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