Azerbaijan , Baku, Oct. 7 /Trend, A.Badalova/
International Financial Corporation is providing $50 million in financing to leading Saudi Arabia-based retailer, Fawaz Abdulaziz Alhokair, to help it expand to Eastern Europe and Central Asia, IFC reported on Friday.
IFC's financing is compliant with Islamic Shariah law.
The company will use IFC's commodity Murabaha facility to finance expansion of its operations in Kazakhstan and open in new markets such as Azerbaijan and Georgia.
The new investment will help create 2,000 new jobs, facilitate training programs, and contribute to economic linkages by partnering with local shopping mall operators, contractors, and other service providers.
According to Abdulmajeed Abdulaziz Fahed Alhokair, Director of the Board and Managing Director in Fawaz Abdulaziz Alhokair, IFC's partnership demonstrates the international viability of company's business. "The facility will further support our ongoing growth strategy in the Caucasus and Central Asia," he said.
Guy Ellena, IFC Director, Manufacturing, Agribusiness, and Services for Europe, Middle East, and North Africa, said that Fawaz Abdulaziz Alhokair will help develop a modern cross-regional retail sector, which is still fragmented and underserved in target markets.
IFC is a member of the World Bank Group. It is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.