DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH provided long-term loan in Philippine peso to Philippine Cravings Group for expansion investments

• Provision of a loan of 10m US-dollars

• Renewed partnership with Cravings Group 

Cologne, Germany,  15-10-2013 — /EuropaWire/ — DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, extends its cooperation with the Philippine Cravings Group: it provides the Group with a long-term loan in Philippine peso to the equivalent of around 10 million US-dollars for expansion investments. Already in 2008 DEG made a loan of a similar amount available to the company that has steadily grown ever since.

Next to its activities in the food production industry, Cravings owns a restaurant chain and offers various diploma courses in the culinary sector, e.g. through its culinary institute “Center for Culinary Arts” in Manila. What started as a small family business more than 20 years ago is now the market leader in the Philippines.

The culinary institute has received numerous international awards and is affiliated with other training institutes and universities worldwide. Its graduates have very good career prospects: 90 % of the students of one academic year find employment quickly. The number of students interested in the training far exceeds the number of available places. Therefore the current loan will be primarily used to finance the expansion of its training capacities, which encompasses the construction of a new student dormitory and a library with an integrated research centre on the existing campus. Additionally, these measures generate a direct employment effect, as they contribute to maintaining 880 existing jobs and creating 116 new jobs at Cravings.

The company, however, is not only a pioneer in providing vocational training. It also excels by its social commitment and is internationally recognised for its environmental management in food production.

As long-term loans in local currency are not available locally, DEG in this project is in demand in its role as a development finance institution. Its financing contributes to providing education and training opportunities, a major concern for countries such as the Philippines, which is characterised by a high number of young people and a consequently high demand for education opportunities.

Since October 2012, DEG’s headquarters in Cologne has also been affiliated with the “Center for Culinary Arts”: cooks and apprentices of both locations regularly spend time at the partner’s premises, thereby gaining an insight into the host country’s cuisine while presenting their own country through typical culinary specialities. One apprentice and one cook from Manila are currently staying in Cologne, providing more variety to the usual DEG menu.

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