Almaty, Kazakhstan, June 30th 2008—
IFC, a member of the World Bank Group, has signed an agreement to support
Technopole, a leading retailer in Kazakhstan’s furniture and household
appliances retail market. The $11 million loan facility will help the company
expand its network of retail centers, reaching consumers outside the country’s
main population centers.
With IFC’s financing, Technopole will
also modernize its operations and develop a wider selection of high-quality
affordable home furnishings.
“We are pleased to have IFC’s support
and look forward to a long-term partnership that will help us introduce
high-quality shopping to consumers in regions that do not have access to
this type of retail,” said Vitaly Chernyshev, director of Technopole.
In 2006, Technopole pioneered the concept
of large-format retail stores for home furnishings in Kazakhstan by opening
the LuMir Furniture Center. The country’s retail furniture market is dominated
by many small retailers that cluster in major towns and sell a limited
range of products. Technopole’s expansion will benefit consumers, particularly
in more remote regions, by making a larger number of products available.
“Kazakhstan’s furniture market is in
the early stages of development. Technopole is introducing a well-proven
retail concept that will benefit consumers and provide a boost for local
furniture producers,” said Shahbaz Mavaddat, IFC Director for Southern
Europe and Central Asia. “IFC is pleased to support Technopole’s pioneering
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC's vision is that people should have
the opportunity to escape poverty and improve their lives. In FY07, IFC
committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.