IFC Grants $250 Million in Sustainability-Linked Loans to Turkiye’s Coca-Cola İçecek and Subsidiaries

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

“IFC’s financing will help CCI, a multinational beverage producer, implement sustainable manufacturing processes in four countries, including reducing energy and water usage and improving circular economy practices,” it said in a statement.

IFC will also support CCI in its ongoing commitment to reduce the gender gap in its workforce, management, and its board.

Climate finance constitutes 60 percent of the financing, which would be directed towards increasing recycled PET bottling capacities, energy-efficient equipment,renewable energy projects, and water savings measures, according to the statement.

CCI has committed to increasing female representation among new hires and at the management level to 35 percent and 40 percent, respectively, by 2030.

“The investment aligns with our mission to foster inclusive economic development by stimulating growth in the project countries’ supply chain, logistics, and distribution sectors,” said Wiebke Schloemer, IFC Director for Türkiye and Central Asia.

This deal is an important milestone in achieving CCI’s long-term expansion plans in some of its fastest-growing markets, commented Erdi Kurşunoğlu, CCI’s chief financial officer.

Multinational beverage company CCI operates in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Bangladesh, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria.

Source: hurriyetdailynews

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