IFC is providing a  64 million euro financing package comprised of a loan from IFC’s own account of 52 million euros. The financing package also 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 (USD) and the Alafaq Aljadida Middle East and North Africa (MENA) Private Sector Development (PSD) program for an amount of 3.5 million euros equivalent in USD.

According to this strategy, ECCBC plans to develop initiatives to reduce the company’s water and energy footprint in water-stressed areas like North Africa. Specific activities include the replacement of production lines to achieve energy and water savings, reduction of raw materials use, and solar panel installation, among other actions.

The project will also generate livelihood opportunities throughout the value chain as most of the company’s products are sold through small retailers. An exciting component of the project includes 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. With these actions, ECCBC commits to preserve the environment by driving efficiencies and innovation.

“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,” states 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,” he adds.

Additionally, Henrik Elschner Pedersen, IFC Regional Industry Director in Africa for Manufacturing, Agribusiness, and Services, states that: “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.” ” 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. For example, implementing sustainability measures, installing solar power, and boosting circular economy activities including recycling capacity, and energy savings in the cold chain.

A leading Coca-Cola bottler in Africa

ECCBC is the official Coca-Cola bottler in 13 countries in North and West Africa, with a proud history dating back over 30 years, and is committed to continuing to invest, employ, produce, and distribute locally while maintaining strong commitments to the economic and social well-being of each community it serves.

ECCBC recently consolidated its inorganic growth agenda in Morocco and Algeria. In Morocco, ECCBC has carried out an acquisition that has reinforced its position as the main Coca-Cola bottler in the country. In Algeria, ECCBC expanded its soft drinks business to the entire Algerian territory to create and lead a unified Algerian Coca-Cola Bottler.

ECCBC’s inorganic growth agenda shows its optimism and trust in Africa’s future with the vision to become a leading Coca-Cola system bottler in the continent. To this vision, the company unites its willingness to play an increasingly active role in African social and economic development, also by ensuring that it operates as an ESG oriented company, a priority for the future of local communities, and by extension for its own future as a business.

ThirdWay Partners acted as sole strategic advisor to ECCBC.

About ECCBC

ECCBC is a bottler of The Coca-Cola Company across North and West Africa, where it produces, commercialises, and distributes the world’s most-loved brands and a wide choice of high-quality beverages including Coca-Cola, Fanta, and Sprite. ECCBC's story began in 1989 in Equatorial Guinea, before expanding to other countries including Guinea Conakry, Mauritania, Cape Verde, Guinea Bissau, and The Gambia. In 1997, ECCBC was re-founded as a Group to serve as a platform for growth into new territories like Ghana, Morocco, and Algeria. Today ECCBC operates in 13 countries in Africa and is headquartered in Casablanca, Morocco. ECCBC has raised an ESG strategy that covers the six pillars of our value chain: packaging, water, climate, communities, sourcing and people to hold sustainable and social projects. Through these initiatives, ECCBC aims to create long-term value for local communities, support sustainable business and eliminate barriers to the progress of our professionals.

www.eccbc.com

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.