IFC grants $30 million loan to Kazyon for expansion in Morocco
The International Finance Corporation (IFC) has provided a $30 million loan to the Egyptian company Kazyon to expand its operations in Morocco, increase retail and storage capacity, and create an estimated 3,000 jobs, according to Egyptian media reports.
Founded in 2014, Kazyon has grown into one of Egypt's largest grocery and food retail chains, offering discounted prices. Since its launch in 2023, Kazyon Morocco has expanded to over 150 stores and operates one distribution center.
According to Egyptian media, the investment will support the development of a modern retail value chain in Morocco, aligning with the IFC's strategy to invest in Africa's retail sector and improve food security for vulnerable communities.
Hassan Heikal, Kazyon's founder and CEO, expressed pride in strengthening the company's long-term partnership with the IFC and other global financial institutions. «This loan reinforces our position as the largest discount grocery retailer across Africa and the Arab region, from Morocco to Saudi Arabia, serving over half a million customers daily», he said. «We remain committed to providing affordable food products to support our communities and drive prosperity for our employees».
Cheick-Oumar Sylla, IFC's Regional Director for North Africa, emphasized the importance of affordable access to essential goods for food security and livelihoods. He noted that Kazyon's expansion would not only enhance Morocco's modern retail sector but also improve access to nutritious food for families.
«This south-south investment strengthens private sector development and deepens regional economic ties for shared prosperity», he added.
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