Yangon – IFC, a member of the World Bank Group, on Monday signed an agreement to lend US$25 million to Myanmar’s largest retail group, City Mart Holding Company Limited (CMHL), to support its expansion plans, boost the country’s retail sector, and create much-needed jobs along the supply chain.
IFC’s funding will help CMHL construct about 20 more supermarkets and hypermarkets across the country over the next 3 years, it said in a statement.
Founded in 1996, with a total of over 150 different retail outlets so far, the expansion will also enable the company to integrate more farmers, micro, small and medium enterprises, and other suppliers into its supply chain and distribution networks.
CMHL expects to increase its purchases from domestic suppliers sixfold, reaching around $150 million by 2021, and create nearly 4,000 new jobs – half of which will be for women.
“IFC’s investment is a sign of confidence in our business plan as well as in Myanmar’s retail sector potential,” said Win Win Tint, managing director of CMHL. “In addition to funding, IFC’s expertise and advice on food safety, good social and environmental practices and corporate governance will also help us take the company to the next level.”
Source: The Nation
