Anil Chandramani Ihs Chemical F Inancial Forum Ny2012

Managing Risks & Delivering Growth

In the Chemicals Industry

The IFC Approach in Emerging Markets The IFC Approach in Emerging Markets

Anil ChandramaniChief Investment Officer and

Global Sector Lead, Chemicals & Fertilizers

1

The IFC Approach in Emerging Markets The IFC Approach in Emerging Markets

IHS Chemicals Financial Forum

New York

June 13, 2012

A Brief Introduction….

2

IFC is a Member of the World Bank Group

IBRDInternational Bank for Reconstruction and Development

IDAInternational Development Association

IFCInternational

Finance Corporation

MIGAMultilateral

Investment and

Guarantee Agency

To promote institutional,

legal and regulatory

reform

To promote private

sector development

To reduce political

investment risk

Est. 1945 Est. 1960 Est. 1956 Est. 1988

Role: To promote institutional,

legal and regulatory

reform

3

reform

Governments of poorest

countries with per capita

income of less than

$1,025

- Technical assistance

- Interest Free Loans

- Policy Advice

Private companies in

member countries

- Equity/Quasi-Equity

- Long-term Loans

- Risk Management

- Advisory Services

Foreign investors in

member countries

- Political Risk Insurance

Clients:

Products:

reform

Governments of member

countries with per capita

income between $1,025

and $6,055.

- Technical assistance

- Loans

- Policy Advice

Shared Mission: To Promote Economic Development and Reduce Poverty

IFC – over $100 bn invested in Emerging Markets since 1956

� Largest multilateral source of loan/equity

financing in the emerging markets – for the private sector

� Founded in 1956 with 184 member countries

� AAA rated by S&P and Moody’s

� Equity, quasi-equity, loans, risk management and local currency products

IFC FY11 Highlights

Portfolio ~$50 billionCommitted ~$16 billionMobilized >$7 billion# of companies ~2,000# of countries 129

4

� Loans may be foreign currency or, in several countries, may be local currency

� Takes market risk with no sovereign guarantees

� Promoter of environmental, social, and corporate governance standards

� Resources and know-how of a global development bank + flexibility of a merchant bank

� Holds equity in over 800 companies worldwide

4

IFC Fiscal year: July 1 – June 30

IFC’s Global Reach•100+ country and regional offices worldwide

•Dakar

•Cairo

•Washington

•Mexico City

•Port-of-Spain

•Moscow

•Hong Kong

•New Delhi

•Almaty

•Istanbul

5

•Nairobi

•Johannesburg

•Bogota

•Buenos Aires

•São Paulo

IFC HQ/Hub Offices

IFC Operational Centers

IFC Country Offices

5

IFC: An Integrated Approach to Financing & Risk Management

Both Equity and Debt Financing. Long Term

World Bank Synergies / Economic Analysis

Global IndustryExpertise

6

Mobilization incl. Cooperation

Agreement with Multilaterals

Environmental and Social +

Advisory Services

Short Term Customer

Financing and Supplier Financing

Risk Management / Political risk Mitigation

IFC’s financing approach in Emerging Markets

Challenges for the chemical

sector

1. The Global Perspective of Risks

2. Petrochemicals: The Industry view

Presentation Highlights

7

Marketssector2. Petrochemicals: The Industry view

3. The IFC approach in Emerging Markets

Global Growth has weakened. Emerging Markets are driving global growth

4

5

6

Historical and Forecast ?? GDP Growth

6

8

10

IFC Chemicals 8

-1

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Source: IMF

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World

Advanced economies

Emerging and developing economies

Europe in Divergent Mode

-30

-25

-20

-15

-10

-5

0

5

10

15

20

Industrial Production Index

(% Change/Same Period Prev. Year, Seas. Adj.)

