Casablanca, Morocco, April 27, 2023— A partnership announced today between IFC and the Equatorial Coca-Cola Bottling Company will support the beverage maker's ambitious strategy to reduce its water and energy consumption across its operations in 13 countries in North and West Africa and increase its recycling of plastics.
The strategy, developed with IFC's support over the last two years, involves upgrading or replacing production lines to be more efficient, establishing a polyethylene terephthalate (PET) collection and recycling program in Algeria, replacing coolers in its distribution network for energy savings, installing solar panels at bottling plants, and piloting solar powered retail coolers in Ghana and Morocco.
To support the implementation of the resource-saving measures, IFC is providing a €64 million financing package, which includes a €52 million loan from IFC's own account, €8.5 million equivalent in USD from the Canada IFC Blended Climate Finance Program (BCFP), and €3.5 million equivalent in USD from the Alafaq Aljadida Middle East and North Africa (MENA) Private Sector Development (PSD) program. The loan will be used for climate investments and will enable the company to progress on their climate agenda. In addition to the investment, IFC will provide advisory services to help the Equatorial Coca-Cola Bottling Company implement the sustainability measures.
"I am proud to say that Equatorial Coca-Cola has fared well in the face of the rapidly evolving challenges of the last few years and that we have continued making strides in our path towards becoming a more responsible, inclusive, diverse, and sustainable business," said Alfonso Bosch, Chief Executive Officer at ECCBC. "To achieve this purpose, partnerships like the one with IFC are essential. By working together, we can unify forces to develop more impactful solutions and achieve larger goals, in order to improve the future of Africa."
"By working with Equatorial Coca-Cola Bottling Company, we aim to help shape the beverage sector's sustainability path and influence industry practices throughout Africa. The project targets reducing the company's water and energy footprint through technological upgrades, solar solutions and piloting recycling programs. We look forward to working closely with more companies across Africa to help them achieve their climate and sustainability goals," said Henrik Elschner Pedersen, IFC Regional Industry Director in Africa for Manufacturing, Agribusiness, and Services.
The Equatorial Coca-Cola Bottling Company operates seven bottling plants and 44 production lines in Africa, producing, commercializing, and distributing well-known soft drinks, water, juices, and other drinks. The company reaches over 160 million consumers and employs 5,000 people directly and 35,000 indirectly.
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 2022, IFC committed a record $32.8 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.
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