The European Bank for Reconstruction and Development (EBRD) has welcomed plans by a series of new investors to inject up to $110 million into Uzbekistan’s leading food retailer, Korzinka.
In one of the largest private investments in the country in recent years, Abu Dhabi Uzbek Investment, and a consortium of Omani Sovereign investment funds, led by Uzbek-Oman Investment Company will help to drive Korzinka’s growth and improve modern grocery retail standards in Uzbekistan.
The EBRD, which acquired a minority stake in the company in 2020, has helped Korzinka to triple its number of stores across the country and establish itself as a leading retail brand. The Bank has also supported Korzinka in improving its corporate governance, introducing transparency measures and implementing international standards of financial reporting.
Korzinka’s new stores are expected to be 20-30 percent less carbon intensive than similar outlets in the country, making it an industry benchmark and a green champion.
EBRD Co-Head of Private Equity, Tamás Nagy, said: “We are very proud of our involvement with the company over the past five years and of Korzinka’s achievements to date, which have put the company and Uzbekistan’s retail industry on the global investment map.” Korzinka was founded in 1996 and has become a pioneer in Uzbekistan’s grocery retail sector. It operates full-range supermarkets, smaller-format local stores and an expanding e-commerce platform, Korzinka Go. The company has over 10,000 employees and is committed to investing in its workforce through professional training, career-development opportunities and by offering a supportive working environment.
