The Bank has invested US$ 40 million in a US$ 500 million Eurobond issuance by Anadolu Efes Biracilik ve Malt Sanayii A.i. a large regional producer of beer and soft drinks. The proceeds will be applied towards refinancing of the existing Eurobond maturing in 2022 and for general corporate purposes.
The Project will enhance access to skills and economic opportunities for farmers through the introduction of a Training programme on more sustainable, productivity raising agricultural practices in barley and hops production. The Company will also offer support and knowledge sharing to contracted farmers on the use of digital technologies in agriculture and it will introduce novel products and processes that promote a circular economy model for the brewery industry.
ETI score: 65
Primary quality: Inclusion. The Project will open up access to skills and economic opportunities for young farmers in rural Turkey through the development of a new training program on sustainable agricultural practices in barley and hops production.
Secondary quality: Competitive. Anadolu Efes will offer support and knowledge sharing to contracted farmers in relation to digital technologies in agriculture. The Project will also support the introduction of novel products and processes in relation to one of the major side products of its operations, brewers spent grain, promoting a circular economy model in the brewery industry.
ANADOLU EFES BIRACILIK VE MALT SANAYII AS
Anadolu Efes is a large regional beer and soft drink producer active in the EBRD's countries of operations. The company is the flagship entity of the Turkish conglomerate Anadolu Grubu Holding A.i. which holds 43 per cent of the share capital (the remaining 24 per cent of company shores owned by ABInBev, while 33 per cent is listed on the Borsa Istanbul Stock Exchange).
EBRD Finance Summary
Total Project Cost
Financing Structure: The bond is listed on an international stock exchange and will increase visibility of Turkey as an investment destination with international investors. The EBRD participation in the bond issuance is deemed a valuable signal to international investors for the successful placement.
Standard-setting - helping projects and clients achieve higher standards: Through the Project, the Bank supports the Company in advancing its agenda to promote gender equality across operations by advancing their policies in practises. The aim is to achieve a 10 percentage points increase of women across their occupations within the next 5 years and to start measuring the number of women suppliers in their current value chain. The Project will also help the Company enhance access to skills and economic opportunities for young people in rural Turkey.
Environmental and Social Summary
Categorised B (ESP 2019). This is a capital markets transaction and as such environmental and social due diligence was undertaken on the basis of publicly available information. Anadolu Efes is a former client of the Bank and is familiar with the environmental and social requirements of the Bank. The Company has in place a well-structured and comprehensive framework to address the environmental and social issues of relevance to the Bank's Performance Requirements. This framework covers environmental, community, staff and supply chain issues. For environment, the key areas of focus are climate change, water risks and management, waste and packaging. For staff, key areas include employee engagement, gender equality, and occupational health and safety. For supply chain, key areas include supporting sustainable agriculture and farmers, responsible sourcing, quality and food safety. For each of these areas, appropriate staffing is in place, at all levels, and separate policies have been developed and published to guide the actions of the Company. Key milestones have been tracked including certification to ISO 14001 and ISO 50001 at all plants and signature of best practice initiatives such the UN Global Compact Principles, the UN Women's Empowerment Principles and listing on the CDP Climate Program. It is important to mention that in the Turkish context, employees are free to organise and unionise and the ratio of employees working under a collective bargaining agreement was 47 percent. The Company has released a Sustainability Report for the last ten years, with the latest 2019 report being GRI compliant and covering production operations in Turkey, Russia, Ukraine, Kazakhstan, Georgia, and Moldova. Within these reports a wide range of targets are reported such as energy saved, carbon emissions decreased, packaging reduced, hours of OHS training provided and the progress on implementation of the various initiatives to which the Company has committed itself. Given this framework, and the clear commitment to national compliance and good international practice, no additional actions will be required of the Company and no ESAP will need to be agreed. The Company will be required to maintain compliance with the Bank's PRs and to provide the Bank with annual environmental and social reporting.
Technical Cooperation and Grant Financing
The Project is associated with two Technical Cooperation assignments:
The first one - SSF funded and with 50 per cent cost sharing by Anadolu Efes - will support the Company in setting up the training programme outside of the Company's current value chain and in developing an Equal Opportunities Action Plan (EOAP) aimed at assessing and implementing changes to its current policies and practises. The TC will enable the Company to increase its share of female workers. The second is an on-going assignment under the Turkey Circular Economy Platform aimed to support the Company's R&D and innovation efforts on the development of alternative circular economy models for the industry, which is paving the way for the Company's undertakings on the re-utilisation of a large by-product of its operations (brewers spent grain).
Company Contact Information
Asli Kilic Demirel
0 216 586 80 72
0 216 389 58 63
Fatih Sultan Mehmet Mah. Balkan Cad. No:58 Buyaka E Blok Tepeüstü / Ümraniye 34771 İstanbul
PSD last updated
15 Nov 2021
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
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