The Work Bank Group’s International Finance Corporation (IFC) has invested US$25m in Myanmar’s largest private retailer Myanmar City Mart Holding (CMHL) to expand its operations, create jobs and boost Myanmar’s retail sector.
CMHL plans to use the loan to construct 20 additional supermarkets and hypermarkets over the next three years, adding to the 150 stores operating in Myanmar.
The new operations are expected to increase CMHL’s purchases from domestic suppliers six-fold, hitting US$150m by 2021, and creating more than 4,000 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,” founder and managing director Win Win Tint said in a company statement.
“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.”
“IFC supports the development of a modern retail sector in developing countries as it helps spur growth and job creation, develop supply chain and logistics infrastructure, and support smaller businesses,” said Vivek Pathak, IFC regional director for East Asia and Pacific. “With our global expertise and industry knowledge, we will be delighted to work with CMHL to improve efficiency and standards to become a model retailer in Myanmar.”
CMHL was established in 1996 and today operates supermarkets, hypermarkets, bakeries, pharmacies and convenience stores across Myanmar.
