Latest news with #Cheick-OumarSylla
Zawya
12-03-2025
- Business
- Zawya
IFC, Kazyon strengthen partnership to boost Morocco's food retail sector
The International Finance Corporation (IFC) is expanding its partnership with Kazyon Group to support the development of Morocco's discount grocery retail sector. This initiative aims to improve access to quality food and create tens of thousands of jobs, particularly for young people and women in rural areas. IFC's $30m loan to Kazyon will enable the company to scale up its operations in Morocco by increasing its retail stores, warehousing, and storage capacity. The expansion is expected to generate over 3,000 direct jobs. Founded in 2014, Kazyon Egypt has grown into the country's largest discount grocery retailer, operating more than 1,000 stores and five distribution centers across 22 governorates. In 2023, the company expanded into Morocco, where it currently operates over 150 discount retail stores and a single distribution center, offering affordable groceries to low- and middle-income consumers, particularly in underserved regions. This project supports the development of a modern retail sector value chain in Morocco, aligning with IFC's investment strategy in Africa's retail sector. It is expected to enhance food safety and improve access to essential goods for those most in need. 'This loan reinforces our position as the largest homegrown African and Arab grocery discounter, with a presence spanning from Morocco to Saudi Arabia,' said Hassan Heikal, Founder and Executive Chairperson of Kazyon. 'Serving over half a million customers daily, we remain committed to expanding access to affordable groceries, supporting our communities, and fostering a thriving workplace for our employees.' 'Access to quality, affordable essential commodities is vital for ensuring food security and improving livelihoods,' said Cheick-Oumar Sylla, IFC's Director for North Africa and the Horn of Africa. 'Kazyon's expansion will not only strengthen Morocco's modern discount retail sector but also play a crucial role in making nutritious food more accessible to families. This South-South investment demonstrates how private sector growth across borders can drive shared prosperity and strengthen regional economic ties.' As part of the partnership, IFC will support Kazyon's efforts to promote gender equality by integrating inclusive hiring and promotion practices. IFC will also assist Kazyon Morocco in developing comprehensive environmental and social management systems in line with its global standards. The project aligns with the World Bank Group's (WBG) Country Partnership Framework for Morocco (FY19–25), which aims to support private sector job creation and human capital development. It is also consistent with the WBG Gender Strategy 2024–2030, which focuses on accelerating gender equality for a more sustainable, resilient, and inclusive future. Over the past three years, IFC has committed and mobilized $2.9bn in Egypt and $1.6bn in Morocco to foster sustainable, resilient, and inclusive private sector development.
Daily News Egypt
11-03-2025
- Business
- Daily News Egypt
IFC, Kazyon strengthen partnership to boost Morocco's food retail sector
The International Finance Corporation (IFC) is expanding its partnership with Kazyon Group to support the development of Morocco's discount grocery retail sector. This initiative aims to improve access to quality food and create tens of thousands of jobs, particularly for young people and women in rural areas. IFC's $30m loan to Kazyon will enable the company to scale up its operations in Morocco by increasing its retail stores, warehousing, and storage capacity. The expansion is expected to generate over 3,000 direct jobs. Founded in 2014, Kazyon Egypt has grown into the country's largest discount grocery retailer, operating more than 1,000 stores and five distribution centers across 22 governorates. In 2023, the company expanded into Morocco, where it currently operates over 150 discount retail stores and a single distribution center, offering affordable groceries to low- and middle-income consumers, particularly in underserved regions. This project supports the development of a modern retail sector value chain in Morocco, aligning with IFC's investment strategy in Africa's retail sector. It is expected to enhance food safety and improve access to essential goods for those most in need. 'This loan reinforces our position as the largest homegrown African and Arab grocery discounter, with a presence spanning from Morocco to Saudi Arabia,' said Hassan Heikal, Founder and Executive Chairperson of Kazyon. 'Serving over half a million customers daily, we remain committed to expanding access to affordable groceries, supporting our communities, and fostering a thriving workplace for our employees.' 'Access to quality, affordable essential commodities is vital for ensuring food security and improving livelihoods,' said Cheick-Oumar Sylla, IFC's Director for North Africa and the Horn of Africa. 'Kazyon's expansion will not only strengthen Morocco's modern discount retail sector but also play a crucial role in making nutritious food more accessible to families. This South-South investment demonstrates how private sector growth across borders can drive shared prosperity and strengthen regional economic ties.' As part of the partnership, IFC will support Kazyon's efforts to promote gender equality by integrating inclusive hiring and promotion practices. IFC will also assist Kazyon Morocco in developing comprehensive environmental and social management systems in line with its global standards. The project aligns with the World Bank Group's (WBG) Country Partnership Framework for Morocco (FY19–25), which aims to support private sector job creation and human capital development. It is also consistent with the WBG Gender Strategy 2024–2030, which focuses on accelerating gender equality for a more sustainable, resilient, and inclusive future. Over the past three years, IFC has committed and mobilized $2.9bn in Egypt and $1.6bn in Morocco to foster sustainable, resilient, and inclusive private sector development.
Ya Biladi
11-03-2025
- Business
- Ya Biladi
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.
See - Sada Elbalad
28-02-2025
- Business
- See - Sada Elbalad
Minister of tourism meets IFC's Regional Director for North Africa and the Horn of Africa
Ali abo dashish Sherif Fathi, Minister of Tourism and Antiquities, held a meeting with Cheick-Oumar Sylla, the IFC's Regional Director for North Africa and the Horn of Africa, and a number of representatives of the institution, to discuss ways to enhance further areas of joint cooperation between the ministry and the institution and future cooperation frameworks. Sherif Fathi expressed his deep appreciation for the fruitful strategic cooperation relations with the institution in all fields and the efforts it is making to increase investments in Egypt to support its development efforts. The Minister reviewed the Ministry's current strategy and vision, which is based on highlighting Egypt's diverse and distinct tourism and archaeological potentials. For his part, the Regional Director of the International Finance Corporation (IFC) for North Africa and the Horn of Africa, reviewed the most prominent efforts and activities undertaken by the institution and the various aspects of cooperation between it and the Egyptian government.
