IFC agrees loan for greenfield fruit orchards in Kazakhstan

The International Finance Corporation, a member of the World Bank Group, is providing a $10 million financing to Phoenix Fruits for establishing greenfield fruit orchards near Almaty, the largest city of Kazakhstan.

IFC’s investment will support the establishment of an up to 1,000-hectare greenfield fruit orchard facility with a full cycle of growing, calibrating, storing and freezing of various fruit types such as apples, apricots and sweet cherries. 

The new orchard project is expected to create over 100 full-time jobs, of which 70% are expected to be women, as well as more than 2,200 seasonable jobs for the local community.