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Korzinka secures $25 million financial package from IFC for the construction of a new distribution centre

Life of Korzinka

November 28, 2023

Korzinka secures $25 million financial package from IFC for the construction of a new distribution centre

Life of Korzinka

November 28, 2023

28.11.2023, Tashkent, Uzbekistan - The project will create new jobs, support farmers and suppliers, and expand access to high-quality affordable food, especially outside the capital.


Korzinka, the largest retail chain in Uzbekistan, and the International Finance Corporation (IFC), have agreed a financial package of $25 million, to be used for the construction of a new distribution centre (DC),  for current needs, and plans for further network development.


The financing will help the company construct a state-of-the-art ‘green’ distribution centre, which will facilitate expansion of Korzinka’s retail store network. That will help create jobs, support farmers and local suppliers, and broaden access to quality, affordable food, especially outside the capital, Tashkent.


IFC will also help the company adopt green building practices and improve gender equality in the workplace. 


Currently, Korzinka has five distribution centres with a total floor space of 30,000 m2. The new site, at 45,000 m2, will be the largest so far.


The start of construction is planned for 2024, with completion of the first stage scheduled for 2025.


Why does Korzinka need a new distribution centre


Korzinka continues to grow and develop its operations. In the first nine months of 2023, the company:

  • opened Korzinka Biznes its first store focusing on the wholesale market

  • launched Korzinka Go its new online supermarket

  • launched Korzinka Mahalla a new format of local stores

  • opened over 20 supermarkets.


The agreement with IFC will help to continue this growth and expand customer choice, in turn stimulating the key sectors of agriculture and food production in Uzbekistan. 


Since the modern grocery retail market remains nascent in Uzbekistan, comprising just 8 percent of total food retail, in comparison to 75 percent in Eastern Europe. That has hampered the growth and efficiency of the country’s agriculture and food processing sectors, which are mainstays of its economy. 



Korzinka aims for the highest international standards


As part of this exciting project, Korzinka is also working with the IFC to be one of the first businesses in Central Asia to receive two international certificates:


  1. the Excellence in Design for Greater Efficiencies (EDGE) green building certification for its new distribution centre;

  2. Economic Dividends for Gender Equality certification (Gender EDGE) which sets benchmarks for gender equality in the workplaces. 


The first aims to reduce the carbon footprint of the construction and operation of the building, reducing costs and taking another step towards sustainable development.

The second helps to create an optimal working environment for both women and men, driving maximum benefits for the business.


“Our company has pioneered modern retail in Uzbekistan by prioritising value and convenience for our customers. IFC’s financing will enable us to expand our services across the country, in a challenging external environment, while also safeguarding the environment and enhancing working conditions for all our employees”, said Zafar Khashimov, Founder and Chairman of the Supervisory Board of the Korzinka supermarket chain.


“An efficient food retail sector contributes to broad-based economic development by ensuring a robust market for agricultural produce. This agreement will help strengthen the sector while increasing the range and affordability of food products for local consumers, improving food security, and creating thousands of sustainable job opportunities”, – said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. 


For more information:


Korzinka  Press Service


Doniyor Rasulov


Phone: +998 78 140 14 14

E-mail: pr@korzinka.uz


About the company:


Korzinka is the leader in the retail trade in Uzbekistan. The company was founded in 1996 and currently comprises 135 stores in 12 regions of the country: Korzinka supermarkets, Korzinka Mahalla neighbourhood stores, Smart convenience stores, the Korzinka Biznes wholesale store and the Korzinka Go online supermarket with two dark stores.


About the partner:


IFC is part of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using capital, experience and influence to create markets and opportunities in developing countries.

In the fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.