International corporation to fund dev't Kazakhstan's fruit gardens

Business Materials 15 May 2019 12:13 (UTC +04:00)

Baku, Azerbaijan, May 15

By Nargiz Sadikhova - Trend:

International Finance Corporation, which is a part of the World Bank Group allocated funds to develop fruit gardens in Kazakhstan, Trend reports via KazInform.

The territory of Kazakhstan is comparable to an entire territory of Western Europe. Some 74 percent of Kazakh territory is suitable for agriculture. The PhoenixFruitsLLP funding worth $10 million is directed at fruit gardens development in Almaty region.

IFC investments are directed at development of fruit gardens totaling 1000 hectares. The manufacture is to include full cultivation cycle, calibration, storage and freezing of various types of fruits, such as apples, apricot and cherry.

It is estimated that due to the new project more than a hundred of full time work spots will be created, 70 percent of which will account for employment of women, as well as over 2,200 of seasonal work spots for local people.

The regional IFC director for Europe and Central Asia stated that through these investments company is trying to introduce and implement the best international standards of agriculture and to support the improvement of the competitiveness of Central Asia countries.

Since 1997, IFC invested into Kazakhstan over $1.25 billion including $300 million worth of syndicated loans to realize over 60 projects in various spheres of private sector, including the agriculture, finance services, manufacture, as well as oil and gas sector.


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