Impact on chemical Companies: Credit Squeeze, Higher Interest Rates, Refinancing Risks

Source: IMF

-6

-4

-2

0

2

4

6

GDP Growth

(constant prices)

IFC Chemicals 9

-30

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

France Germany Italy

Spain United Kingdom United States

-6

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Germany European Union

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Germany European Union

Inflation

(average consumer prices)

0

20

40

60

80

100

120

140

160

180

19

90

19

91

19

92

19

93

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France Germany GreeceIreland Italy JapanPortugal Spain United States

Government Net Debt

(% of GDP)

Unemployment has risen to the highest level since 1998. Youth unemployment is particularly high

Youth Unemployment Unemployment Rate

IFC Chemicals 10Source: IMF

0

5

10

15

20

25

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

France Germany Italy Spain

Unemployment Rate

The crisis in the euro area has deepened and broadened. Spreads on sovereign bonds of economies on the periphery

have reached new highs

IFC Chemicals 11

Source: IMF

Source: IMF

•Aging is increasing in the developed world, specially in Europe and Japan

Old Age Dependency Ratios – Regions

(Ratio of 65+ to 100 persons of working age 15-64)

Source: Credit Suisse, UN

Labor Force growth

(Rate per annum)

Political decisions impact the direction of crises

French Elections 2012:

There’s an increasing concern on how Mr. Hollande, the new Socialist French

president, will manage

US 2012

IFC Chemicals 13

president, will manage the delicate European

crisis.

Greece Political Turmoil:

After inconclusive general election in which both

mainstream pro-Europe parties saw a dramatic collapse in

support and anti-austerity groups increased their share of the

vote.

US economy is regaining some traction though concerns remain. Is the worst behind us?

Rising US Inflation

IFC Chemicals 14

Source: IMF

�But, S&P’s cut US Government’s AAA rating one notch. Investor unease also due to concerns that the Obama administration and Republicans in Congress might not agree to significant reductions in the deficit

�The Fiscal Cliff is just ahead ?

�China holds $3 trillion in USD reserves and may look to diversity its portfolio. Might affect interest rates and exchange rates

A New Middle East & North Africa? • Syria, Egypt, Libya, Sudan, South Sudan, Algeria, Tunisia, Yemen and Bahrain are experiencing political turmoil. While these countries are not large producers of olefins or derivatives, their geopolitical affairs and proximity to major oil and gas producers Iran, Iraq, Saudi Arabia, Kuwait, UAE, and Qatar impacted crude oil prices

Country/Region

Proved

reserves

Production

2009 % of World

Algeria 12.2 77.6 2.0%

Egypt 4.4 35.3 0.9%

Libya 44.3 77.1 2.0%

Tunis ia 0.6 24.1 0.6%

IFC Chemicals 15

Chemicals and Petrochemicals

• North African countries undergoing political unrest have significant production of methane derivatives like nitrogen fertilizers and methanol. In addition, Algeria is a major player in the international gas market and has pipelines that connect directly with Europe

• Iran has been impeded by sanctions over its nuclear program, making it harder for Iranian firms to export chemicals

• Any disruption of the Suez Canal would disrupt petrochemical exports to Europe and global trade beyond petrochemicals

Indicates country experiencing current political unrest. In total, these countries represent about 5% of the world’s oil production

Tunis ia 0.6 24.1 0.6%

Total States in Conflict 61.5 214.1 5.6%

Total Middle East 754.2 1,156.4 30.3%

Total World 1,333.1 3,820.5

Source: BP Statistics Review

How will tensions with Iran play out?

-1

-0.5

0

0.5

1

1.5

2

2.5GDP growth

IFC Chemicals 16

2011 2012 2013 2014 2015 2016

Arab --- Spring or Winter?

IFC Chemicals 17

Political risks are high: But can you afford to neglect these markets ? Important to manage political risks

Whither China: Soft landing?

10.0 10.1

11.3

12.7

14.2

9.610.4

China's GDP growth (% change)

IFC Chemicals 18

8.4 8.39.1

10.0 10.19.6

9.2 9.2

8.28.8 8.7 8.7 8.6 8.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: IMF

China current account surplus : Yuan versus Dollar

Current Account Balance and

(In % of GDP)

China: Average Base Metals

Consumption and GDP per Capita

IFC Chemicals 19

Current Account Balance and

Components (In % of GDP)

Source: IMF, SEI

China: Average Base Metals

Consumption and GDP per Capita

Growth Scenarios

•Source: IMF

20

Emerging and developing economies account for about half of global output. Global production

retreated during second half of 2011

IFC Chemicals 21

Source: IMF

Oil price: another shock?

IFC Chemicals 22

Due to economical instability, volatility has been on the rise

IFC Chemicals 23Source: IMF

The Global Economy is Highly Volatile

The 2008 Financial Crisis shook us out of

More than a decade of moderation and complacency.More than a decade of moderation and complacency.

