Coca-Cola said Tuesday it is boosting its investment in Africa by $5 billion over the next six years, money the company expects to create jobs, empower women in business and support access to safe water.
The Atlanta-beverage giant made the announcement during this week’s summit in Washington between U.S. and African leaders. The meeting is meant to hike America’s investment in the continent.
Coca-Cola said the $5 billion will be added to the $12 billion the company already has committed to spending in Africa between 2010 and 2020.
“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,” Muhtar Kent, Coke’s chairman and chief executive officer said in a press release.
Coca-Cola said it also plans to launch an initiative with the New Alliance for Food Security and Nutrition and Grow Africa to get more of its products from local, sustainable sources.
The initiative, dubbed Source Africa, will focus initially on sustainable mango and tea production in Kenya, the company said, as well as mango and pineapple production in Nigeria and mango in Malawi.
In addition, Coca-Cola said its Coca-Cola Africa Foundation will expand a program designed to help bring safe water and sanitation to an additional 4 million in African nations. The program — RAIN or Replenish Africa Initiative — will run through 2020.
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