North Africa: IFC backs discount retailer
IFC’s $30 million loan to Kazyon will help the company expand its operations in Morocco.
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The International Finance Corporation (IFC) is extending its partnership with Kazyon Group to support the development and expansion of Morocco’s discount grocery retail sector.
IFC’s $30 million loan to Kazyon will help the company expand its operations in Morocco, increasing its retail stores, warehousing, and storage capacity.
Established in 2014, Kazyon Egypt has become the country’s largest discount grocery retailer with more than 1,000 grocery retail stores and five distribution centres across 22 governorates. Kazyon Morocco, established in 2023, currently operates more than 150 discount retail stores and a single distribution centre in Morocco, providing a wide range of groceries at affordable prices for low-to-middle-income consumers, particularly in underserved regions.
“We are proud to deepen our long-standing partnership with IFC, among other world-class financial institutions," said Hassan Heikal, founder and executive chairman of Kazyon. "This loan reinforces our position as the largest homegrown African and Arab grocery discounter, with a presence spanning from Morocco to Saudi Arabia. Serving over half a million customers daily, we remain committed to expanding access to affordable groceries, supporting our communities, and fostering a thriving workplace for our employees.”
"Access to quality, affordable essential commodities is essential for ensuring food security and improving livelihoods," said Cheick-Oumar Sylla, IFC’s director for North Africa and the Horn of Africa. "Kazyon’s expansion will not only strengthen Morocco’s modern discount retail sector but also plays a crucial role in making nutritious food more accessible to families. This South-South investment demonstrates how private sector development across borders can foster shared prosperity and strengthen regional economic ties."
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