The European Bank for Reconstruction and Development (EBRD) is boosting the competitiveness and growth of Egypt’s private sector, with a loan of US$ 130 million (€123.8 million equivalent) to Coca-Cola HBC Egypt S.A.E (Coca-Cola HBC), to finance the company’s capex and working-capital requirements.
The financing package will be complemented by a grant of US$ 750,000 from the Global Environment Facility (GEF), provided under the Environmental Technology Transfer programme (ENVITECC) to promote the implementation of advanced wastewater treatment technology and water management systems in Egypt as per EU discharge standards.
In Egypt, 26.5 per cent of youth are unemployed and many employed individuals tend to work in jobs that lack job security and stability. With the EBRD’s support, Coca-Cola HBC will continue to invest in its training programme to help young people build skills. It will also strengthen equal opportunities through dedicated measures to advance the careers of women.
EBRD Managing Director for the Southern and Eastern Mediterranean region, Heike Harmgart said: “We are very pleased to sign this financing package with Coca-Cola HBC and to further support the private sector, a key segment of Egypt’s economy. Thanks to the support of our partners in the Global Environment Facility, the new financing will also help alleviate water pollution by promoting advanced wastewater treatment technology as well as fostering inclusion by increasing employment opportunities and training for Egyptian youth, benefiting the local economy.”
Ahmed El Afifi, General Manager of Coca-Cola HBC Egypt, said, “Our cooperation with the European Bank for Reconstruction and Development enables us to continue to grow and invest in innovation and the latest sustainable technologies. It also enables us to raise the capabilities of our employees and achieve our ambitions of empowering youth and women. We will do all this through programs dedicated to the Egyptian community, water and energy efficiency projects, reliance on renewable energy, investment in energy-saving coolers, and shift to automated systems and digital innovation.”
Coca-Cola HBC is a leading beverage producer and a strategic bottling partner of The Coca-Cola Company. The company is listed on the London Stock Exchange, with a secondary listing on the Athens Stock Exchange. In 2021, Coca-Cola HBC committed to achieving net-zero emissions across its entire value chain by 2040.
Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012, the EBRD has invested almost €12.2 billion in 183 projects in the country. The EBRD’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services, and contributions to the upgrade of transport services?.
Comments are closed.