IFC, a member of the World Bank Group, is providing a $20 million financing to METRO Wholesale Myanmar Limited to help raise food safety standards, and benefit the country’s food suppliers, buyers, and consumers.
METRO Wholesale Myanmar offers a one-stop wholesale food service distribution for hotels, restaurants, catering firms, independent small retailers, and offices. It is a joint venture partnership between METRO AG, a leading global specialist in wholesale food and Yoma Strategic Holdings Limited, a publicly listed business corporation in Singapore with a diversified portfolio of businesses in real estate, consumer, and financial services in Myanmar.
Progress in the agricultural sector was directly responsible for at least 46% of the reduction in poverty between 2005-2015 in Myanmar. With IFC’s investment, METRO Wholesale Myanmar will drive up agricultural incomes and help reduce poverty as well as improve the quality and availability of local produce, benefiting buyers and end consumers. It will help METRO Wholesale Myanmar source majority of its produce from local farmers and companies, raising food safety standards and creating more than 300 jobs for both women and men and significant indirect employment in food processing and logistic services.