AFRICA – Equatorial Coca-Cola Bottling Company (ECCBC), a bottler of The Coca-Cola Company across North and West Africa, has secured a 64 million euros (US$70m) loan from the International Finance Corporation (IFC) to support its sustainability strategy.
Out of the 64-million-euro financing package, IFC accounts for 52 million euros, the other includes concessional finance from the Canada IFC Blended Climate Finance Program (BCFP) for an amount of 8.5 million euros equivalent in United States Dollars (US$).
The package is also inclusive of a contribution from the Alafaq Aljadida Middle East and North Africa (MENA) Private Sector Development (PSD) program for an amount of 3.5 million euros equivalent in US$.
The investment will be used for climate investments and enable the company to progress on its climate agenda.
ECCBC plans reductions in its water and energy footprint with the replacement of production lines, reduction of raw materials, and solar panel installation, among other actions, under its ESG (Environment, Social, and Governance) Impact Strategy 2030.
The ESG strategy reinforces the sustainability of the business, ensuring it meets the evolving demands of its internal and external stakeholders and contributes to protecting the shared environment.
Through its six pillars — packaging, water, climate, communities, sourcing, and people — the ESG strategy follows ECCBC’s vision to become the best beverage company in each of the countries that it operates and the leading Coca-Cola system bottler in Africa, not only through the beverages they produce but by creating long-term value for local communities and investing in a better future for Africa.
“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,” 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, to improve the future of Africa.”
According to ECCBC, it has objectively planned to develop initiatives to reduce the company’s water and energy footprint in water-stressed areas like North Africa through technological upgrades, solar solutions, and piloting recycling programs.
In the energy sector, the company will be piloting off-grid solar-powered coolers at the “last mile” which would also help address the rising demand for safe beverages and food in markets where there is limited access to refrigeration and efficient transport.
The project will also have socio-economic value through the generation of livelihood opportunities throughout the value chain as most of the company’s products are sold through small retailers.
Beyond the investment, ECCBC and IFC will work together on the improvement of ECCBC’s Environmental and Social (E&S) practices through strategic and technical advice.
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