The IFC is investing €880,000 in Marina Market, a leading supermarket chain in Burkina Faso in order to support the company’s operations and planned expansion. The investment will help create jobs and promote modern retail infrastructure in a country where modern retail facilities are still novel.
Marina Market started as a small family-owned store in 1989 and has grown to operate 6 supermarkets in Burkina Faso, Ghana and Niger. As Burkina Faso’s economy recovers from recent political instability, the market for consumer goods is growing rapidly. Marina Market will use IFC’s support towards operating and expanding its supermarkets and warehouses in Burkina Faso.
Sarah Kebet-Koulibaly, IFC Director for Eastern and Southern Africa said, “IFC supports the development of modern a retail sector in developing countries as it generates jobs, consumer spending and tax revenues. Our investment in Marina Market encourages the growth of a promising local company, which will provide better quality products and services, raise labor standards and support food production in Burkina Faso.”
Since 1956, the IFC has invested more than $2 billion in 75 retail projects in 30 countries.