africa Region (IFC/R2012-0029, dated February 3, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0013   RESOLVED:   (A) THAT the Corporation be authorized to conclude the transactions outlined in   paragraph 8.1 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 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.   Mr. Solomon 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) Latin America Region - investments in Desarrollos Urbanos Educativas (DUE) in Panama and Universidad Peruana de Ciencias Aplicadas (UPC) in Peru (IFC/R2012-0016, dated January 19,   2012) in the form of an "A" loan, each, to DUE of up to US$25 million and to UPC of up to US$40 million, respectively, authorized on January 31, 2012.   (b) Mauritius - an investment in I&P Capital III (IFC/R2012-0020, dated January 30, 2012) in the   form of equity of up to EUR 10 million (US$13 million equivalent), authorized on February 9, 2012. Mr. Solomon wished to be recorded as opposed.   (c) East Asia and Pacific Region - an investment in Aloe Environment Fund III (IFC/R2012-0021,   dated January 30, 2012) in the form of equity of up to US$25 million, authorized on February 9, 2012. Mr. Solomon (via email dated February 8, 2012) wished to be recorded as abstaining.     (d) Romania - an investment in Agricover Credit IFN S.A. (IFC/R2012-0022, dated January 30, 2012) in the form of a senior loan of up to EUR 12.5 million (US$17.5 million equivalent), authorized on February 9, 2012. (e) Indonesia - an investment in Medco Power Indonesia (IFC/R2012-0023, dated February 1, 2012) in the form of equity of up to US$25 million, authorized on February 13, 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-   (f) Honduras - an investment in Banco Atlantida S.A. de C.V. (Atlantida Loan) (IFC/R2012-0024,   dated February 1, 2012) in the form of a senior loan of up to US$50 million, authorized on February 13, 2012.   (g) Pakistan - an investment in Matco Rice Processing Limited (IFC/R2012-0025, dated February 1,   2012) in the form of equity of up to PKR 460 million (US$5.2 million equivalent), authorized on February 13, 2012.   Minutes of Previous Meetings   4. The Board of Directors recorded its approvals on February 10, 2012 of the Minutes of the   meeting held on January 31, 2012 (IFC/M2012-0007); and, on February 13, 2012 of the Minutes of the meeting held on January 19, 2012 (IFC/M2012-0004).   Adjournment   5. The meeting adjourned at 3:51 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.