Tashkent, Uzbekistan, November 28—A new financing package from IFC will help a leading food retailer in Uzbekistan to continue its growth trajectory, thereby increasing choices for customers, strengthening food safety, helping to boost the country's key agriculture and food production sectors and creating thousands of new jobs in the supply chain. IFC will also help the company adopt green building practices and improve gender equality in the workplace.
IFC is providing up to $25 million to Anglesey Food LLC, the country's leading grocery retailer operating under Korzinka brand. The financing will help the company construct a state-of-the-art 'green' distribution center, which will facilitate expansion of Korzinka's retail store network. That will help create jobs, support farmers and local suppliers, and broaden access to quality, affordable food, especially outside the capital, Tashkent.
IFC is also working with Korzinka to help it obtain two landmark global certifications: i) the Excellence in Design for Greater Efficiencies (EDGE) green building certification for its new distribution center; and ii) Economic Dividends for Gender Equality certification (Gender EDGE) which sets benchmarks for gender equality in workplaces. Both will also be one of the firsts of their kind in Central Asia. In addition, IFC is supporting Korzinka and its local suppliers in improving food safety standards.
"Our company has pioneered modern retail in Uzbekistan by prioritizing value and convenience for our customers. IFC's financing will enable us to expand our services across the country, amid a challenging external environment, while also safeguarding the environment and enhancing working conditions for all our employees," said Zafar Khashimov, Founder and Chairman of the Supervisory Board of Korzinka supermarket chain.
The modern grocery retail market remains nascent in Uzbekistan, comprising just 8 percent of total food retail, in comparison to 75 percent in Eastern Europe. That has hampered the growth and efficiency of the country's agriculture and food processing sectors, which are mainstays of its economy.
"An efficient food retail sector contributes to broad-based economic development by ensuring a robust market for agricultural produce," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. "IFC's investments will help strengthen the sector while increasing the range and affordability of food products for local consumers, improving food security, and creating thousands of sustainable job opportunities."
The project is part of a larger effort to support the development of Uzbekistan's private sector, whose growth is considered key to combating poverty and creating economic opportunities.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
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About Korzinka
Korzinka is the retail market leader in Uzbekistan. Founded in 1996, it currently operates 128 stores across 12 regions of the country: Korzinka supermarkets; Korzinka Mahalla neighbourhood stores; Smart convenience stores; the Korzinka Biznes wholesale store and the Korzinka Go online supermarket, which operates two dark stores.
