IFC, a member of the World Bank Group, has announced that it will invest in Marina Market, Burkina Faso’s supermarket chain, to support the company’s operations and expansion.

The €880,000 investment will create new jobs and promote modern retail infrastructure in the country.

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,” she said.

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.

Starting as a small family-owned store in 1989, Marina Market has since grown to operate six supermarkets in Burkina Faso, Ghana and Niger.

The four branches in Ouagadougou offer a wide range of grocery products compliant with consumer safety standards, which is still unusual in Burkina Faso, where the retail sector is dominated by street vendors.

Marina Market also operates a supermarket in Bobo Bioulasso, 350 kilometers from Ouagadougou, where modern retail stores are in even shorter supply.

Georges Restom, CEO of Marina Market, said: “The endorsement of our retail business by IFC is a sign of confidence in our company. As we continue to grow, Marina Market will create income opportunities for youth and local farmers and suppliers.”

The global retail industry employs more than 150 million people and accounts for about 9% of global GDP—and another 20%percent indirectly.

As developing countries attract modern retail, there are many expected benefits, including increased productivity, economic growth, capital investment, job creation and exports.

Since 1956, IFC has invested $2bn in 75 retail projects in more than 30 countries.