71801   FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Board of Directors of IFC,   held in the Board Room on Thursday, June 14, 2012, at 10:14 a.m.     1. There were present:   CHAIR:   S. Khairi, Vice President, CRFVP   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas (Alternate) A. Mihaylova (Temporary Alternate) I. Alturki (Alternate) M.-L. Morin   D. Bohan (Alternate) M. Muhtar (Alternate) P. Cipollone K. Panov (Temporary Alternate)   V. Daza Foronda (Alternate) M.N. Prasad V. Dhanpaul (Alternate) I. Solomon   J. Frieden H.A. Taha E. Gimenez (Temporary Alternate) Y. Takamura (Alternate)   I. Hoven J. Talat K. Huber A. Touret-Blondy (Alternate)   S. James (Alternate) A. Ubelis (Temporary Alternate) M.S.Kayad (Alternate) J. Whitehead   W. Liu (Temporary Alternate)   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   G. Alzetta D. Kalyalya K. Aminul Islam W. Szczuka   S. Aviel     OFFICERS AND STAFF PARTICIPATING: E. Marmolo, Acting Corporate Secretary F. Chen, CTGCL R. Robbins, Vice President and H.-C. Cho, CEAR4* General Counsel, CLVVP A. Maiga, CF1S4 K. Finkelston, Vice President, CAPVP* A. Mishra, CTGAE* S. Devieux, Director, CF1DR S. Stevenson, CTGAE* H. Ahn, CTGCL M. Yan, CF1S4* F. Chao, CTCGN* B. Geiser, 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-   Welcome to New Alternate Executive Director   2. The Chair welcomed Ms. Sara Aviel who was attending her first meeting as Alternate Executive Director.   China - Investment in RMB Trade Assets Financing (RTAF)   3. The Board of Directors considered the President's Memorandum and a Report on an investment in   RMB Trade Assets Financing (RTAF) in China (IFC/R2012-0223, dated June 1, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0041   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 General Counsel or 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 (via email dated June 13, 2012) wished to be recorded as abstaining.   4. The Board of Directors recorded its authorization for Management to proceed with the following   investments under the Streamlined Procedure:   (a) El Salvador and British Virgin Islands - an investment in La Hipotecaria (IFC/R2012-0194, dated May 29, 2012) in the form of a warehouse credit line of up to US$10 million in La Hipotecaria El   Salvador S.A. de CV in El Salvador, co-borrowed by La Hipotecaria Holding, Inc. in the British Virgin Islands, authorized on June 8, 2012.   (b) Brazil - an investment in AEGEA Saneamento e Participacoes S/A (AEGEA Saneamento)   (IFC/R2012-0195, dated May 29, 2012) in the form of an "A" loan of up to BRL 100 million (US$53 million equivalent) and a warrant of up to BRL 25 million (US$13 million equivalent),     authorized on June 8, 2012. (c) South Africa - an investment in SRF Flexipak (IFC/R2012-0196, dated May 29, 2012) in the form of an "A" loan of up to US$40 million, authorized on June 8, 2012. (d) Vietnam - an investment in Technological and Commercial Joint Stock Commercial Bank and an investment in Orient Commercial Joint Stock Bank (IFC/R2012-0197, dated May 30, 2012) in the form of an "A" loan of up to US$30 million in Technological and Commercial Joint Stock Commercial Bank and an "A" loan of up to US$10 million in Orient Commercial Joint Stock Bank, authorized on June 11, 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-   (e) Ukraine - an investment in Asnova IV (IFC/R2012-0198, dated May 30, 2012) in the form of equity of up to US$5 million and an "A" loan of up to US$10 million, authorized on June 11,   2012.   (f) India - an investment in Nereus India Alternative Energy Fund, LLC (IFC/R2012-0199, dated May 30, 2012) in the form of equity for the lesser of US$20 million or 20 percent of the total   capital commitment, authorized on June 11, 2012.   (g) India - an investment in BanyanTree Growth Capital II, LLC (IFC/R2012-0200, dated May 30, 2012) in the form of equity for the lesser of US$25 million or 20 percent of the total capital   commitment, authorized on June 11, 2012.   (h) India - an investment in Infuse Capital (IFC/R2012-0201, dated May 30, 2012) in the form of equity of for the lesser of US$5 million or 20 percent of the Fund size, authorized on June 11,   2012.   (i) Turkey - an investment in Kipas Kagit Sanayi Isletmeleri A.S. (IFC/R2012-0203, dated May 30, 2012) in the form of an "A" loan of up to US$50 million, authorized on June 11, 2012. Ms.   Hoven and Ms. Moorehead (via email dated June 11, 2012) and Mr. Treffers (via email dated June 12, 2012) wished to be recorded as abstaining.   (j) Mongolia - investments in XacBank (IFC/R2012-0204, dated May 30, 2012) in the form of a   subordinated loan of up to US$40 million from the IFC Capitalization (Subordinated Debt) Fund LP, an "A" loan of up to US$10 million, and a "B" loan or a parallel loan of up to US$30 million,   authorized on June 11, 2012.   Minutes of Previous Meeting   5. The Board of Directors recorded its approval on June 7, 2012 of the Minutes of the meeting held on April 26, 2012 (IFC/M2012-0029).   Adjournment   6. The meeting adjourned at 10:34 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.