67764   FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Board of Directors of IFC,   held in the Board Room on Thursday, March 15, 2012, at 4:45 p.m.     1. There were present:   CHAIR:   L. Thunell, Executive Vice President   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   H. Al-Ghwell (Temporary Alternate) K. Huber I. Alturki (Alternate) E. Inaka (Temporary Alternate)   J. Alvarez (Temporary Alternate) S. James (Alternate) K. Aminul Islam (Alternate) M.S.Kayad (Alternate)   D. Bohan (Alternate) M. Kivine (Temporary Alternate) A. Carmignani (Temporary Alternate) A. Lamrani (Temporary Alternate)   K. Dalrymple (Alternate) E. Namjildorj (Temporary Alternate) A. Fayolle K. Panov (Temporary Alternate)   G. Ferrari (Temporary Alternate) D. Pedro (Temporary Alternate) E. Gimenez (Temporary Alternate) W. Rissmann (Alternate)   S. Gooch (Temporary Alternate) W. Szczuka (Alternate) C. Hoveka (Temporary Alternate) R. Treffers   H. Hua (Temporary Alternate)   OFFICERS AND STAFF PARTICIPATING:   A. Peuker, Acting Corporate Secretary A. Maiga, CF1S4* R. Robbins, Vice President and A. Meer, CF1S4   General Counsel, CLVVP   M. Morrison, CSLSY* R.-R.Kaldany, Vice President, CGIVP E. Muchira, CAFW3 G. Wilson, Chief Executive Officer, M. Pirogova, CF3S8 IFC-AMC H. Sivam, CN2S6 S. Pimenta, Director, CEADR* P. Stein, CAIDR J. Scriven, Director, CFGDR W. Teleki, CFGDR B. Sheahan, Director, CN2DR 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-   World Region - Investment in Global Small and Medium Enterprise Facility (Global SMEF)   2. The Board of Directors considered the President's Memorandum and a Report on an investment in the Global Small and Medium Enterprise Facility (Global SMEF) in the World Region (IFC/R2012-0042,   dated February 27, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0018   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.   Ghana - Investment in Takoradi International Company (TICO)   3. The Board of Directors considered the President's Memorandum and a Report on an investment in Takoradi International Company (TICO) in Ghana (IFC/R2012-0050, dated March 2, 2012) and adopted   the following resolution:   RESOLUTION NO. IFC 2012-0019   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     shall approve. execution thereof, Thailand - Investment in TMB Bank Public Company Limited 4. The Board of Directors considered the President's Memorandum and a Report on an investment in TMB Bank Public Company Limited in Thailand (IFC/R2012-0049, dated March 2, 2012) and adopted the following resolution: 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-   RESOLUTION NO. IFC 2012-0020   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.   5. The Board of Directors recorded its authorization for Management to proceed with the following   investments under the Streamlined Procedure:   (a) Bangladesh - an investment in Natore Agro Limited (IFC/R2012-0039, dated February 23, 2012) in the form of an "A" loan of up to US$10 million and a parallel-agented loan of up to US$5   million from the Global Agriculture and Food Security Program (GAFSP) multi-donor trust fund, authorized on March 6, 2012.   (b) Bulgaria - an investment in ZBE Partners EOOD (IFC/R2012-0041, dated February 27, 2012) in   the form of an "A" loan of up to EUR 46.1 million (US$61.1 million equivalent) and a "B" loan of up to EUR 43 million (US$57 million equivalent), authorized on March 8, 2012.   (c) Vietnam - an investment in Orient Commercial Joint Stock Bank (IFC/R2012-0043, dated   February 27, 2012) in the form of an "A" loan of up to US$15 million and a "B" loan of up to US$10 million, authorized on March 8, 2012.   (d) India - an investment in Vortex Engineering Private Limited (IFC/R2012-0044, dated February   28, 2012) in the form of equity of up to INR 135 million (US$2.7 million equivalent), authorized on March 9, 2012.   (e) China - an investment in Shanghai Fosun Pharmaceutical (Group) Company Limited   (IFC/R2012-0045, dated February 29, 2012) in the form of equity of up to US$25 million and an "A" loan of up to RMB 300 million (US$47 million equivalent), authorized on March 12, 2012.   Mr. Solomon (via email  dated March 9, 2012) wished to be recorded as abstaining. (f) Kyrgyz Republic - an investment in FINCA MicroCredit Company (FINCA Kyrgyz 2) (IFC/R2012-0047, dated February 29, 2012) in the form of a senior loan of up to US$4 million, authorized on March 12, 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-   Minutes of Previous Meetings   6. The Board of Directors recorded its approvals on March 12, 2012 of the Minutes of meetings held on February 2, 2012 (IFC/M2012-0008) and on February 16, 2012 (IFC/M2012-0011).   Adjournment   7. The meeting adjourned at 6:10 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.