Global Transport Practice February 2016...financial institutions • Over 900 projects in more than 100 emerging markets • Co-financiers from developed, as well as emerging markets,

Global Transport Practice

February 2016

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I – IFC Overview

II – Trends and Outlook for Transport at IFC

Annex 1: IFC’s Process

Annex 2: Sector Highlights

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I – IFC Overview

IFC: Part of the World Bank Group

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IBRD

International Bank for Reconstruction and

Development

IDA

International Development Association

IFC

International Finance Corporation

MIGA

Multilateral Investment and

Guarantee Agency

ICSID

International Center for Settlement of

Investment Disputes

Role:

Client:

Products:

Est. 1945 Est. 1960 Est. 1956 Est. 1988 Est. 1966

To promote institutional, legal and regulatory reform

To promote institutional, legal and regulatory reform

To promote private sector development

To reduce political investment risk

To provide dispute resolution to mitigate non-commercial risks

Governments of member countries with per capita income between $1,025 and $6,055

Governments of poorest countries with per capita income of less than $1,025

Private companies in member countries

Foreign investors in member countries

International investors

- Technical assistance - Loans - Policy Advice

- Technical assistance - Interest Free Loans - Policy Advice

- Equity/Quasi-Equity - Long-term Loans - Risk Management - Advisory Services

- Political Risk Insurance

- Tribunals - Arbitration - Dispute Resolution

Shared Mission: To Promote Economic Development and Reduce Poverty

IFC’s Three Businesses

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Integrated Solutions, Increased Impact

Wholly owned subsidiary of IFC

Private equity fund manager

Invests third-party capital alongside IFC

Firm-level advice

PPP transaction advice

In partnership w/World Bank, advice on broader market development and enabling environment for private sector

Loans

Equity

Trade finance

Syndications

Securitized finance

Risk management

Blended finance

IFC ASSET MANAGEMENT COMPANY

$8.5 bn under mgmt (FY15)

INVESTMENT SERVICES

$50.4 bn portfolio (FY15)

ADVISORY SERVICES

600 projects valued at $1.2 bn (FY15)

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IFC Offers a Wide Range of Financial Products

$3.2bn committed

$7.0bn committed

Senior Debt & Equivalents

Equity

Mezzanine / Quasi Equity

• Senior Debt (corporate finance, project finance) • Fixed/floating rates, US$, Euro and local currencies available • Commercial rates, repayment tailored to project/company needs • Long maturities: 8-20 years, appropriate grace periods • Range of security packages suited to project/country • Mobilization of funds from other lenders and investors, through co-financings,

syndications, underwritings and guarantees

• Subordinated loans • Income participating loans • Convertibles • Other hybrid instruments

• Long-term investor, typically 6-8 year holding period • Not just financial investor, adding to shareholder value • Typically 5-15% shareholding (not normally to exceed 20% of total equity) • InfraVentures (early equity investments)

Over $180 Billion Invested Since 1956 • Largest multilateral source of loan/equity financing for the emerging markets 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

• Takes market risk with no sovereign guarantees

• Promoter of environmental, social, and corporate governance standards

• Resources and know-how of a global development bank with the flexibility of a merchant bank

• Infrastructure and Natural Resources accounted for 29.5% of commitments in FY15

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FY 2015 Investments by Region FY 2015 Highlights Latin

America and the

Caribbean 23%

Sub-Saharan Africa 17% Europe and

Central Asia 15%

East Asia and the Pacific

22%

Middle East and North

Africa 8%

South Asia 13%

World 2%

* Includes 3rd parties

Portfolio $50.4 billion

New Commitments $10.6 billion

Core Mobilization* $7.1 billion

# of Companies 2,033

# of Countries 83

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IFC’s Global Reach stretches to 100 country and regional offices worldwide

3,687 staff of which 59% are outside of Washington, D.C.

