European Bank for Reconstruction and Development (EBRD) funding will bring the first discount hypermarket to Tajikistan, the bank announced on Tuesday.
Schiever Tajikistan, partnered with Auchan Group will be receiving a financing package that totals $6.27 million to open the first branch in the country. The Auchan Group operates out of France and Poland.
People in the country have largely depended on open-air markets and small shops to get necessary produce and other items. The new facility, at 5,000 cubic meters, will bring competition and increase the standard of food quality for shoppers. The agreement came from the EBRD's president, Sir Suma Chakrabarti.
"We are proud to be part of this landmark project — the EBRD’s largest corporate investment in Tajikistan so far," Chakrabarti said. "We invest in changing lives. Bringing the first discount hypermarket to Tajikistan will improve not only the lives of local people, but will also introduce higher standards in the retail industry and create jobs along the value chain," he said.