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EBRD Investing up to $40M in Uzbekistan's Retail Sector

21 November 2019

The European Bank for Reconstruction and Development (EBRD) is investing up to $40 million in direct equity in the Uzbekistan's Anglesey Food company, the operator of the korzinka.uz supermarket chain in Uzbekistan, Trend reports citing Uzbek media.

Investments will go to support the program to expand the network from the current 50 to 140 supermarkets by 2025, as well as to improve operational efficiency and corporate governance standards, in accordance with international standards.

These investments will give impetus to the development of modern retail trade in Uzbekistan. In addition to expanding the network and improving the operational and financial performance of the company, the project will have a positive impact on the environment, raise social standards, and improve the company's health and safety policies and practices.

The korzinka.uz supermarket chain has passed all the necessary procedures, audits of the International Financial Reporting Standards (IFRS), Environmental and Social Due Diligence (ESDD) which confirmed the company's compliance with the requirements of the Environmental Health and Safety Services (EHSS) management system in accordance with high standards of the EBRD and national legislation.

Cooperation with the bank is not limited to direct investments and is accompanied by a number of important technical cooperation projects financed by the EBRD Shareholder Special Fund. Based on the results of the examinations, important documents were developed -- "Program for Improving Financial Reporting and Management", "Risk Assessment in the Supply Chain", "Corporate Governance Action Plan" and much more.

The expansion of the korzinka.uz supermarket chain will undoubtedly improve the quality of life of Uzbekistan's people not only in the capital, but also in the regions due to a high service culture, a wide range of food and non-food products, as well as more affordable prices.

Anglesey Food was founded in 1996, and over 20 years has grown into a group of companies working in several business areas such as: retail and wholesale of food and household goods in the form of a supermarket chain korzinka.uz and a chain of "Smart" stores; REDTAG chain of fashion stores and home goods; FLO chain of fashion shoes stores.