Piloted in South Africa in 2011, the initiative, known as 5by20, plans to enable the economic empowerment of 5 million women entrepreneurs across the group's value chain globally by 2020.
The 5by20 programme provides access to business skills, financial services, assets and support networks of peers and mentors. It is helping South African women and women globally, to succeed as entrepreneurs, whilst also helping to create thriving, sustainable communities by creating employment opportunities.
Commenting on the local 5by20 plans, Therese Gearhart, Coca-Cola South Africa president said, "In South Africa, the company strives to empower 107 000 female-owned businesses through the programme by 2020. We will do this important work in partnership with our bottling partners (Amalgamated Beverage Industries, Coca-Cola Fortune and Coca-Cola Peninsula Beverages Coca-Cola Shanduka Beverages), the South African government, local financial institutions and UN Women."
The programme in South Africa began in 2010, with 40 female spaza shop owners, who have increased their average revenues up to 70%, after training. Some participants are now serving as consultants to other businesses, creating jobs for a further one to four people per business site. Fifty percent of the female participants have acquired a second similar business located in a different geography.
"Working with and investing in women is one of the most powerful ways to spur sustainable economic growth and development," said Muhtar Kent, chairman and CEO of the Coca-Cola Company. "I'm excited by the progress we're making toward our goal to empower 5 million women. We are transforming lives and communities and making a profound and lasting impact on global issues, while also growing our business."
In addition to South Africa, the 5by20 project was piloted in Brazil, Egypt and India. Due to the success of these pilot programmes, the company will be expanding the initiative to 12 countries, including Nigeria and Kenya. It partnered with UN Women, the United Nations organisation established as a global champion for women and girls, at a global level in September 2011.
"Women need more opportunities to participate fully and equally in the workforce. Countless studies point to the fact that companies with a higher share of women have improved results - higher levels of innovation, productivity and profit margins," said Michelle Bachelet, UN Women executive director.
"We know that women's income goes directly to their children's education and other family needs," adds Kristin Hetle, director of UN Women's Strategic Partnerships Division. "The collaboration will benefit communities at large and future generations."
5by20 is on track to reach 300 000 women by the end of 2012. The expansion plans for 5by20 in South Africa and globally demonstrates the company's continued commitment to testing, learning and scaling programmes in order to reach its ambitious women's economic empowerment goal.
