76289
 
    FROM:      Vice President and Corporate Secretary
 

 

                               Minutes of Meeting of the Board of Directors of IFC,
                       held in the Board Room on Thursday, March 14, 2013, at 10:04 a.m.
 

 

  1.        There were present:
                                                                CHAIR:
 
                                             S. Stoiljkovic, Vice President, CBAVP
 
    EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:
 
  A.    Alkaffas (Alternate)             M.S. Kayad (Alternate)
  K.    Alkhudairy (Temporary Alternate) W.    Liu (Weijie) (Temporary Alternate)
  D.    Bohan (Alternate)                M.-L. Morin
  O.    Bougara                          M.    Muhtar
  A.    Brandt                           M.S. Pamuksuz (Alternate)
  I.-K. Cho (Alternate)                  M.    Pant (Temporary Alternate)
  P.    Cipollone                        W.    Rissmann (Alternate)
  H.    de Villeroche                    I.    Solomon
  C.G. Forcieri                          H.    Suzuki
  J.    Frieden                          V.    Tamozhnikov (Temporary Alternate)
  R.    Hernandez (Temporary Alternate)  R.    Tan
  G.    Hines                            R.    Treffers
  C.    Hoveka (Temporary Alternate)
 
  ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:
 
  S.    Aviel                            N. Mota Pinto
  J.-P. Julia                            R.   Raineri

                        
  OFFICERS AND STAFF PARTICIPATING:

    J.   Familiar, Vice President and                                       I.         Cleaton-Jones, CMGCS
         Corporate Secretary                                                H.         Pedersen, CM1C1
    D.   Harris, Acting General Counsel, CLVVP                              C.         McCahan, CM1C1
    K.   Finkelston, Vice President, CAPVP*                                 M.         Muleri, Corporate Secretariat
    V.   Prakash, Director, CM1DR*

         *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 Executive Director

  2.       The Chair welcomed Mr. Herve de Villeroche who was attending his first meeting as Executive
  Director.
 
  India - Investment in Fortis Healthcare Limited
 
  3.       The Board of Directors considered the President's Memorandum and a Report on an investment in
  Fortis Healthcare Limited in India (IFC/R2013-0047, dated March 1, 2013) and adopted the following
  resolution:
 
                                RESOLUTION NO. IFC 2013-0014
 
           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, the Executive Vice President, a Vice President, the Vice
                    President and General Counsel, the Deputy General Counsel, a Department
                    Director, 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.
 
  4.     The Board of Directors recorded its authorization for Management to proceed with the following
  investments under the Streamlined Procedure:

         (a) Nigeria - an investment in Corona School Trust Council (IFC/R2013-0040, dated February 22,
             2013) in the form of an "A" loan of up to US$5 million, authorized on March 6, 2013.
 
         (b) Turkey and MENA Region - an investment in Gulf Capital Credit Opportunities Fund
             (IFC/R2013-0042; /1, dated February 27 and March 8, 2013, respectively) in the form of equity
             of up to US$20 million, authorized on March 11, 2013.
 
     (c) India - an investment in Azure Rooftop (IFC/R2013-0045, dated February 27, 2013) in the form
         of an "A" loan of up to INR 164 million (US$3 million equivalent), authorized on March 11,
         2013. Mr. Solomon (via email dated March 11, 2013) wished to be recorded as abstaining.
                                 
  Minutes of Previous Meeting

    5.      The Board of Directors recorded its approval of the Minutes of the meeting held on February 14,
    2013 (IFC/M2013-0013).

    Adjournment

    6.      The meeting adjourned at 10:44 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.