Cameroonian Fintech Koree Secures Pre-Seed Funding for Growth
Cameroonian fintech Koree, which helps people save their spare change digitally, has secured $200,000 in pre-seed funding to expand its reach and offer.
January 5, 2024
New Investments
IFC Grants $30 Million Facility to Egyptian Retail Chain Kazyon for Expansion
The International Finance Corporation (IFC) has given a $30 million loan to Kazyon, a major Egyptian retail company, to support its growth in Morocco.
According to reports from Egyptian media, the funding will help Kazyon increase its retail and storage capacity and is expected to create around 3,000 new jobs.
Kazyon, launched in 2014, is one of Egypt’s largest discount grocery chains.
It focuses on offering affordable food products. In 2023, the company entered the Moroccan market and has already opened more than 150 stores along with one distribution center.
The new investment aims to build a stronger retail supply chain in Morocco.
It also aligns with IFC’s wider goal to support Africa’s retail sector and improve food access for vulnerable communities.
Kazyon’s Founder and CEO, Hassan Heikal, welcomed the support from the IFC and other global financial partners.
“This loan strengthens our role as the leading discount grocery retailer across Africa and the Arab region, from Morocco to Saudi Arabia,” he said.
“We are committed to offering affordable food and supporting both our communities and employees.”
Cheick-Oumar Sylla, IFC’s Regional Director for North Africa, stressed the importance of affordable goods for food security and people’s well-being.
He said Kazyon’s expansion would help improve access to nutritious food and boost Morocco’s retail industry.
“This investment between developing countries also helps build stronger private sectors and deeper economic ties in the region,” he added.
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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
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