The world continues to change dramatically

Important to Understand and Manage Risks

Let your risk capabilities drive your strategy

IFC Chemicals 24



sector




25



Global Chemical Output by Region 2010

(in billion US$)

4125

541

955

98

264157

148

China, 903

Japan, 338

US, 720

3435374448525458

7177859096

109171

220

Spain

Singapore

Russia

Taiwan

Korea

Italy

Ireland

Switzerland

Netherlands

United Kingdom

Japan

Belgium

France

China

United States

Germany

Global Chemical Exports by

Country 2010 (billions of dollars)Basic Chemical and Plastics (cumulative production growth)

26

� The global chemical industry generated about $4Tr of sales in 2010, including Pharmaceuticals.

� The global chemical sector has grown 24% in the last 10 years (2000-2010 CAGR).

� 9 countries accounts for 69% of chemicals output (China, US, Japan, Germany, India, Korea, France, Italy, Brazil).

� Asia accounted for largest proportion of Global Chemical Turnover with 44%. China alone register 22% of global

market. Europe is the second largest market with 24% share of global shipment, Germany has the largest

European share with 6% of global market.

� 40.7% of Global Chemicals Output value is exported. Western Europe countries export 88% of its output value,

highlighting Germany which exports 96% of output, France 70%, UK 82%. Source: American Chemistry Council

Asia-Pacific Western

Europe

North

America

Latin

America

Africa and

Middle

East

Central

and

Eastern

Europe

World

11131420273034

Mexico

Australia

Brazil

Sweden

Canada

India

Spain

Volume growth is volatile and pricing is often lagged to volumes

Cyclicality: we have to live with it

27

Phosphatic Fertilizers : An example

Source: Fertilizer International, Deutsche Bank

50

100

150

200

250

300

350

400Historical Global Chemical Capital Spending

(billions of dollars)

2010 Global Chemical Capital Spending and

as % of regional shipments

(billions of dollars)

0

50

100

150

200

250

300

350

400

19%

5%4%13%4%7%

The Industry is Capital Intensive

28

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010North America Latin America

Western Europe Central and Eastern Europe

Africa and Middle East Asia Pacific

� A new Refinery costs $5-8bn, while a Polyetilene Plant

costs $2-4bn and Fertilizer Plant (Amonia, Urea) costs

$1-2bn

� 2010 Capex was around $247bn in 2010

-20%

-10%

0%

10%

20%

30%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Growth Global Capital Spending Growth Global Shipments

0

Central and

Eastern

Europe

Latin America Africa and

Middle East

North

America

Western

Europe

Asia Pacific

Capital Spending vs. Shipments Growth

(%)

Include Pharmaceuticals

� Historically, the Basic Chemicals Index has outperformed the S&P 500 on a relative price basis and as of

Dec. 2010 it was 4.5x higher than S&P 500

� On Fwd P/E basis, the Basic Chemicals Index provides 1.25x higher valuation than S&P 500

Basic Chemicals Index has Outperformed the Market

29

Shale Gas: A Game Changer for the Petrochemical Industry?

�World proved reserves of natural gas are about 6,609 tcf (Source: EIA, 2010) and world technically recoverable gas resources are about 16,000 tcf, largely excluding shale gas

� Adding the identified shale gas resources increases total world technically recoverable gas resources by more than 40% to 22,600 tcf

� In the US, natural gas prices have decoupled from crude oil prices because of a plentiful supply of natural gas from shale and improvements in gas recovery technology (e.g. horizontal drilling)

� Given the price divergence between natural gas and crude oil, natural gas-based feedstock is becoming more cost competitive than oil-based feedstock

Source: Purvin & Gertz, IMF

30

Mexico: $3.73

US: $2.0Japan: $7.64

Mexico: $3.7

UK: $6.56

Belgium: $6.45

Spain: $6.43

Russia: $8.38

Iran: $1.75

Saudi Arabia: $0.75

Uzbekistan: $1.46

Natural Gas prices by region (in $/MMBtu)

Nigeria: $1.50

IFC Chemicals 31

Brazil: $10.00

� Natural gas prices are regional and differ widely between countries

� Uzbekistan, Mexico, and Nigeria have comparatively low gas prices

� Low natural gas price regions tend to attract large investments

Note: Uzbekistan price is for wet gas , i.e. natural gas before fractionation

Source: CMAI

32

Key Considerations for Managing Investment Risks

• Country and Political Risks -> Varies country to country: political instability, expropriation, foreign exchange volatility

• Competitive Advantage -> Gross margins and cash costs

• Financial Structure-> Capital structure (debt/equity), debt servicing

33

• Project Profile -> Sector, export vs. import market orientation (=> forex generation) , size of operations, complexity of unit, secured feedstock or off-take agreements, etc.

