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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