Coca-Cola Investing Additional US$5bn in Africa
The Coca-Cola Company and its African bottling partners Wednesday announced a new investment of US$5bn. The investment, to be made over the next six years, increases the beverage company’s total announced investment in Africa to $17bn from 2010 to 2020.
Coca-Cola anticipates that this investment will fund new manufacturing lines, cooling and distribution equipment and production; create additional jobs and opportunities across Coca-Cola’s African supply chain; and support key sustainability initiatives and programs focused on safe water access, sustainable sourcing, women’s economic empowerment, community well-being and operational efficiency improvements.
“As an organization that has been part of the economic and social fabric of Africa since 1928, we and our local bottling partners have seen, firsthand, the great promise and potential of this dynamic, growing and vibrant continent,” said Muhtar Kent, chairman and CEO of Coca-Cola. “Even as we see tremendous growth potential in Africa, we know that the strength and sustainability of our business are tied directly to the strength and sustainability of the African communities we proudly serve.”
Coca-Cola has also signed a Letter of Intent to launch Source Africa, an initiative to secure more consistent and sustainable local ingredient sourcing for its products in partnership with the New Alliance for Food Security and Nutrition and Grow Africa. The initiative will initially focus on sustainable mango and tea production in Kenya; citrus, mango and pineapple production in Nigeria; and mango in Malawi. Longer-term, the program could expand to focus on sustainable ingredient production in Ethiopia, Senegal, Tanzania and Mozambique. Source Africa builds on the experience of Coca-Cola’s work in sustainable agriculture, including Project Nurture, an $11.5 million partnership supporting 50,000 small-scale fruit farmers in East Africa to sustainably grow their crops and income.
Kent also announced that The Coca-Cola Africa Foundation (TCCAF) will expand its Replenish Africa Initiative (RAIN) through 2020 to support Pan-African safe water access and sanitation programs for an additional 4 million African people. This new expansion adds to TCCAF’s original RAIN commitment to bring safe water access to 2 million people across the continent by 2015.
Through the RAIN program expansion, TCCAF and its public and private partners will work to improve sustainable safe water access for 6 million Africans; economically empower up to 250,000 women and youth; promote health and hygiene in thousands of communities, schools, and health centers; and return up to 18.5 billion liters of water to nature and communities. To date, TCCAF has made investments and collaborated with more than 140 partners to reach 2 million people with sustainable, safe water access across at least 37 of Africa’s 55 countries by the end of 2015.
The company and its Foundations also remain committed to other programs focused on improving community well-being and women’s economic empowerment in Africa, including: