Almaty, Kazakhstan, June 30th 2008—
IFC, a member of the World Bank Group, has signed an agreement to support Technopole, a leading retailer in Kazakhstan’s furniture and household appliances retail market. The $11 million loan facility will help the company expand its network of retail centers, reaching consumers outside the country’s main population centers.
With IFC’s financing, Technopole will also modernize its operations and develop a wider selection of high-quality affordable home furnishings.
“We are pleased to have IFC’s support and look forward to a long-term partnership that will help us introduce high-quality shopping to consumers in regions that do not have access to this type of retail,” said Vitaly Chernyshev, director of Technopole.
In 2006, Technopole pioneered the concept of large-format retail stores for home furnishings in Kazakhstan by opening the LuMir Furniture Center. The country’s retail furniture market is dominated by many small retailers that cluster in major towns and sell a limited range of products. Technopole’s expansion will benefit consumers, particularly in more remote regions, by making a larger number of products available.
“Kazakhstan’s furniture market is in the early stages of development. Technopole is introducing a well-proven retail concept that will benefit consumers and provide a boost for local furniture producers,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “IFC is pleased to support Technopole’s pioneering efforts.”
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
