69551       FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Board of Directors of IFC,   held in the Board Room on Thursday, April 26, 2012, at 10:04 a.m.     1. There were present:   CHAIR:   R.-R. Kaldany, Vice President, CGIVP   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   I. Alturki (Alternate) R. Mokate M. Ayesu (Temporary Alternate) M.-L. Morin   D. Bohan (Alternate) T. Nishino (Temporary Alternate) V. Dhanpaul (Alternate) K. Panov (Temporary Alternate)   H. Dufey (Temporary Alternate) G. Politakis (Temporary Alternate) A. Fernandez (Temporary Alternate) M.N. Prasad   I. Garayo Orbe (Temporary Alternate) W. Rissmann (Alternate) S. Gooch (Temporary Alternate) W. Szczuka (Alternate)   M. Hasan H.A. Taha K. Huber R. Treffers   S. James (Alternate) J. Whitehead M.S.Kayad (Alternate) F. Zang (Temporary Alternate)   M. Kivine (Temporary Alternate)   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   D. Kalyalya   M. Muhtar OFFICERS AND STAFF PARTICIPATING: E. Marmolo, Acting Corporate Secretary G. Daniele, CM3M3 C. Philip, Chief Counsel, CLEAD R. Keitel, CFGPE D. Tsitsiragos, Vice President, CEMVP* I. Mba, CN2TM G. Ellena, Director, CM3DR A. Papapanou, CM3M3 B. Sheahan, Director, CN2DR G. Zahar, CM3M3 F. Akinrebiyo, CN2TM R. Krech, 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-   FYR Macedonia, Kosovo, and Serbia - Investment in Titan Cement Cyprus   2. The Board of Directors considered the President's Memorandum and a Report on an investment in   Titan Cement Cyprus in FYR Macedonia, Kosovo, and Serbia (IFC/R2012-0118, dated April 16, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0026   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 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.   Africa Region - Investment in Convergence Partners Communications Infrastructure Fund   (Convergence Fund)   3. The Board of Directors considered the President's Memorandum and a Report on an investment in Convergence Partners Communications Infrastructure Fund (Convergence Fund) in the Africa Region   (IFC/R2012-0116, dated April 13, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0027   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 a Deputy General Counsel, or any staff member of the Corporation authorized by any one of them, enter in the name and on behalf     into an agreement or agreements providing for such of the Corporation, transactions and containing such other terms and conditions as he or she, by the execution thereof, shall approve. 4. The Board of Directors recorded its authorization for Management to proceed with the following investments under the Streamlined Procedure: (a) Kazakhstan - an investment in Microcredit Organization Arnur Credit LLP (IFC/R2012-0099, dated March 30, 2012) in the form of a senior loan of up to US$3 million, authorized on April 11, 2012 under the expedited streamlined procedure pilot. 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-   (b) West Bank and Gaza - an investment in Wataniya Palestine II Mobile Telecommunications   Company (IFC/R2012-0100, dated March 30, 2012) in the form of an "A" loan of up to US$50 million and a "B" loan / Parallel loan of up to US$75 million, authorized on April 11, 2012.   (c) India - an investment in Grassroots Trading Network for Women (IFC/R2012-0101, dated April   3, 2012) in the form of an IFC partial credit guarantee of up US$1.75 million equivalent in local currency (Indian Rupees–INR), authorized on April 13, 2012.   (d) South Africa - an investment in Sasfin Bank Limited (IFC/R2012-0103, dated April 4, 2012) in   the form of senior loans of up to US$10 million, of which up to US$7.7 million in ZAR equivalent and up to US$2.3 million from the Canada Climate Change Program–CCCP for which   IFC serves as implementing agency, and a partial credit guarantee of up to ZAR 250 million (US$33.6 million equivalent), authorized on April 16, 2012.   (e) Turkey - an investment in Fibabanka A.S. (Fiba Women) (IFC/R2012-0102, dated April 4, 2012)   in the form of a senior loan facility of up to US$30 million and Parallel loans / B" loans/parallel loans of up to US$30 million, authorized on April 16, 2012.   (f) China - an investment in Ambow Education Holding Limited (IFC/R2012-0105, dated April 9,   2012) in the form of an "A" loan of up to US$30 million and a "C" loan of up to US$20 million, authorized on April 19, 2012. Mr. Solomon (via email dated April 18, 2012) wished to be   recorded as abstaining.   (g) Turkey - an investment in Mediterra Capital Partners I, LP (IFC/R2012-0104, dated April 9, 2012) in the form of equity of up to EUR 15 million (US$19.8 million equivalent), authorized on   April 19, 2012.   (h) Brazil - an investment in Canopus Holding S.A. (IFC/R2012-0107, dated April 9, 2012) in the form of common shares of up to US$25 million equivalent in local currency (Brazilian Real -   BRL), authorized on April 19, 2012.   (i) Uruguay - Investment in Grupo Pestana (IFC/R2012-0106, dated April 9, 2012) in the form of an "A" loan of up to US$9 million, authorized on April 19, 2012. Mr. Solomon (via email dated   April 19, 2012) wished to be recorded as opposed.   (j) Uzbekistan - an investment in Uzbek-China-Britain Joint Venture "International Beverages Tashkent" Limited (IFC/R2012-0110, dated April 11, 2012), a limited liability company   organized and existing  under the laws of the Republic of Uzbekistan, in the form of an "A" loan of up to US$4.1 million, authorized on April 23, 2012. Minutes of Previous Meeting 5. The Board of Directors recorded its approval on April 13, 2012 of the Minutes of the meeting held on March 29, 2012 (IFC/M2012-0023). Adjournment 6. The meeting adjourned at 10:32 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.