IFC Transport Practice

IFC’s committed Transport portfolio

is approximately US$5.5 bn for its own account

IFC is active in all Transport subsectors. Ports account for the largest exposure at 40% of our outstanding portfolio

Latin America/Caribbean (42%) and

Eastern Europe (27%) the largest regions historically

About 90% of portfolio is debt

US$8.6 billion for IFC’s own account & mobilized since 2005

40%

18%

13%

6%

4%

4%

4% 3% 3% 5%

Ports

Airport

Railways

Urban Transport

Roads

Airlines

Canal

Barging

Logistics

Shipping

Transport Commitments by Sub-Sectors (September 2015)

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IFC Transport Practice: Historical Experience

Transport Commitments by Sub-Sectors

FY05-FY15 Big Drivers of the business have

been: Ports (40%) Airports (18%) Railways (13%)

Average Ticket Size has been slowly increasing: US$44 mn since FY05 US$50 mn since FY12 Smallest ticket US$0.2 mn,

largest US$679 mn

Significant Percentage of “Repeat Clients” – 46% of business

0

200

400

600

800

1 000

1 200

1 400

1 600Air TrafficControlCanal

UrbanTransportRoads

Logistics

Barging

Railways

Ports

Airport

Shipping

Airlines

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II – Trends and Outlook in Transport at IFC

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Key Focus Areas:

• World Bank Twin Goals • Eliminate Extreme Poverty • Shared Prosperity

=> Facilitate Trade Linkages • “Cities” Initiative

• Climate Change – Adaptation and Mitigation

Ports

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Recent Trends

Riding the “Landlord” Port and Containerization Waves

Container Industry Concentrating: Both Lines and Terminal Operators Line Alliances Lines developing their own Terminal Arms (APMT, TIL, Terminal Link etc.) APMT / GMTCB Takeover; COSCO / China Shipping Merger, etc

Relentless Focus on Cost Cutting and Efficiency => Bigger Ships, Deeper Ports Excellent relations with Many Key Players – Lines and Port Operators

Outlook

Short / Medium Term: Rounding out LAC – and adapting to the Panama Canal Expansion Developing the Next Generation of Terminals in (West) Africa New possibilities in Liquid Bulk and OSV Bases Developing the Dry Bulk business

Railways

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Recent Trends

Historically Focus was:

Railcar Leasing, especially in the Former Soviet Union Railway Concessions (MRS, RVR, Tanzania Rail, etc)

Outlook

Upstream Engagement: “Mountain to the Coast” Transformational Engagements Mining related projects in Africa Leveraging Government and World Bank Relations

New Railfreight Business Models Freight Concessions (e.g. Pakistan) Open Access Freight Operators (e.g. FSU, India) Intermodal / ICD Terminals (e.g. India)

Railcar Leasing in New Places (e.g. India)

Airports and Roads

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Recent Trends

Historically a Piecemeal Approach Focus on:

Balanced Projects with Robust Concession Structures Strong Economic Returns to the Country (esp. Roads) Reputable Sponsors

Strong Links to Both Global and Regional Players (esp. Airports)

Outlook

Wave of Airport Projects: Madagascar, Gabon, Greece? Possible Airport Recycling: e.g. India maybe later Brazil? Significant Road Pipeline:

Croatia, Philippines, India, Indonesia, Colombia, Romania, etc

More Equity Focus

Mass Transit

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Recent Trends

A Focus of IFC’s “Cities” Initiative Historically Mostly Sub-National (e.g. Metro in Istanbul, Trams in Izmir)

Outlook

Continued Sub-National Mass Transit Projects e.g. Metros

Number of Initiatives to Leverage the Private Sector: LRT in Manila BRT in Colombia O&M Contracts

Non-Concession Sectors: Logistics, Shipping, Airlines

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Recent Trends

Opportunistic Approach

Focus on Niches: Shipping where can Identify Use of Vessel (e.g. River Capable Ships, Barging) Cold Storage Airlines in Special Situations

Conservative Leverage Structures and Ideally Long-Term Contracts

Outlook

Logistics: More Systematic Approach Focus on Defendable Business Models and Change Triggers (e.g. GST) Work with Selected Partners to Develop New Markets (especially Cold

Storage)

Shipping: Work with Experienced, Committed Partners Seek Protected Niches and/or Long Term Charters Barging

Airlines:

Not a Significant Focus, Investments on a Case-by-Case Basis

Annex 1: IFC’s Process

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Overview of International Finance Corporation

IFC is the private arm of the World Bank Group dedicated towards the promotion of private sector participation in emerging countries.

Our vision is that people should have the opportunity to escape poverty and improve their lives.

Our values are excellence, commitment, integrity, and teamwork.

IFC's Purpose is to create opportunity for people to escape poverty and improve their lives by:

• Promoting open and competitive markets in developing countries

• Supporting companies and other private sector partners where there is a gap

• Helping generate productive jobs and deliver essential services to the underserved

• Catalyzing and mobilizing other sources of finance for private enterprise development

To achieve its purpose, IFC offers development-impact solutions through firm-level interventions (direct investments, advisory services, and the IFC Asset Management Company); standard-setting; and

business enabling environment work.

