70707     FROM: Vice President and Corporate Secretary       Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Thursday, May 17, 2012, at 11:32 a.m.     1. There were present:   CHAIR:   R.-R. Kaldany, Vice President, CGIVP   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   S. Al Issa (Temporary Alternate) R. Mokate K. Alkhudairy (Temporary Alternate) M.-L. Morin   M. Ayesu (Temporary Alternate) T. Nishino (Temporary Alternate) M. Brendle (Temporary Alternate) M. Pamuksuz (Temporary Alternate)   M. Coronel (Temporary Alternate) K. Panov (Temporary Alternate) H. Dufey (Temporary Alternate) M. Recente (Temporary Alternate)   J. Frieden L. Soderini (Temporary Alternate) G. Gerlag (Temporary Alternate) H.A. Taha   A. Ieronimo (Temporary Alternate) A. Ubelis (Temporary Alternate) S. James (Alternate) N. Viggiolo (Temporary Alternate)   M.S.Kayad (Alternate) J. Whitehead N. Maddirala (Temporary Alternate) F. Zang (Temporary Alternate)   H. Manao   OFFICERS AND STAFF PARTICIPATING:   E. Marmolo, Acting Corporate Secretary F. Feld, CM2M7 D. Harris, Chief Counsel, CLEAA J. Masjuan, CM2A7   G. Baker, Director, CTGDR   H. Miller, CAISM O. Chemerinski, Director, CM2DR C. Mueller, CM2M6 P. Martelli, Director, CLADR M. Toyoda, CTGCL G. Brown, CM2M6 R. Krech, Corporate Secretariat 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-   Nigeria - Investment in Persianas   2. The Board of Directors considered the President's Memorandum and a Report on an investment in   Persianas in Nigeria (IFC/R2012-0146; /1, dated May 8 and 14, 2012, respectively) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0033   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.   Ms. Garcia and Mr. Grishin wished to be recorded as abstaining.   Mexico - Investment in Braskem Idesa S.A.P.I.   3. The Board of Directors considered the President's Memorandum and a Report on an investment in   Braskem Idesa S.A.P.I. in Mexico (IFC/R2012-0141, dated May 4, 2012) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0034   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     authorized by any one of them, enter in the name and on behalf of the Corporation 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. 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-   World Region - Additional Investment in Global Warehouse Finance Program (GWFP II)   4. The Board of Directors considered the President's Memorandum and a Report on an additional investment in Global Warehouse Finance Program (GWFP II) in the World Region (IFC/R2012-0095; /2,   dated March 28 and May 9, 2012, respectively) and adopted the following resolution:   RESOLUTION NO. IFC 2012-0035   RESOLVED:   (A) THAT the Corporation be authorized to conclude the transactions outlined in paragraphs 7.1, 7.2 and 7.3 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.   5. The Board of Directors recorded its authorization for Management to proceed with the following   investments under the Streamlined Procedure:   (a) Russian Federation - an investment in OOO Brunswick Rail Leasing (BRL) and OOO Brunswick Rail Service (BRS) (IFC/R2012-0124, dated April 20, 2012) in the form of an "A" loan of up to   US$75 million and a "B" loan of up to US$200 million not to exceed in the aggregate total US$250 million, authorized on May 2, 2012.   (b) Nigeria - an investment in Bel Impex Limited (IFC/R2012-0129, dated April 23, 2012) in the   form of an "A" loan of up to US$7.5 million, authorized on May 3, 2012.   (c) India - an investment in Kalki Communications Technologies Limited (IFC/R2012-0132, dated April 24, 2012) in the form of a convertible quasi-equity instrument of up to INR 67.5 million   (US$1.35 million equivalent), authorized on May 4, 2012.   (d) Russian Federation - an investment in Virgin Connect (IFC/R2012-0133, dated April 25, 2012) in the form of equity of up to US$25 million, authorized on May 7, 2012.     (e) Paraguay - an investment in Banco Regional S.A.E.C.A. (IFC/R2012-0134, dated April 26, 2012) in the form of an "A" loan of up to US$15 million, authorized on May 8, 2012. (f) World Region - an investment in Critical Commodities Finance Program (CCFP) ING Bank (IFC/R2012-0135, dated April 26, 2012) in the form of a funded risk-participation of up to US$250 million, authorized on May 8, 2012. (g) Ecuador - an investment in Industrias Lacteas Toni S.A. (IFC/R2012-0136, dated April 26, 2012) in the form of an "A" loan of up to US$30 million, authorized on May 8, 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-   Adjournment   6. The meeting adjourned at 12:53 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.