66507   FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Thursday, January 12, 2012, at 10:50 a.m.       1. There were present: CHAIR:   L. Thunell, Executive Vice President   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   A. Almofadhi K. Huber   D. Bohan (Alternate) M.S. Kayad (Alternate) A. Brandt A. Lamrani (Temporary Alternate)   I.-K. Cho (Alternate) R. Mokate P. Cipollone S. Moorehead   V. Daza Foronda (Alternate) M.-L. Morin V. Dhanpaul (Alternate) M.N. Prasad   J. Frieden W. Rissmann (Alternate) M. Garcia I. Solomon   V. Grishin H.A. Taha B. Han (Alternate) A. Touret-Blondy (Alternate)   M. Hasan R. Treffers N. Hayashi   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas S. James   K. Aminul Islam M. Muhtar K. Dalrymple (Alternate) Y. Takamura   OFFICERS AND STAFF PARTICIPATING:     A. Peuker, Acting Corporate Secretary P. Cashion, CF3F8* W. Fischer, Chief Counsel, CLEFG H.-C. Cho, CEAR4 K. Finkelston, Vice President, CAPVP D. Crist, CNGOG R.-R. Kaldany, Vice President, CGIVP N. Louat, CF1S4 D. Tsitsiragos, Vice President, CEMVP S. Sharjeel, CSGAE* G. Baker, Director, CSGDR S. Stevenson, CSGAE* S. Devieux, Director, CF1DR D. Vardi, CNGOG S. Hoda, Director, CN3DR G. Vegarra, CSGCL A. Mehta, Director, CMGDR 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-   China - Investment in Xinjiang MCC   2. The Board of Directors considered the President's Memorandum and a Report on an investment in   Xinjiang MCC in China (IFC/R2011-0353, dated December 29, 2011) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0001   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.   World Region - IFC Crisis Response: Extension of Investment in the Global Trade Liquidity   Program (GTLP) and Investment in a Critical Commodities Finance Program (CCFP)   3. The Board of Directors considered the President's Memorandum and a Report entitled "IFC Crisis Response: Proposed Extension of Investment in the Global Trade Liquidity Program (GTLP) and   Proposed Investment in the Critical Commodities Finance Program (CCFP) in the World Region" (IFC/R2011-0357, dated December 29, 2011), approved the recommendation contained in paragraph 3 of   the President's Memorandum, and adopted the following resolution:   RESOLUTION NO. IFC 2012-0002 RESOLVED:   (A) THAT the Corporation be authorized to proceed with the Programs outlined in   paragraphs 8.1, 8.2, and 8.3 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. World Region - Investments in Critical Commodities Finance Program (CCFP) - CCFP-SocGen and CCFP-Rabobank 4. The Board of Directors considered the President's Memorandum and a Report on investments under IFC's Critical Commodities Finance Program (CCFP) - CCFPSocGen and CCFP-Rabobank - in the World Region (IFC/R2011-0360, dated December 29, 2011) 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 2012-0003   RESOLVED:   (A) THAT the Corporation be authorized to conclude the transactions outlined in   paragraphs 8.1 and 8.2 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.   World Region - Proposed Investment in Global Trade Liquidity Program (GTLP) - Wells Fargo   5. The Board of Directors considered the President's Memorandum and a Report on an investment under IFC's Global Trade Liquidity Program (GTLP) in GTLP Wells Fargo in the World Region   (IFC/R2011-0359, dated December 29, 2011) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0004   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.   Tunisia - Proposed Investment in Candax Energy Inc.   6.   considered the President's Memorandum and a Report on an investment in The Board of Directors Candax Energy Inc. in Tunisia (IFC/R2011-0355, dated December 29, 2011) and adopted the following resolution: RESOLUTION NO. IFC 2012-0005 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 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-   (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.   Ms. Brandt wished to be recorded as abstaining.   7. The Board of Directors recorded its authorization for Management to proceed with the following investments under the Streamlined Procedure:   (a) China - an investment in Hengfu Logistics Company Limited (IFC/R2011-0326, dated December   1, 2011) in the form of equity of up to US$7 million equivalent, authorized on December 13, 2011. Mr. Solomon (via email dated December 13, 2011) wished to be recorded as abstaining.   (b) Mexico - an investment in Alpha Geo (IFC/R2011-0327, dated December 2, 2011) in the form of   equity of up to US$25 million equivalent, authorized on December 14, 2011.   (c) Romania - an investment in Lidl Romania (IFC/R2011-0331, dated December 2, 2011) in the form of an "A" loan of up to EUR 50 million (US$67 million equivalent), authorized on   December 14, 2011.   (d) Tanzania - an investment in Dutwa Nickel (African Eagle) (IFC/R2011-0332, dated December 6, 2011) in the form of GBP 9 million (US$14 million equivalent), authorized on December 16,   2011.   (e) Armenia - an investment in ACBA Bank II (IFC/R2011-0333, dated December 6, 2011) in the form of a US$30 million senior loan, authorized on December 16, 2011.   (f) Serbia - an investment in Komercijalna Banka ad Beograd (IFC/R2011-0328, dated December 7,   2011) in the form of a subordinated loan of up to US$75 million, authorized on December 19, 2011.   (g) Nigeria - an investment in Custodian and Allied Insurance Plc (IFC/R2011-0338, dated   December 7, 2011) in the form of a senior convertible loan of up to US$12.5 million, authorized on December 19, 2011.     (h) Dominican Republic - investments in Asociacion La Nacional de Ahorros y Prestamos para la Vivienda (La Nacional) (IFC/R2011-0343, dated December 12, 2011) in the form of a local currency loan of up to DOP 200 million (US$5.25 million equivalent) and a partial credit guarantee of up to DOP 400 million (US$10.5 million equivalent), authorized on December 22, 2011. (i) India - an investment in Bhilwara Green Energy Limited for the Bhilwara Wind Project (IFC/R2011-0342, dated December 13, 2011) in the form of an "A" loan of up to INR 687 million (US$14 million equivalent), authorized on December 23, 2011. 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.    -5-   (j) Nigeria - an investment in La Fayette Nigeria Microfinance Bank Limited (Advans Nigeria)   (IFC/R2011-0344, dated December 14, 2011) in the form of equity of up to NGN 174.5 million (US$1.11 million equivalent) and a senior loan of up to NGN 400 million (US$2.5 million   equivalent), authorized on December 27, 2011.   (k) Paraguay - an investment in Desarrollo Agricola del Paraguay SA (IFC/R2011-0347, dated December 15, 2011) in the form of an "A" loan of up to US$7 million, authorized on December   28, 2011.   (l) Russian Federation - an investment in NBD Bank (NBD SME Frontier) (IFC/R2011-0345, dated December 21, 2011) in the form of a senior loan of up to RUB 500 million (US$16 million   equivalent), authorized on January 4, 2012.   (m) Mexico - an investment in Financiamiento Progresemos SA de CV, SOFOM, ENR (IFC/R2011-0349, dated December 22, 2011) in the form of equity of up to MXN 25 million   (US$2.1 million equivalent) and a senior loan of up to MXN 35 million (US$2.9 million equivalent), authorized on January 5, 2012.   (n) China - an investment in Asia Pacific Medical Group Limited (APMG) (IFC/R2011-0350, dated   December 22, 2011) in the form of equity of up to US$20 million and an "A" loan of up to US$15 million, authorized on January 5, 2012.   Minutes of Previous Meeting   8. The Board of Directors recorded its approval on December 22, 2011 of the Minutes of the   meeting held on December 8, 2011 (IFC/M2011-0061).   Serbia - Exercise of IFC’s Pre-emptive Rights in Banca Intesa Belgrade A.D.   9. The Board of Directors recorded its approval on December 19, 2011 of the recommendation contained in paragraph 3 of the President’s Memorandum entitled "Serbia - Proposed Exercise of IFC’s   Pre-emptive Rights in Banca Intesa Belgrade A.D. (IFC/R2011-0339, dated December 7, 2011) and adopted the following resolution:   RESOLUTION NO. IFC 2011-0071   RESOLVED:     (A) THAT the Corporation be authorized to conclude the transactions outlined in paragraph 25 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. 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.    -6-   Adjournment   10. The meeting adjourned at 12:45 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.