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http://www.ifc.org/ifcext/about.nsf/Content/Values




IFC’s Investment Parameters

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• IFC invests exclusively in for-profit projects and charges market rates for its products and services

Commercially Sound

Market Catalyst

Long-term Horizon

Environmentally & Socially Responsible

Corporate Governance

• IFC generally finances no more than 25-50% of total project cost • Never the largest shareholder, typical stake up to 20% • Typical ticket size $20-50m, but can go to $100m + • Able to mobilize additional debt (B loan program) and equity funds (AMC)

• IFC invests for the medium-to-long term

• Each investment assessed for E&S risks by in-house team of experts, and action plan put in place to mitigate risks

• Increasingly relevant for clients, namely land acquisition, carbon footprint, community buy-in

• Facilitates debt raising (Equator Principles)

• Detailed corporate governance assessment carried out (dedicated internal resources) • Work on governance issues with companies pre-IPO and those already listed • Roster of quality independent directors • Facilitates exit, especially in public markets

•IFC’s total financing (for its own account) must be less than 25% of total company capitalization

•IFC can also mobilize additional financing through:

•B loans from international commercial banks

•Parallel loans from development financial institutions

•Portfolio co-lending

IFC Investment Guidelines

Project Type IFC Investment Greenfield, total cost less than $50 million

Greenfield, total cost more than $50 million

Expansion or rehabilitation

Up to 35% of project cost for IFC’s account

Up to 25% of project cost for IFC’s account

Up to 50% of project cost

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Early Review

Client needs determined

Assessment of project’s impacts and development contributions

Management committee approval

Mandate letter

Negotiation Due Diligence

Assessment of business opportunities and risks

Analysis of environmental and social opportunities and risks

Appraisal

Credit committee approval

Disclosure

Disclosure of environmental and social information

Opportunity for public comment

Monitoring Commitment

and Disbursement

Negotiation and agreement of principal terms

Board approval

Signing of legal documents

Disbursement

Annual review of project performance

We agree on a specific timeline to meet client’s needs

IFC’s Project Cycle

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What Clients Value About IFC

Long-Term Partner Role

Stamp of Approval

Financing Not Readily

Available Elsewhere

Worldwide Presence

Global Expertise and

Knowledge

Affiliation with the World

Bank Group

Ability to Mobilize

Additional Funds

Pricing

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IFC Performance Standards Environmental & Social Standard Setting

1 Assessment and management of environmental and social risks and impacts

2 Labor and working conditions

3 Resource efficiency and pollution prevention

4 Community, health, safety and security

Land acquisition and involuntary resettlement

Biodiversity conservation and sustainable management of living natural resources

Cultural heritage

Indigenous peoples

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6

7

8

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• Enables loans with longer tenors

• No withholding tax

• Completes financial package

• Introduces new banking relationships

• IFC’s “stamp of approval”

IFC Syndications Program

• Established in 1957

• Over US$34 billion mobilized from more than 550 financial institutions

• Over 900 projects in more than 100 emerging markets

• Co-financiers from developed, as well as emerging markets, include commercial banks, funds and development finance institutions (DFIs)

• IFC is the Lender of Record May allow lenders to reduce their provisioning

requirements

Overview Benefits to Borrower

Syndications Products

B Loans Managed Co-Lending Portfolio Program Parallel Loans

Type of Investor Commercial Banks Development Finance Institutions & Local Banks

Institutional Investors

Investment Approach Active deal by deal selection

Active deal by deal selection Passive portfolio participation in eligible projects

Investment Strategy Client focus Developmental mandate (DFIs) Pre-agreed investment criteria and portfolio concentration limits

Investment Process Independent credit approval Independent credit approval Full delegation to IFC post mandate

Tenor (average final maturity)

FY12 6 years FY13 8 years

FY12 9 years FY13 10 years

Matching IFC’s A Loan tenors

Documentation Participation Agreement & IFC Loan Agreement per project

Common Terms Agreement & Loan Agreement(s) per project

One Administration Agreement governing the program & IFC Loan Agreement per project

Portfolio Rights Voting Voting Follow IFC’s decisions

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Annex 2: Sector Highlights

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Ports

IFC Port Investments Worldwide

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Total Investments: $3.6 billion since 2005

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• Construction and operation of a new container terminal in the largest port in terms of import and export of containers in Buenaventura, Colombia

