The Coca-Cola system, which consists of The Coca-Cola Company and its authorised bottler Coca-Cola Beverages Africa has revealed plans that should the company meet its projected growth targets in Kenya, it would increase its investment by up to $175 million over the next five years.
Sunil Gupta, CEO of Coca-Cola Beverages Africa, confirmed the investment plans during a visit from Kenyan President H.E. Dr William Ruto at the Coca-Cola Company’s headquarters in Atlanta.
According to a statement from the corporation, the cash infusion during this time frame is subject to the company meeting “its anticipated growth targets in the country.”
The investment aims to “[accelerate] Coca-Cola system’s capacity and capability expansion over the next five years,” according to Sunil Gupta, chief executive of CCBA. “Our choice to invest is another evidence of our conviction in Kenya’s economy’s long-term potential.”
The assurance was praised by President Ruto, who stated, “This is a milestone in the firm’s presence in Kenya and Africa, a testimony that we must sustain our strong collaboration for us to grow.”
Ruto commended the organisation for its continental initiatives, especially the Replenish Africa Initiative (RAIN), which seeks to give some 6 million Africans better access to clean water and sanitary facilities.
According to the President, Kenya’s environmental and humanitarian efforts have received active backing from the Coca-Cola Company.
Newsng gathered that in East Africa, Coca-Cola and CCBA work with more than 500,000 small and medium-sized businesses (SMEs) and employ 10,000 people.
The investment, according to Trade CS Rebecca Miano, will have a beneficial trickle-down impact along the value chain, resulting in the creation of jobs and stronger macro and local economies.
“This investment will have a substantial impact on our local community in addition to being in line with our shared goal of green investment.
“It will have a beneficial knock-on impact along the value chain, resulting in the development of jobs and stronger macro and micro economies” she stated.
We earlier reported that OpenSeed Ventures (OpenSeed VC) has marked the first closure of its $10 million angel-style early-stage fund.
The fund, according to former Octopus Ventures and Oxford Seed Fund investor, Maria Rotilu, aims to be the first investor in seasoned operators beginning their digital enterprises across Africa and Europe
