$100 Million Will Benefit Women Entrepreneurs within Coca-Cola’s 5by20 Economic Empowerment Initiative
ATLANTA--(BUSINESS WIRE)-- 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.
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.
The Coca-Cola Company
April Jordin, +01 404.676.2683
Source: The Coca-Cola Company and IFC