Coca-Cola İçecek (CCI) has secured four loans from the International Finance Corporation (IFC) to support its ESG efforts in four countries.
The loans, totalling $250m, will be used on projects at CCI’s facilities in Turkey and its three subsidiaries in Uzbekistan, Tajikistan and Iraq.
IFC, a member of the World Bank Group, said the financing will help the Turkey-based Coca-Cola bottler “implement sustainable manufacturing processes in four countries including reducing energy and water usage and improving circular economy practices”.
It added that the fresh funds will “support the creation of many direct and indirect jobs” as CCI looks to increase recycled PET bottling capacities, energy-efficient equipment, renewable energy projects and water savings measures.
“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,” Erdi Kurşunoğlu, CCI’s chief financial officer, said.
“This deal is an important milestone in achieving CCI’s long-term expansion plans in some of its fastest-growing markets.”
Boosting “female labour participation and women’s empowerment, particularly in management and board positions”, is another key objective for CCI, according to the statement.
The bottler has committed to increasing female representation among new hires and at the management level to 35% and 40% 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 Turkey 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.”
CCI has committed to make 100% of its packaging recyclable and use at least 50% recycled material in its plastic packaging by 2030, according to its sustainability targets.
It also is aiming to increase “water efficiency” by 20% by 2030, with 2020 as the base year.
Meanwhile, the bottler has pledged to reduce its total absolute GHG emissions by 13% by 2030 and emissions per litre of product by 50% by 2030 while growing the business, with the base year of 2015.
In May, CCI signed a memorandum of understanding with Azerbaijan’s government to establish a production site in the country.
The proposed $30m facility is set to be built in the Azerbaijan city of Ismayıllı.
“Turkey’s Coca-Cola İçecek secures four sustainability-focused loans” was originally created and published by Just Drinks, a GlobalData owned brand.
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