Washington, D.C., March 11, 2013—IFC,
a member of the World Bank Group, and The Coca-Cola Company today announced
a $100 million, three-year joint initiative to provide much-needed access
to finance for thousands of women entrepreneurs in Africa and other emerging
IFC will work through its network of local and regional banking institutions
to provide financing and business skills training to small and medium enterprises—or
SMEs—that are owned or operated by women entrepreneurs across the Coca-Cola
value chain, starting with an IFC investment in Access Bank, Nigeria.
“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 collaboration with Coca-Cola will help expand access
to finance for thousands of women who are part of the company’s supply
and distribution chain.”
Nathan Kalumbu, president of Coca-Cola’s Eurasia and Africa Group, said:
“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. We are excited about this
opportunity to harness the collective power of our organizations to positively
impact women in Eurasia and Africa.”
IFC’s joint initiative with Coca-Cola will occur under a memorandum of
understanding between IFC’s Banking on Women Program and Coca-Cola’s
5by20 initiative, which by 2020 aims to empower 5 million women
entrepreneurs and help them to overcome the barriers they face to business
Initially, the partnership will mainly benefit women-owned SMEs in Coca-Cola’s
value chain in Nigeria. These SMEs will gain increased access to
finance through IFC’s investment in a $22 million risk-sharing facility
with Access Bank of Nigeria, in close collaboration with Coca-Cola’s partner,
the Nigerian Bottling Company PLC.
IFC also announced an additional $50 million loan to Access Bank Nigeria
to help it expand lending to SMEs, a quarter of which will be women-owned.
These investments mark the first “blended” funds to be distributed by
IFC under its Global SME Finance Facility, supported by donor funding from
the United Kingdom. The facility aims to reduce the risks and costs of
lending to SMEs by sharing risks with banks, improving their ability to
identify and underwrite SMEs, and strengthening critical financial infrastructure.
IFC’s Banking on Women program plays a catalytic role in bringing together
financial institutions and various partners to serve women-owned businesses
profitably and sustainably. It focuses on regions and countries that have
strong enabling environments for SMEs and large numbers of women entrepreneurs
in the supply and distribution chains of local, regional and global corporations.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our 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
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.