• Annual capacity of 268,380 TEUs

• 30-year concession granted from the National Concession Institute of Colombia

• In FY 11, IFC committed US$34 million for its own account and mobilized up to US$117 million in funds from commercial banks as part of a US$220 million project cost

• In FY 14, IFC committed US$20 million for its own account and mobilized up to US$70 million in funds from commercial banks for a US$145 million expansion project

Overview

Project Highlights

• Location: TCBuen’s proximity to the most populous cities provided a competitive advantage

• Development impact: reducing costs of transportation, increasing competition in the market and yielding higher concession revenues to Colombia

TC Buen

BTP Santos

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• Development of a greenfield container terminal within the Port of Santos, Brazil, the largest port in Latin America

• Initial capacity of 1.4 million TEUs and 1.2 million tons of liquid bulk

• 50/50 joint venture between TIL and APM Terminals, container terminal operators with a presence in both developing and developed markets

• In FY 11, IFC committed US$97 million for its own account and mobilized up to US$582 million in funds from commercial banks as part of a US$908 million project cost

• In FY 14, IFC committed US$54 million for its own account for an expansion project

Overview

Project Highlights

• IFC’s largest port project, largest port investment to date and largest syndication ever in Latin America

• Significant positive environmental impact including remediation of an existing landfill at the project site that was used as a waste dump for the Port of Santos as well as domestic garbage for over 50 years (around US$105 million)

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Sample Investments in Ports

Togo

$122,421,000 Senior Loan

Lome Container Terminal

FY 2011

Lender

Amounts and dates shown as of original commitment for IFC’s own account & syndication (B Loans).

Pakistan

Lender


Qasim International Container

Terminal I & II FY 2011 & FY 2010

Ukraine


HPC Odessa

FY 2012 Lender

Brazil


$582,000,000 Syndicated Loan

BTP Santos

FY 2014 & FY 2011

Arranger & Lender

Indonesia


Arranger & Lender


Jakarta Int. Container Terminal

FY 2010

Colombia

Arranger & Lender

$54,000,000 Senior & Subordinated Loan

Terminal de Contenedores de Buenaventura

FY 2014 & FY 2011


Mexico



Port of Lazaro Cardenas

FY 2014 Arranger & Lender

Guatemala

Arranger & Lender


$26,000,000 MCPP

$10,000,000 Equity

Terminal de Contenedores Quetzal

FY 2014

Haiti


$12,000,000 Sindycated Loan

$3,000,000 Equity

Port Lafito

FY 2015 Arranger, Lender & Investor

Turkey


Asyaport FY 2013 Lender

Peru


$142,000,000 Sindycated Loan

Callao Norte Port FY 2013

Arranger & Lender

Turkey


Mersin Port

FY 2014

Lender

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Airports

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IFC Airport Investments Worldwide

Total Investments: $1.6 billion since 2005

Phnom Penh (CAMBODIA)

Sihanoukville (CAMBODIA)

Siem Reap (CAMBODIA)

Manila (PHILIPPINES)

Zagreb (CROATIA)

Tbilisi (GEORGIA)

Pulkovo (RUSSIA)

Amman (JORDAN) Enfidha

(TUNISIA)

Montego Bay (JAMAICA)

Santo Domingo (DOMINICAN REPUBLIC)

San Jose (COSTA RICA)

Lima (PERU)

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• Queen Alia has been Jordan’s principal domestic and international airport since 1983, accounting for more than 97% of the country’s air traffic

• In 2007, the Government awarded a 25-year concession to Airport International Group P.S.C (AIG), which included Aéroports de Paris Management, among other Sponsors

• In FY 08, IFC committed US$120 million for its own account and mobilized up to US$160 million in funds from commercial banks as part of a project cost of US$675 million to rehabilitate/expand the airport

• In FY 14, IFC committed US$21 million for its own account and mobilized up to US$48 million in funds from commercial banks

Overview

Project Highlights

• First successful airport public-private partnership (PPP) project in Jordan and the Middle East and the largest private sector investment in Jordan to date

• Expected to generate more than US$1 billion in foreign direct investment, lead to the creation of 23,000 new jobs over its lifespan, and help promote the country as a regional economic and tourist destination

Queen Alia

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• Pulkovo airport, located in St Petersburg, is the fourth largest airport in the Russian Federation

• In 2009, the Government awarded a 30-year concession to Northern Capital Gateway, a consortium comprising of VTB Capital, Fraport and Horizon Air investments

• The project cost totaled approximately €1.1 billion. The financing plan consisted of a financing package of €715 million provided by development institutions and private commercial banks; and the remainder provided through equity contributions

