Singapore Anglesey Investments PTE. LTD, the owner of IP Anglesey Food LLC, which operates stores under the korzinka.uz brands, and the European Bank for Reconstruction and Development (EBRD) have closed the deal. The money will go to a program to expand the network from the current 50 to 140 supermarkets by 2025.
The EBRD invests up to $ 40 million by purchasing a minority stake from Anglesey Investments PTE. LTD.
Then it was reported that the money would go to support a program to expand the network from the current 50 to 140 supermarkets by 2025, as well as improving operational efficiency and corporate governance standards in accordance with international standards.
“This is the bank’s first investment in the private capital of a private company in the country over the past ten years, which indicates an increase in investor confidence in both this industry and the country as a whole,” the EBRD noted.
It is expected that thanks to the deal, the number of korzinka.uz stores will almost triple, and the number of staff will double from 5,000 to about 10,000 employees by 2023.
The invested funds will also be used to support a number of measures aimed at improving operational efficiency, including the installation of heat recovery, heating, ventilation and air conditioning systems and improved insulation of walls and roofs.
The EBRD seeks to promote private sector development in Uzbekistan. In 2019 alone, the bank invested more than 500 million euros in 13 projects in the country, of which 9 were in the private sector. So far, the EBRD has invested 1.85 billion euros in the economy of Uzbekistan through 79 projects.