CCI Eurobond



Project number:


Business sector:


Notice type:


Approval date:

12 Jan 2022



PSD disclosed:

16 Feb 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The Bank has invested US$ 90 million in a US$ 500 million Eurobond issuance by Coca Cola Icecek A.S., a large producer, distributor and seller of sparkling and still beverages of The Coca-Cola Company across Turkey, Central Asia, Pakistan and the Middle East.

Project Objectives

As a sustainability-linked Eurobond, key sustainability performance indicators are linked to water savings. The proceeds from the Bank's investment will be utilised for refinancing of existing financial debt, capex investments, and working capital requirements in Turkey.

Transition Impact

ETI score: 71

Primary Quality: Inclusion. The project is expected to contribute to ongoing projects to improve equal opportunity practices and policies of the Company.

Secondary Quality: Well-Governed. The Company will also make improvements in corporate governance with the development of a plan for the roadmap to achieving the ambitious water efficiency target.

Client Information


Coca Cola Icecek is one of the largest independent bottlers in the Coca-Cola system, operating in Turkey, Central Asia, Pakistan and the Middle East, and listed on the Istanbul Stock Exchange. It is 50.3% owned by Anadolu Efes and 20.1% by The Coca-Cola Company.

EBRD Finance Summary

USD 90,000,000.00

Total Project Cost

USD 500,000,000.00


Financing Structure: The Bond will be listed on an international stock exchange, Euronext Dublin, and will increase the visibility of Turkey as an investment destination with international investors. The placement occurs at a time of continuous macro headwinds in Turkey and unstable FX rate which have deteriorated global investors' appetite towards instruments carrying risks associated with exposure to Turkey, which are further exacerbated by the COVID-19 crisis.

Standard-setting: EBRD's participation in the transaction will ensure that the Company further improves it corporate climate governance in line with international best standards. CCI will commit to an increase in the overall share of women at the Manager level and above by 2025 (at least 5%) from our current corporate baselines. 

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. The Coca Cola Icecek (CCI) is a 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, employee and supply chain issues.  For environment, the key areas of focus are climate change, water stewardship, sustainable packaging and waste management.  For staff, key areas include human rights along the value chain, employee engagement, diversity and inclusion, freedom of association and collective bargaining and occupational health and safety.  For supply chain, key areas include supporting sustainable agriculture and farmers, responsible sourcing, food quality and 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, OHSAS 18001, ISO 9001 and FSSC 22000 in all plants and ISO 50001 in all plants in Turkey, Pakistan and the Bishkek plant in Kyrgyzstan, in addition to the signature of best practice initiatives such the UN Global Compact Principles, the UN Women's Empowerment Principles, listing on the CDP Climate and Water Security Programs and received LEED Gold Certificate with CCI Dudullu HQ.  CCI has started "Sustainable Beet Sugar Production" Project to effectively understand and implement the best practices for the sustainable production of beet sugar in Turkey in cooperation with leading FMCG (Fast-moving consumer goods) and beverage companies. It is important to mention that in the Turkey Operations, employees are free to organise and unionise and the ratio of employees working under a collective bargaining agreement is 95.82 percent for 2020. The Company has released a Sustainability Report for the last 10 years, with the latest 2020 integrated annual report being GRI compliant and in line with the International Integrated Reporting Council Framework, and covering 100% of CCI's total production volume as of 2020. Within these reports a wide range of targets are reported such as energy saved, water saved, recycled and reused, carbon emissions savings, packaging savings, hours of OHS training provided and the progress on implementation of the various initiatives to which the Company has committed itself.  CCI have taken the necessary steps against the COVID-19 pandemic to protect the health and safety of their employees, customers, consumers and community. Given this framework, and the clear commitment to national compliance and good international practice, no additional actions will be required of the Company and an ESAP will not 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


Company Contact Information

Cicek Usakligil Ozgunes

PSD last updated

20 Feb 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

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).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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