IFC To Plough Money Into Uzbekistan's Local Supply Chain Expansion


(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, December 4. The International Finance Corporation (IFC), a member of the World Bank Group, will allocate $25 million to Uzbekistan's Korzinka local supermarket chain for the expansion of its infrastructure, Trend reports.

According to Korzinka, the cash will be utilized to build a new distribution center for present demands as well as future supply chain network development goals.

The new hub will provide new job possibilities as well as assistance to local farmers and suppliers. IFC will also help Korzinka develop green building and gender equality practices as part of the project.

According to Korzinka's data, the new hub's construction will begin in 2024, with the first phase of the project projected to be completed in 2025.

Earlier this year, the IFC stated its willingness to grant a $10 million loan to Uzbekistan's Ipak Yuli Bank to encourage lending to small businesses.

IFC investments will allow Ipak Yuli Bank to increase its loan portfolio and provide much-needed financing to the country's small enterprises.

This project is a continuation of IFC's cooperation with Ipak Yuli Bank, which began in 2018. Since then, IFC has provided the bank with financing in the amount of $25 million to support small and medium-scale enterprises in hopes of increasing labor productivity and reducing poverty in the country.

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