Phoenix KZ (IFC-40670)

  • Kazakhstan
Where the impacts of the investment may be experienced.
Specific Location
Almaty region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 16, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 13, 2019

Disclosed by Bank Oct 11, 2018

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Project Description

This project provides financing to Phoenix Commodities Pvt Ltd for the development of a greenfield fruit orchard in Kazakhstan, and a corresponding supply chain. The orchard will be established in 2 different locations in the Almaty region, and will produce apples, pears, peaches, apricots, plums, and cherries, and will include a complex for growing, storage, sorting, processing, calibrating, and shock freezing. 

Investment Description
Private Actors Description

Phoenix Group, registered in the British Virgin Islands, is a private company majority-owned by its CEO, Mr. Gaurav Dhawan. The greenfield orchard will be established under a separate 100%-owned subsidiary of Phoenix in Kazakhstan, Phoenix Fruits LLP.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Phoenix Fruits LLP Client -
- - - - Phoenix Global DMCC Parent Company -

Contact Information

Phoenix Commodities DMCC 
Mr. Nitin Navandher 
Group Finance Controller 
44th Floor, Building - AA1, Mazaya Business Avenue, Jumeirah Lakes Towers (JLT), P.O. Box 49451  

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