GWFP Phoenix/BNP (IFC-41405)

Regions
  • World
Where the impacts of the investment may be experienced.
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
Proposed
Bank Risk Rating
B
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.
Borrower
PHOENIX GLOBAL DMCC
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 14, 2019

Disclosed by Bank Nov 12, 2018


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Project Description

The project consists of an investment by IFC of up to US$20 million in a revolving uncommitted trade finance facility of US$80 million (the “Facility”), arranged by BNP Paribas (Suisse) S.A. for Phoenix Global DMCC (“Phoenix DMCC”), a subsidiary of Phoenix Commodities Pvt. Ltd (“Phoenix”). The Facility will support Phoenix’s fast-growing agri commodity business in sourcing, trading and distributing Rice, Sugar, Pulses, Grains, Oilseeds and Meals in Sub-Saharan Africa and other regions. In parallel, IFC is also considering a US$10 million A loan to support Phoenix’s establishment of a greenfield fruit orchard in Kazakhstan (Project # 40670). The relevant disclosures are available on https://disclosures.ifc.org/#/projectDetail/ESRS/40670 and https://disclosures.ifc.org/#/projectDetail/SII/40670

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • BNP Paribas -- Financial Intermediary
  • Phoenix Commodities Pvt. Ltd -- Parent Company
  • Phoenix Global DMCC -- Subsidiary
Contact Information

PHOENIX COMMODITIES DMCC 
Mr. Nitin Navandher
44th Floor, Buliding - AA1 
Mazaya Business Avenue, Jumeirah Lakes Towers (JLT), P.O. Box 49451 
Dubai, United Arab Emirates
Phone: +971-4-4501200, Fax: +971-4-4501210
Email: nitin@pclworld.net                   

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/