• In FY 10, IFC committed €70 million for its own account. In FY 11, along with EBRD, IFC helped syndicate €200 million

Overview

Project Highlights

• This was Russia’s first airport PPP; and as opposed to other PPPs it did not rely on debt guarantees from the Russian government to secure the financing

Pulkovo Airport

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$20,000,000 Equity

Lima JCIAirport

FY 2007 Investor

Peru Georgia

$27,000,000 Loan

Tbilisi Airport

FY 2006

Lender

Cambodia

$27,500,000 Loan

Cambodia Airport I & II

FY 2007 & FY 2004

Lender

Dominican Republic

Lender & Arranger

$60,000,000 Loan


Aerodom I & II FY 2006 & FY 2005

Jamaica

Lender & Arranger

$45,000,000 Loan

Montego Bay I, II & III FY 2013 & FY 2009 & FY 2006


Jordan

$120,000,000 Loan

Lender & Arranger

Queen Alia Airport FY 2014 & FY 2008


Russia

€70,000,000 Loan

Lender & Arranger

Pulkovo Airport FY 2011 & FY 2010

€100,000,000 Syndicated Loan

Tunisia

Lender-Arranger

TAV-Tunisia FY 2008

€257,500,000 Syndicated Loan

€132,500,000 Loan

Sample Investments in Airports

Dominican Republic

Lender


Punta Cana Airport FY 2010

Croatia


$104,000,000 Syndicated Loan $16,000,000

Equity

Zagreb Airport FY 2014

Lender, Arranger & Investor


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Roads

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• The project consisted of the extension of Transjamaican Highway 2000 to connect the capital, Kingston, in the south-east of Jamaica with Mandeville in the heart of the country, and refinancing of the existing bonds that were put in place for the financing of the first phase of the construction

• A 35-year BOT concession was given for the design, finance, construction, operation and maintenance of the tolled motorway

• The project was developed on a design, build, operate and transfer basis by Bouygues Travaux Publics

• In FY 11, IFC committed US$59 million for its own account, including US$4.6 million of equity, as part of a project cost of US$285 million

Overview

Project Highlights

• IFC provided long-term financing in times of international financial crisis when capital markets were closed

• IF ensured that the project met best international standards in terms of E&S and resettlement policies

Transjamaican Highway

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• Dakar-Diamniadio connects Dakar to its suburbs and the Senegalese hinterland

• The Government awarded a 30-year concession to build and operate the key infrastructure

• In FY 11, IFC committed €24 million for its own account including a subordinated tranche of €10 million to strengthen the capital structure to support a project cost of €230 million

Overview

Project Highlights

• Groundbreaking project: the project was the first greenfield toll road PPP in West Africa

• Strong sponsor: the Sponsor, Eiffage, is one of the world’s largest construction and concession companies

Dakar-Diamniadio Toll Road

Philippines


Manila North Tollways

FY 2001 Lender

Peru


Norvial FY 2003 Lender

Montenegro

€10,150,000 Senior Loan

Podgorica Bypass

FY 2011 Lender

Jamaica

$58,172,000 Senior Loan & Equity

Investment

TJH FY 2011

Lender & Investor

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Senegal

€25,000,000 Senior & Subordinated Loans

Senac

FY 2011 Lender

Mexico

Lender

MXN 130,500,000 (equiv $12,427,000) Partial Credit Guarantee

Irapuato-Piedad

FY 2007

Brazil

Arranger & Lender


$31,000,000 Syndicated Loans

Auto Ban FY 2006

Panama


Lender & Arranger

Corredor Sur FY 2000

$35,000,000 Syndicated Loans

Sample Investments in Roads


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Airlines

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• Mexican low cost carrier established in 2006

• Operational/management expertise from Taca Airlines

• Initial focus within Mexico with 4 aircrafts

• Volaris now operates over 31 aircrafts servicing routes within Mexico to some cities in the US

• In FY 05, IFC committed US$30 million pre-delivery financing and a US$10 million corporate loan

Overview

Project Highlights

• The airline provided discounted fares in a market historically marked by limited competition and high fares

• The airline helped make air transportation accessible for a larger share of the Mexican population

• Volaris helped promote Toluca’s International Airport as a secondary airport for Mexico City (the one in Mexico City was becoming increasingly congested)

Volaris

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• JET Airways was established in 1993

• It has become India’s largest domestic airline with a young and modern fleet

• In FY 02, IFC provided US$15 million in convertible preferred shares to partly finance the company’s expansion program

