The International Finance Corporation (IFC), the World Bank Group’s private lending arm has signed for a $25 million loan to be provided to City Mart Holding Company Limited (CMHL), the largest private retail group in Myanmar, to finance the expansion of the retail business in the country.
Currently, CMHL has over 150 retail outlets in the country and plans to construct about 20 more supermarkets and hypermarkets over the next three years.
It’s plans are “to increase its purchases from domestic suppliers six fold, reaching around $150 million by 2021, and create nearly 4000 new jobs, half of which will be for women,” according to the filing.
IFC hopes that CMHL’s expansion in the retail sector in the country, will help create jobs, develop supply chain and logistics infrastructure and support smaller businesses. (Courtesy of DealStreetAsia)
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