Tajikistan to get first hypermarket financed by EBRD
By Aynur Jafarova
Tajikistan will get its first ever discount hypermarket under the Auchan brand in Dushanbe thanks to the loan allocated by the European Bank for Reconstruction and Development (EBRD).
The EBRD allocated a financing package worth €5 million to Schiever Tajikistan, a subsidiary of Schiever group, the French company which partners with Auchan group in France and Poland where it operates Auchan hypermarkets, EBRD said on November 18.
Schiever will have the Auchan master franchise for Tajikistan.
The new, 5,000-square meter hypermarket will not only bring competition and lower prices, but also new standards in food quality, hygiene and logistics.
As part of the investment, there will also be a program to develop the Tajik food value chain in partnership with local suppliers.
Speaking at the signing ceremony EBRD President Sir Suma Chakrabarti said bringing the first discount hypermarket to Tajikistan will improve not only the lives of local people, but will also introduce higher standards in the retail industry and create jobs along the value chain.
In his remarks Schiever Tajikistan’s General Manager Frédéric Lobbé said the introduction of modern retail represents a revolution for Tajikistan and is going to improve the country’s food security.
The EBRD will be a minority shareholder in Schiever Tajikistan and will also provide a long-term loan to the company to support the opening of this first hypermarket.
To date, the EBRD has invested €360 million in Tajikistan. 2014 is expected to be a record year for the bank in the country, with annual investments reaching about €100 million.