IFC, Coca-Cola issues $100m to empower women entrepreneurs

William Egbe (R), Group Sustainability Director for Coca-Cola Eurasia and Africa Group shake hands with International Finance Corporation director of financial markets James Scriven after signing of a three-year joint USD100m initiative to provide access to finance for women entrepreneurs in Eurasia and Africa.(Photo: Guardian Correspondent)

By The guardian reporter, 19th March 2013

 

The  Coca-Cola Company and IFC (International Finance Corporation), a member of the World Bank Group, last week announced a $100m, 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 programme to help address barriers women entrepreneurs commonly face in some of the world’s poorest countries, a statement issued yesterday said. 

It said 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,” he added.

“Women entrepreneurs represent significant untapped economic potential in developing countries—they are essential for creating jobs and achieving sustainable growth,” said IFC Director of Financial Markets James Scriven, for his part.

“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,” he added.

Work related to this initiative is already beginning in Nigeria, the statemen said adding that 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, the statement said.

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. It currently has programmes in 12 countries.

IFC Banking on Women is playing a catalysing 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.

SOURCE: THE GUARDIAN