IFC Invests in CCI to Boost Inclusive, Sustainable Growth in Iraq, Tajikistan, Türkiye, and Uzbekistan

• IFC's financing to help expand CCI's operations, fostering inclusive economic growth sector in four countries;
• IFC's investment will help CCI create new jobs along its supply chain;
• IFC's financing will include "sustainability-linked" incentives for the company to limit and manage water usage.

Istanbul, Türkiye, July 1, 2024-IFC, a member of the World Bank Group, has signed four sustainability-linked loans in the total amount of US$250 million to Coca-Cola İçecek A.Ş. (CCI) of Türkiye and its three subsidiaries in Uzbekistan, Tajikistan, and Iraq.

IFC's financing will help CCI, a multi-national beverage producer, implement sustainable manufacturing processes in four countries including reducing energy and water usage and improving circular economy practices. IFC will also support CCI in its ongoing commitment to reduce the gender gap in its workforce, management, and its Board.

"Our company's purpose is to create value for our consumers and customers, our people, and our community. We also seek to positively impact people's lives, communities, and the planet through our sustainability initiatives," said Erdi Kurşunoğlu, CCI's Chief Financial Officer. "This deal is an important milestone in achieving CCI's long-term expansion plans in some of its fastest-growing markets."

CCI's expansion efforts are expected to have significant economy-wide effects, as the investment is anticipated to support the creation of many direct and indirect jobs along the company's supply chains in the four countries. Climate finance constitutes 60% of the financing, which would be directed towards increasing recycled PET bottling capacities, energy-efficient equipment, renewable energy projects, and water savings measures.

Boosting female labor participation and women's empowerment, particularly in management and board positions, is another key objective for CCI. CCI has committed to increasing female representation among new hires and at the management level to 35 percent and 40 percent, respectively, by 2030.

"Through our collaboration with CCI, we will help elevate the beverage sector's sustainability path and enhance industry practices," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. "This financing will support CCI in implementing sustainable manufacturing processes, promoting gender equality, and boosting job creation. The investment aligns with our mission to foster inclusive economic development by stimulating growth in the project countries' supply chain, logistics, and distribution sectors."

About CCI

CCI is a multinational beverage company that operates in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Bangladesh, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan, and Syria. CCI produces, distributes, and sells sparkling and still beverages of The Coca-Cola Company and Monster Energy Beverage Corporation along with the production of fruit juice concentrate via its affiliate Anadolu Etap İçecek (Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret Anonim Şirketi).

CCI employs more than 10,000 people and has a total of 33 bottling plants, and 3 fruit processing plants in 12 countries, offering a wide range of beverages to a population base of 600 million people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy drinks, iced teas, and coffee.

CCI's shares are traded on the Borsa Istanbul Stock Exchange (BIST) under the symbol "CCOLA.IS".

About IFC

IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org

Stay Connected with IFC on social media

Public link

Please use the above public link if you want to share this noodl on another website.