Uzbek supermarket chain bags $40 million EBRD investment

November 21, 2019

Uzbekistan’s leading supermarket chain has received preliminary approval for a $40 million dollar investment from the European Bank for Reconstruction and Development (EBRD), the largest such equity investment by EBRD in an Uzbek private sector enterprise. 

Korzinka.uz will use the new capital to support the company’s expansion program, which will see the store network grow from 50 locations to 140 by 2025 as openings expand beyond Tashkent. 

Following the approval of the bank’s investment committee, EBRD’s board will now deliberate on taking an undisclosed stake in Korzinka.uz holding company Anglesey Food LLC. The bank will also be funding technical assistance programs aimed at improving the retailer’s financial management, supply chain operations, and corporate governance capacities. 

The planned investment serves as a vote of confidence not only in the growth potential for modern retail in Uzbekistan—the country’s population of 33 million and rising purchasing power underpin a significant market opportunity—but also in recent legal reforms intended to protect the rights of private sector firms and foreign investors alike. 

Founded by Zafar Khashimov in 1996, Korzinka.uz also operates the fashion retail brands RedTag and Flo.

Photo: Korzinka.uz