IFC allocates US$25 million loan to Korzinka for the construction of a new distribution centre
Tashkent, Uzbekistan (UzDaily.com) -- Korzinka, the largest retail chain in Uzbekistan, and the International Finance Corporation (IFC), have agreed a loan of US$25 million, to be used for the construction of a new distribution centre (DC), for current needs, and plans for further network development.
The financing will help the company construct a state-of-the-art ‘green’ distribution centre, 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 will also help the company adopt green building practices and improve gender equality in the workplace.
The start of construction is planned for 2024, with completion of the first stage scheduled for 2025.
The agreement with IFC will help to continue this growth and expand customer choice, in turn stimulating the key sectors of agriculture and food production in Uzbekistan.
As part of this exciting project, Korzinka is also working with the IFC to be one of the first businesses in Central Asia to receive two international certificates:
the Excellence in Design for Greater Efficiencies (EDGE) green building certification for its new distribution centre;
Economic Dividends for Gender Equality certification (Gender EDGE) which sets benchmarks for gender equality in the workplaces.
The first aims to reduce the carbon footprint of the construction and operation of the building, reducing costs and taking another step towards sustainable development.
The second helps to create an optimal working environment for both women and men, driving maximum benefits for the business.
“Our company has pioneered modern retail in Uzbekistan by prioritising value and convenience for our customers. IFC’s financing will enable us to expand our services across the country, in 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 the Korzinka supermarket chain.
“An efficient food retail sector contributes to broad-based economic development by ensuring a robust market for agricultural produce. This agreement 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”, – said Wiebke Schloemer, IFC Director for Türkiye and Central Asia.