• Sponsor Profile -> Management and technical experience, ability to commit capital

• Mobilization -> Ability to raise capital (locally and internationally)

• Environmental & Social -> Company commitment to quality standards and best practices to manage environmental and social impact



sector




34



InternationalFinance

ChemicalsSector

Workingwith

IFC Value Proposition

35

FinanceCorporation

SectorActivities

withIFC

Proposition

IFC’s Products and ServicesSeniorDebt

StructuredFinance

MezzanineFinance

PrivateEquity

•On-lending

• Liquidity management

• Acquisition financing

•Warehousing facilities

• Syndicated loans

• Partial credit guarantees

• Securitization

• Bond underwriting

• Credit Enhancement

• Convertible debt

• Subordinated debt

• Other Tier II instruments

• Common shares

• Preferred shares

36

Global TradeFinance Program

• $1 billion program

•Guarantees to issuing banks

• 46 issuing banks in 24 countries

• 92 confirming banks in 62 countries

• $579 million of issued guarantees in first 12 months

AdvisoryServices

• Corporate governance

• Risk management

• Small and medium business banking

• Housing finance

• Energy efficiency finance

• Privatization

SustainableFinance

• Carbon finance

• Renewable energy

• Supply chain financing

• Corporate governance financing

For more information see Annex 1

IFC Value Added

� Equity

� Fixed/Floating Rates, Local Currencies

� Up to 15 year

� 50 Years of Sector Expertise

� Greenfield

� Expansion/

� Advice on Environmental and Social Best Practices

� Equator Principles

� Local Supplier Development

� Environmental/ Social Advice

� Corporate

Sustainability Toolkit

Environmental & Social Risk Management

GlobalChemicalsExpertise

Long-term Competitive Financing

� Government Relations: 184 Finance Ministries form IFC’s BoD

� Neutral broker

Country Risk Mitigation

� Extensive Local Office Network

� Local Transaction Experience

Regional Knowledge

37

� Up to 15 year Loan Maturity

� Flexible Amortization Profile

� Catalyst for other Investors and Lenders

� Equity Participation

� Capital Mobilization

� Expansion/Modernization

� Corporate Strategy

� Access to International Investors

� Technical Advice

Principles Modeled after IFC Standards

� Local Consultation and Disclosure

� Corporate Governance

� Local Economic Development

� HIV/AIDS Prevention

� Community Development Funding

37

� Neutral broker Role

� Reduced Risk of Expropriation, Breach of Contract, Convertibility

� World Bank Synergies

� Withholding Tax Benefit

� Partnership with MIGA

Experience

� World Bank Synergies

•IFC has committed over $6.0 billion of local currency loans in a variety of currencies since 1999

•(31 currencies currently available)

Local Currency Financing

38For more information see Annex 1

IFC Mobilization: (“B-Loan”) & Parallel Loans

IFCBorrower

Loan Agreement

1. Calyon

2. Cordiant Capital

3. Citigroup

4. ING Bank

5. ABN AMRO

6. BayernLB

7. Societe Generale

8. HSBC

9. Natixis

10. KBC Finance Ireland

Top 10 IFC B-Loan Participants

39

•A loan is for IFC’s own account

•B loan is for account of participant commercial banks

•Only one loan agreement, signed by the borrower and IFC

•IFC is the lender of record for the entire loan (A+B)

•IFC Loans exempt from withholding tax

Participants

IFC

A + B Loans

B LoanParticipation

Agreement

MIGA’s Value Addition Proposition�Umbrella of deterrence

� MIGA’s Shareholders are the same as the Host Countries of investments

� Only a small proportion of MIGA-supported projects encounter difficulties

�MIGA guarantees provide downside protection on long-

term investments

� Equity covered up to 90%

� Debt covered up to 95%

� Tenor covered up to 15-20 years

�Facilitation of settlement of disputes

•Host Country is motivated to find a solution

•Project sponsors and financiers have a vested interest in continued success of project

