SOFT DRINK GIANT,COCA-COLA ,THE CLASSIC DRINK TEAMS UP WITH IFC IN BIG
$100m INITIATIVE TO SUPPORT WOMEN ENTREPRENEURS IN AFRICA
$100m INITIATIVE TO SUPPORT WOMEN ENTREPRENEURS IN AFRICA
Gigantic soft drink, − The Coca-Cola Company and IFC (International
Finance Corporation), a member of the World Bank Group, today announced a $100
million, three-year joint initiative to provide access to finance for women
entrepreneurs in Eurasia and Africa.
The collaboration builds on the
synergies between Coca-Cola’s 5by20 women’s economic empowerment initiative and
IFC’s Banking on Women program to help address barriers women entrepreneurs
commonly face in some of the world’s poorest countries. IFC will work through its network of local
and regional banking institutions to provide financing and business skills
training to small and medium sized businesses that are owned or operated by
women entrepreneurs across the Coca-Cola value chain.
“Women entrepreneurs make
significant contributions to emerging and developing economies, yet have lower
access to finance than their male counterparts. By providing greater access to capital, we are
investing in our own success and the success of the communities we serve,” said
Nathan Kalumbu, president of Eurasia and Africa Group, The Coca-Cola Company. “We are excited about this opportunity to harness
the collective power of our organizations to positively impact women in Eurasia
and Africa.”
“Women entrepreneurs represent
significant untapped economic potential in developing countries—they are
essential for creating jobs and achieving sustainable growth,” said James
Scriven, IFC Director of Financial Markets. “This innovative partnership with
Coca-Cola will help expand access to finance for thousands of women who are part
of the company’s supply and distribution chain.”
Work related to this initiative
is already beginning in Nigeria. Coca-Cola and IFC are working with Access Bank
to provide financing to women micro-distributors (MDCs) in the Coca-Cola value
chain, in close collaboration with Coca-Cola’s bottling partner, Nigerian
Bottling Company.
This initiative with IFC is a
notable milestone for 5by20, The Coca-Cola
Company’s global initiative to enable the economic empowerment of five million
women across the Company’s global value chain by 2020. Launched in 2010, 5by20 is helping women
succeed as entrepreneurs, while also creating thriving, sustainable communities
by providing access to business skills, financial services, assets and support
networks of peers and mentors. 5by20
currently has programs in 12 countries.
IFC Banking on Women is playing
a catalyzing role helping financial institutions and corporate partners like
The Coca-Cola Company, and chambers of commerce to profitably and sustainably
serve businesses owned by women, focusing on regions and countries that have
strong enabling ecosystems for small and medium enterprises and large numbers
of women entrepreneurs. The Banking on
Women portfolio has made 20 investments in Eastern Europe, East Asia and Africa
and a robust pipeline of new investments is under development.
About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. IFC helps developing countries achieve
sustainable growth by financing investment, mobilizing capital in international
financial markets, and providing advisory services to businesses and
governments. In FY12, IFC’s investments
reached an all-time high of more than $20 billion, leveraging the power of the
private sector to create jobs, spark innovation, and tackle the world’s most
pressing development challenges. For
more information, visit www.ifc.org.
About The Coca-Cola Company
The Coca-Cola
Company (NYSE: KO) is the world's largest beverage company, refreshing
consumers with more than 500 sparkling and still brands. Led by Coca-Cola, the world's most valuable
brand, our Company's portfolio features 16 billion-dollar brands including Diet
Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid,
Simply, Georgia and Del Valle. Globally, we are the No. 1 provider of sparkling
beverages, ready-to-drink coffees, and juices and juice drinks. Through the world's largest beverage
distribution system, consumers in more than 200 countries enjoy our beverages
at a rate of more than 1.8 billion servings a day. With an enduring commitment to building
sustainable communities, our Company is focused on initiatives that reduce our
environmental footprint, support active, healthy living, create a safe,
inclusive work environment for our associates, and enhance the economic development
of the communities where we operate. Together with our bottling partners, we rank
among the world's top 10 private employers with more than 700,000 system
associates. For more information, visit
Coca-Cola Journey at www.coca-colacompany.com,
follow us on Twitter at twitter.com/CocaColaCo
or check out our blog, Coca-Cola Unbottled, at www.coca-colablog.com.
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