Umai Group, one of Central Asia's leading retailers, partners with IFC for $50 million financing to accelerate growth
Umai Group, the leading modern grocery retailer in the Kyrgyz Republic with 172 stores, has announced a partnership with the International Finance Corporation (IFC) to secure a $50 million loan facility. This funding is intended to support the construction of a centralized, multi-temperature, EDGE-certified distribution center in Bishkek, expected to be completed by mid-2027.
The new distribution center will enhance Umai Group's operational infrastructure, allowing the company to expand its store portfolio to up to 400 locations across the Kyrgyz Republic. This expansion aims to create over 22,000 direct and indirect jobs while improving access to affordable, quality food for the local population.
Founded in 2002 under the Narodnyi brand, Umai Group operates multiple store formats and serves more than 280,000 customers daily through its Globus, Narodnyi, SPAR, and Dostor brands. After its acquisition by Visor International in 2006, the company has established itself as the leading grocery retailer in the country, benefiting from the commitment of Visor International to develop the private sector.
The financing from IFC is seen as an endorsement of the potential in Central Asia's rapidly growing market. The relevant demographic data shows a significant young population, with 37% under the age of 17, alongside robust projected economic growth, including an 11.1% increase in real GDP in 2025.
Rud Pedersen, Chairman of Umai Group's Supervisory Board, expressed enthusiasm about the financing, highlighting its support for the company's current operations and future ambitions. Michael Sauer, CEO and Partner at Visor International, emphasized that the investment would strengthen Umai Group's logistics and supply chain, ultimately benefiting customers and local producers.
IFC's Regional Manager for Manufacturing, Agribusiness, and Services for Central Asia and Türkiye, Lukas Casey, noted that the investment aims to create jobs and improve food access in the Kyrgyz Republic, aligning with IFC's mission to foster development through private sector growth in emerging markets.