The European Bank for Reconstruction and Development (EBRD) invests up to 40 million US dollars as a direct equity investment in Anglesey Food LLC, the operator of the korzinka.uz retail chain in Uzbekistan. Investment will support the Company’s expansion programme to increase store network from the current 50 stores to 140 stores by 2025, as well as to improve operational and corporate governance standards, in accordance with international standards.
These investments will contribute to a transformation of the modern grocery retail landscape in Uzbekistan. In addition to increasing the scale and improving the operational and financial metrics of the company, the project will have a positive impact on the environment, raise social standards, and improve the company’s health and safety procedures and practices.
Korzinka.uz retail chain passed all the necessary procedures, IFRS audits, Environmental and Social Due Diligence (ESDD), which confirmed the company’s compliance with the requirements of the Environmental, Health, Safety and Social (EHSS) management system in accordance with the EBRD’s high standards and national legislation.
Cooperation with the Bank is not limited to direct investments and accompanied by a number of important technical cooperation projects financed by the EBRD Shareholders Special Fund. Based on the results of the examinations, important documents were developed – the “Programme for Improving Financial Reporting and Management”, “Risk Assessment in the Supply Chain”, “Corporate Governance Action Plan” and much more.
The expansion of the korzinka.uz retail chain will undoubtedly improve the quality of life in Uzbekistan not only in the capital, but also in the regions due to a high service level, a wide range of food and non-food products, as well as providing more affordable prices.
Korzinka.uz retail chain was founded in 1996 and is part of the Anglesey Food company. Having 50 supermarkets and korzinka.uz DISKONT stores company operates in nine regions of Uzbekistan. In recent years, the chain has been actively developing and opening 33 stores since 2016.
The European Bank for Reconstruction and Development (EBRD) was established in 1991. The main mission of the bank is to build a new era in Central and Eastern Europe by investing in projects that contribute to a transformation to an open market economy, as well as development of private and entrepreneurial activities.