•5 claims paid out of 980 guarantees for total of 616 projects since 1990

MIGA’s Risk Mitigation Solutions

40

•Political (Country) Risk Insurance

Currency

Transfer

Restriction and

Inconvertibility

Expropriation War and Civil

Disturbance

Breach of

Contract

CoverageCoverage

•Guarantee holder can pick any combinations of coverage

Non Honoring of

Sovereign

Obligations

MIGA’s Risk Mitigation Solutions

For more information see Annex 1

Top 6 Reasons Why Clients Choose IFC

30%

40%

50%

60%

70%

Percent

IFC Chemicals 41

0%

10%

20%

Maturity Expertise Long-term partner

Stamp of Approval

Global Presence

Bring in other sources of finance

Reasons


ChemicalsSector

Workingwith


42

FinanceCorporation

SectorActivities

withIFC

Proposition

Note: IFC’s “Chemicals & Fertilizers ” Business covers Refining, Petrochemicals, Fertilizers and Chemicals, both Organic and Inorganic as well as Chemicals Infrastructure and Retailing

Portfolio in 2010 – By Product

Chemicals and Fertilizers Portfolio

Equity Portfolio – By Region

Equity Portfolio by Region

43

Other products: Risk Management and Guarantees

Loans32%

Equity 30%

Other products

38%

43

IFC’s Chemicals, Petrochemicals, & Fertilizers Portfolio – 2011

� ~$1.5 billion committed on IFC’s account

� Catalyzed over ~$17 billion in project investments

By Sector By Region

Agrochem

5%

Petrochemicals

Other

Infrastructure

South Asia

19%Middle East & North Petrochemicals

23%

Fertilizers

18%Inorganic

16%

Refineries

10%

28%

East Asia

15%

Sub-Saharan

Africa

18%

Latin America

& Caribbean

8%

Europe

10%

44

Middle East & North Africa 30%

For more information please see Annex 2

Engro Corporate, PakistanICS, Senegal: phosphoric acidIndo Jordan, Jordan: phosphoric acidEngro Chemicals, Pakistan: ammoniaTrigen II, Trinidad & Tobago: ammoniaFosfertil, Brazil: SSP, TSP, MSP, DAPGNFC, India: ammonia, ureaDeepak Nitrate, India: ammonia,Urea,DAPPQB, Bolivia: ammonium nitrateKuAz, Russia: ammonia, ureaIndo Egyptian, Egypt: phosphoric acidKoyo, China: ammonia, ureaAbocol, Colombia: ammonium nitrate,NPKJIFCO, Jordan: DAPJPMC, Jordan: phosphateEngro Emergency, Pakistan: urea

IFC’s Experience in Refining and Petrochemicals Sector

Petrochemicals

Continental Carbon of India Ltd.NPC, Thailand: gas crackerCopesul, Brazil: naptha crackerCopene, Brazil: naptha crackerSamsung, Korea: petrochem/aromatics

complex restructuringHMC Polymers, Thailand: PPPetroken, Argentina: PPPoliteno, Brazil: PEIpiranga I & II, Brazil: PE, PP Indelpro, MexicoProfalca, Venezuela: PPGrupo Zuliano, Venezuela: petrochem complexSuzhou, China: PVCVinythai, Thailand: PVCEngro PVC, Pakistan: PVC

Others/InfrastructureFertilizers

JPMC Terminal, JordanIFC / SCB FacilityEngro Vopak, Pakistan: Chemical terminalMesser, Trinidad & Tobago: industrial gasesOpet Petrolculuk, Turkey: fuel distributionAntai, China: metallurgical cokeEcogreen I & II, Indonesia: oleochemicalsDarong, China: specialty chemicalsUPL, India: pesticides, herbicidesGapco, Kenya: storage terminalZhong Chen, China: storage terminalGalnaftogaz, Ukraine: petroleum retailerDongyue, China: fluorine chemicals,

organicsiliconeAtul, India: Dye and pesticide intermediatesHikal, India: PharmaceuticalsEngro Emergency, Pakistan: urea

OCI Egypt: Corporate loan for fertilizersParadeep Phosphates, India: DAPItafos Brazil: PhosRock & Acid

