Drinks bottler Coca-Cola HBC has been awarded a $130m (£99.8m) loan to finance its capex and working capital requirements.
The loan from the European Bank of Reconstruction & Development (EBRD) will also further the London-listed group’s investment in people development and sustainable business practices in Egypt.
It will be complemented by a grant of $750k from the Global Environment Facility (GEF) to promote the implementation of advanced wastewater treatment technology and water management systems in Egypt, in line with EU discharge standards.
“This collaboration with EBRD as a strategic partner is an exciting development for our business in Egypt and is founded on our common goals of developing people and progressing sustainable business solutions,” CFO Anastasis Stamoulis said.
“It will enable us to continue driving growth and investing in innovation and the latest sustainable technologies. It will also help us continue building best-in-class capabilities for our people and empowering youth and women through dedicated programmes. We look forward to the positive impact this will bring for our customers, consumers, and the communities in which we operate.”
Heike Harmgart, EBRD managing director for the southern and eastern Mediterranean, added: “Thanks to the support of our partners from the GEF, the new financing will also help alleviate water pollution through the promotion of advanced wastewater treatment technology, as well as foster inclusion by increasing employment opportunities and training for Egyptian youth, benefiting the local economy.”
Egypt is a founding member of the EBRD. Since the start of its operations in the country in 2012, the EBRD has invested almost €11.9bn in 178 projects in the country.
Coca-Cola HBC is the world’s third-largest Coke anchor bottler and operates across 29 countries, including Greece, Cyprus, Ireland, Austria, Switzerland, Italy and Egypt.
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