Project detail - ADP III HOLDING 5 L.P.


Status: Approved investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at


The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Founded in 2014, Kazyon is a discount grocery retailer in Egypt with over 5,000 employees, 4 distribution centres, and over 600 stores spread across 18 governorates as of April 2023. Kazyon is offering a wide range of fast-moving consumer goods such as packaged foods, beverages, toiletries, dry goods and other consumables.

What is our funding objective?

FMO by contributing to a consortium led by FMO's partner DPI supports the further domestic growth trajectory of the Company and its international expansion with growth capital. Part of the consortium's funds will be earmarked to acquire shares from smaller shareholders seeking an exit. FMO invests via ADP III Holdings 5 LP, which is an investment vehicle led by DPI and holds the consortium’s stake in Kazyon.

Why do we fund this investment?

Kazyon as a retail discounter sells products ranging from dry and fresh food products to household essentials. Kazyon reaches the low-income consumers with average grocery basket of a few dollars and growth of Kazyon and the hard-discount retail sector overall can improve access to cheaper basic goods for a larger part of the population.

What is the Environmental and Social categorization rationale?

Categorized as B+. The main E&S risks identified at this stage are related to overall labor conditions, Health and safety, fire and emergency response, especially at distribution centers, food safety and foodborne diseases across storage, distribution and retail as well as (avoidance of) food waste, and lastly road safety related to distributions trucks. The lead investor has many years of experience integrating E&S matters in the investment process and working with DFIs, and has a good track record of managing complex E&S risks with high standards.

Infrastructure, Manufacturing and Services
Publication date
Effective date
Total FMO financing
USD 25.30 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)