ERC Refinery, EgyptPSPC (Shell), PhilippinesStar Petroleum (Caltex), ThailandRefisan (Pecom), ArgentinaPetrotel-Lukoil, RomaniaAlliance Oil Company, Russia

Refineries

Engro PVC, Pakistan: PVCTuntex, Thailand: PTARhodiaco, Brazil: PTARhodia-ster, Brazil: PTA/PETOxiteno, Brazil: EO/MEG Girsa, Mexico: EO/MEGPralca, Venezuela: MEGGidesa, México: EG, PSTrikem, Brazil: PSInnova, Brazil: styrene/PSDaaboul, Syria: LABJose Methanol, Venezuela: methanolKuAz, Russia: caprolactamEleme Petrochemicals, Nigeria: PE, PPXinao, China: Coal-to-DMEDCM Shiram, India: PVCHimadri, India: Carbon Pitch, carbon blackGalaxy Chemicals, India: SurfactantsEIPET, Egypt: PET

Inorganic Chemicals

Engro Polymers, PakistanKanoria Vizag, IndiaAtul Ltd, IndiaAlexandria Carbon Black, Egypt: Carbon blackContinental Carbon (CCIL), India: Carbon BlackMaanshan I & II, China: Carbon blackRain Calcining, India: calcined carbonPeroxythai, Thailand: hydrogen peroxideChengdu, China: potassium hydroxide & PVCProdesal, Colombia: caustic soda, chlorineMeghmani Finechem, India: ChlorAlkaliMagadi Soda, Kenya: soda ashLukovac Soda, Bosnia: soda ashKanoria Chemicals, India: ChlorAlkaliJiuda Salt, China: industrial salt

Hikal, India: PharmaceuticalsVinati Organics (JV), India: specialty chemicals

45For more information see Annex 2


ChemicalsSector

Workingwith


46

FinanceCorporation

SectorActivities

withIFC

Proposition

How We Finance Projects

Project Type IFC Investment

Greenfield, total cost

less than $50 million

Greenfield, total cost

more than $50 million

Up to 35% of project cost

for IFC’s account


for IFC’s account

47

•Umbrella for participants in IFC’s syndication program: IFC lender of

record, immunity from taxation and provisioning requirements.

•IFC’s total financing must be less than 25% of total company

capitalization, and IFC does not manage or own largest stake.

Expansion or rehabilitation

Greenfield, expansion,

rehabilitation


for IFC’s account

100% project cost for IFC

and participating banks’

accounts

Approaching IFC

• Foreign or Domestic Sponsors

� New venture or expansion; private sector majority ownership only

� Project must be developmentally sound and commercially viable

• Sponsor Commitment is Required

Equity participation; pre-completion support/guarantees

48

� Equity participation; pre-completion support/guarantees

• Submit Preliminary Business Plan or Feasibility Study

� Brief project description, incl. technical feasibility and market study

� Information on sponsors and operator

� Environmental studies

� Information on requirements, financing plan and cash flow projections

IFC’s Project Cycle

Early Review

• Client needs determined

• Contribution of project to development

Due Diligence Negotiation DisclosureInternal

Approvals and Commitment

Disbursement

• Assessment of business potential, risks, opportunities

• Terms and conditions of the IFC investment

• Action plan

• Environmental and social information disclosed

• Opportunity

• Board consideration

• Board approval

• Legal review

• Fulfillment of conditions of disbursement

• IFC funds disbursed

49

development assessed

• Project screened for potential risks & issues

• Site visit

• Mandate letter

• Financial and economic Evaluation

• Compliance with IFC’s social and environmental performance standards reviewed

• Action plan agreed

• Opportunity for public comment

• Signing of legal documents

disbursed

We Agree on a Specific Timeline to Meet Client’s Needs

INTERNATIONAL FINANCE CORPORATION

How to contact us:How to contact us:

Anil ChandramaniAnil Chandramani

50

Anil ChandramaniAnil ChandramaniChief Chief Investment Investment OfficerOfficer & &

Global Sector Lead, Chemicals & FertilizersGlobal Sector Lead, Chemicals & Fertilizers

Washington Washington DC DC

Phone: +1Phone: +1--202202--473473--40814081

EE--mail: mail: [email protected]@ifc.org

Documents

Anil Chandramani Ihs Chemical F Inancial Forum Ny2012