Chinese supermarket group Wumart has secured support for expansion from the World Bank's International Finance Corporation (IFC).
Wumart, which has approximately 220 shops in China and is the country's second-biggest supermarket group, aims to establish 10 hypermarkets, 32 supermarkets and 152 convenience stores over the next two years.
The IFC will invest US$6.5 million (£3.8 million), supporting the retailer's recent share offering on the Growth Enterprise Market of the Hong Kong Stock Exchange.
Last week's listing - the second by a Chinese grocer - enabled Wumart to raise US$70 million (£41.3 million) for development, including improving its operating, information and logistics systems.
The investment is the first by the IFC in a Chinese retailer. IFC director for east Asia and the Pacific Javed Hamid said: 'This investment shows IFC's long-term commitment to developing strong local retailers that can compete with international players in the Chinese market.
'Support for Wumart signals our confidence in the company's business model and expansion strategy.'
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