AFRICA: Coca-Cola Co ups Africa investment by US$5bn
Coca-Cola is strengthening production in Africa
The Coca-Cola Co has pledged to invest a further US$5bn in Africa over the next six years, bringing its total commitment to the continent since 2010 to $17bn.
The money, announced yesterday at a US-Africa leaders summit in Washington, will fund new manufacturing lines and equipment in the continent, as well as create new jobs, Coca-Cola said. The company will also fund a number of charity initiatives, including a project to secure more consistent and sustainable local ingredient sourcing.
Explaining the move, Coca-Cola's CEO, Muhtar Kent, said: “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 serve.”
Last month, Coca-Cola said it will invest $8.2bn in Mexico over the next six years, bringing the Coca-Cola system's combined investment in Mexico from 2012 to 2020 to $12.4bn.
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