• IFC’s financing helped to secure US EXIM funding

Overview

Project Highlights

• Groundbreaking project: IFC’s first investment in the airline sector worldwide

• Award winning: repeatedly voted “Best Domestic Airline” in India (several national and international awards)

• Continuously growing: the airline has continuously expanded its services connecting 24 international destinations and operating flights to and from 52 destinations in India

Jet Airways

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Chile

$30,000,000 Stand-by Revolving Credit

Facility

LAN FY 2004 Lender

$30,000,000 Pre-Delivery Financing

TACA

FY 2005

Lender

El Salvador Mexico

$40,000,000 Pre-Delivery Financing &

Corporate Loan

Volaris FY 2005 Lender

Africa Region

Lender

$25,000,000 Corporate Loan

AKFED Aviation

FY 2011

Colombia

Lender

$50,000,000 Corporate Loan

Avianca FY 2009

Nepal


Buddha Air II

FY 2013 Lender

Kenya

Lender & Investor

$15,000,000 Pre-Delivery Financing

$25,000,000 Equity

Kenya Airways

FY 2012

India

Investor

$15,000,000 Quasi-Equity

Jet Airways

FY 2002

Sample Investments in Airlines


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Logistics

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• In October 2014, IFC invested in Vix Logistica, owned by the Chieppe family and based in the state of Espirito Santo, Brazil

• IFC invested equity of R$200 million (US$76 million), of which IFC AMC invested R$50 million (US$19 million), constituting a 14.1% ownership

• Vix Logistica operates four distinct business units: Dedicated logistics: transportation, storage, handling and

distribution of products according to the specific demands of each industry and client; 34% of total revenues

Automotive logistics: new vehicle freight transportation for auto manufacturers to point of sale; 29% of revenues

Fleet service: corporate fleet vehicle leasing and / or management with or without a supply of drivers; 26% of revenues

Passenger transport: corporate employee transportation services and comprising over 450 vehicles; 11% of revenues

Overview

Project Highlights

• IFC invested to support the growth of the company in line with IFC strategy to focus on infrastructure development in Brazil, relieve logistics bottlenecks, and help increasing the competitiveness of Brazilian exports by enhancing productivity

Vix Logistica

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• Snowman Logistics is one of the leading integrated cold chain logistics service providers in India and operates a network of temperature controlled warehouses and refrigerated trucks

• IFC has made several investments in Snowman for supporting the expansion of a fast growing private sector provider of temperature controlled logistics

• IFC investment is in line with the strategy of supporting the sustainable development of this sector in India and improving the availability, quality and efficiency of services with a view to reducing the high levels of food wastage

• IFC has made several investments in Snowman to support the expansion of a fast growing private sector provider of temperature controlled logistics:

• 2009: IFC invested US$5.4 million for a 20% equity stake • 2012: IFC invested US6.6 million in an 8 year corporate loan • 2013: IFC invested US$2.8 million in an 8 year corporate loan

Overview

Project Highlights

• IFC worked with the company to fine tune and refocus its business plan to expand capacity

• IFC investment provided the first round of private institutional capital in a small but market leading company operating in a nascent but a fast growing sector, which signaled confidence in the company’s management and helped in future fund raising

• Since IFC’s investment, Snowman has grown from a storage capacity of 9,142 pallets (2007) to 79,500 pallets (Sept 2014), and is expanding to 85,000 pallets by March 2015

Snowman Logistics

Global Transport Title Location Tel E-mail

Ian Twinn Global Manager Washington, DC +1 202 473 8650 [email protected]

Surinder Chawla Chief Investment Officer Washington, DC +1 202 473 5252 [email protected]

Herbert Lai Chief Investment Officer Washington, DC +1 202 458 2595 [email protected]

Harsh Gupta Principal Investment Officer Washington, DC +1 202 458 4065 [email protected]

Andre Van Hoeck Principal Investment Officer Washington, DC +1 202 458 1286 [email protected]

Navaid Qureshi Principal Industry Specialist Washington, DC +1 202 458 8701 [email protected]

Juan Samos Tie Principal Industry Specialist Washington, DC +1 202 458 8367 [email protected]

Ahmed Shaukat Consultant Washington, DC +1 202 458 4743 [email protected]

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IFC Transport Contacts

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mailto:[email protected]








Documents

Global Transport Practice February 2016...financial institutions • Over 900 projects in more than 100 emerging markets • Co-financiers from developed, as well as emerging markets,