BAKU, Azerbaijan, Feb. 12
By Ilkin Seyfaddini – Trend:
The leading food chain of Uzbekistan - Korzinka - will significantly expand due to support from the EBRD with the Bank’s first equity investment in the country for a decade, Trend reports citing the European Bank for Reconstruction and Development.
The EBRD is investing up to $40 million in a minority stake in the Singaporean Anglesey Investments Pte. Ltd., which owns FE Anglesey Food LLC – an operator of 50 ‘korzinka.uz’ and ‘korzinka.uz diskont’-branded stores across Uzbekistan.
The investment, which will see the number of Korzinka stores almost triple and triple and its staff double from current 5,000 employees to around 10,000 employees by 2023, will also support the development of corporate governance, environmental and social standards, as well as health and safety procedures and practices at the company.
It will also support a range of operational efficiency measures, including the installation of heat recovery systems, heating, ventilation and air conditioning units as well as improved wall and roof insulation.
The EBRD is committed to promoting the development of the private sector in Uzbekistan. In 2019 alone, the Bank invested more than 500 million euros through 13 projects in the country, of which 9 were in the private sector. To date, the EBRD has invested 1.85 billion euros through 79 projects in Uzbekistan’s economy.