THE COCA-COLA SYSTEM COMMITS KSHS 125 MILLION INTO KENYA’S ECONOMIC & ENVIRONMENTAL RECOVERY FROM COVID-19

Like-minded organisations join the cause to uplift and build Kenya’s micro and small business enterprises

Thursday, 8th October 2020… The Coca-Cola System in Kenya, in partnership with like-minded institutions: County Government of Laikipia; Women Enterprise Fund (WEF); Absa; and Amref Health Africa in Kenya has today launched an initiative to support small and micro business outlets across the country to recover and reopen after the COVID-19 impact on the economy that saw most of them lose revenue and close.

The support is targetting 18,000 trade outlets across the country who will receive personal protective equipment including masks and face shields, handwashing jerrycans, sanitizers, and garden furniture to enable them to enforce the required social distancing. They will also be provided with communication and awareness materials related to COVID-19 safety and precautions.

Speaking during the launch in Nairobi, Phillipine Mtikitiki, Vice President and General Manager, Coca-Cola East & Central Africa Franchise said: “Over the last few months we have been focusing on the health and safety of our employees and communities. We are now extending our support to local economies and micro-small businesses. The closure of the economy at the time was the correct action to take to curb the spread of the virus, and we commend the Government of Kenya. To help those who have always been at the heart of our social fabric but had to temporarily close, we as a system, have committed Kshs 125 million towards supporting our trade partners and waste collectors, eateries, restaurants, bars and kiosks”.

Under the initiative, the traders and their staff will also benefit from COVID-19 health and safety training provided by Amref Health, to help them adhere to business opening and operating guidelines as per government directives. Absa, the financial business partner will facilitate access to business loans to the traders that require working capital to revive their enterprises, including restocking.

While speaking at the event, Absa Regional Corporate Director for East Africa, James Agin, explained that under this partnership, the bank shall support affected businesses across the entire value chain with revolving short-term working capital financing to bridge any cash flow challenges between stock purchase and receipt of payment from their customers.

“We will offer small and medium businesses unsecured loans of up to 10 million shillings which is the highest in the market, as well as LPO financing and invoice discounting of up to 50 million shillings amongst other benefits. We will also offer insurance and asset-based financing. This will allow the distributors and retailers the flexibility to accept extended payment terms from manufacturers as well as increase their credit should they require it,” he added.

“We are delighted to be part of this noble initiative that will contribute to ensuring that our economy starts to grow again and that businesses comply to national health and safety guidelines. Our role in this initiative is to empower traders with the knowledge that enables them to operate safely while ensuring they maintain a safe space for their customers. This will be done through an easy to understand training curriculum and application of a set standard of operating procedures,” said Dr. Meshack Ndirangu, Amref Health Africa in Kenya Country Director.

The initiative has partnered with the County Government of Laikipia’s Economic stimulus programme to provide trade finance to the county’s distributors and retailers. Hon. Ndiritu Muriithi, Governor, County Government of Laikipia, emphasized: “The retailers under this CocaCola scheme operating in Laikipia are eligible for business loans to help them restock and accelerate recovery from COVID-19 pandemic and will benefit from County Government of Laikipia’s interest cost subsidy of up to 5%. The county has already committed Kshs 123 million to the Economic Stimulus program, of which Kshs 73 million will cater for the interest cost subsidy.”

Eng. Charles Mwirigi, WEF CEO, underscored: “to complement the efforts by Coca-Cola, the Fund has committed over Kshs. 2 billion to provide affordable and relevant loans to support women traders besides business skills training to enable them to bounce back from the impact of Covid-19 pandemic.”

Small traders and waste collectors across the country have experienced unprecedented losses occasioned by the effects of the Coronavirus that continues to spread across the world. These losses have subjected households and families, and our environment to numerous challenges.

“We will continue to prioritise initiatives that support our traders as they reopen for business and we are already rolling out some initial support that will be augmented by what we are officially launching today. The response from our trade partners has so far has been very positive, and we hope that in the coming months they will regain consumer confidence and record more business,” said Xavier Selga, Managing Director, Coca-Cola Beverages Africa – Kenya.

“Many people and our environment has suffered during this pandemic. Investing back into the ‘small giants’ of our country, those micro and small businesses that are the backbone of Kenya’s resilience is the least we could do. And we are humbled and honoured to be joined by other like-minded organisations to bring their services and skills to support those who need it most. Together, we believe we can emerge stronger and create a better-shared future’, concluded Mtikitiki.

ENDS –

About Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is the world’s largest beverage company, offering over 500 brands to people in more than 200 countries. Of our 21 billion-dollar brands, 19 are available in lower- or no-sugar options to help people moderate their consumption of added sugar. In addition to our namesake
Coca-Cola drinks, some of our leading brands around the world include; AdeS soy-based beverages, Ayataka green tea, Dasani waters, Del Valle juices and nectars, Fanta, Georgia coffee, Gold Peak tea and coffees, Honest Tea, Minute Maid juices, Powerade sports drinks, Simply juices, SmartWater, Sprite, vitaminwater, and Zico coconut water. At Coca-Cola, we’re serious about making positive contributions to the world. That starts with reducing sugar in our drinks and continuing to introduce new ones with added

About Coca-Cola Beverages Africa (CCBA)
CCBA bottles and distributes beverages whose trademarks are owned by The Coca-Cola Company (TCCC) or TCCC’s affiliated entities and is the world’s 8th largest Coca-Cola bottler by revenue. CCBA has over 16 000 employees across its operations in Africa with almost 40 bottling plants in 13 countries.

The creation of CCBA in 2016 was designed to advance a consolidated, more successful Coca-Cola system on the continent, and also in Ethiopia. Coca-Cola Beverages Africa (CCBA) accounts for about 40% of all Coca-Cola volumes sold in Africa.

CCBA began its operations as a legal entity from July 2016 having been created as a direct result of a merger between non-alcoholic ready to drink bottling operations of The Coca-Cola Company, (then) SABMiller and the Gutsche Family Investments. CCBA shareholders now are: The Coca-Cola Company 66.5% and Gutsche Family Investments 33.5%.

CCBA boasts a diverse pan-African footprint servicing over 650 000 outlets that serve a combined population of over 249 million people across the continent. Our operations in sub-Saharan Africa comprise the following markets: South Africa, Kenya, Ethiopia, Mozambique, Tanzania, Uganda, Namibia, Ghana, Mayotte, Comoros, Botswana, Zambia and most recently, Eswatini.

CCBA is a world-class, customer-orientated, socially and environmentally conscious fast-moving consumer goods (FMCG) company. Sales and distribution excellence are our core strengths. Aligned with The Coca-Cola Company’s 2020 Vision, CCBA is pursuing an ambitious growth strategy that will be supported through investment in manufacturing, sales, distribution and marketing.

CCBA aspires to refresh Africa every day and to make the continent a better place for all.

About Absa Bank Kenya
Absa Bank Kenya PLC, part of Absa Group Limited, is listed on the Nairobi Securities Exchange and is one of Kenya’s leading financial institutions. Established in 1916, Absa Bank has been a major player in Kenya’s financial landscape, engaged in personal and corporate banking, enterprise, credit cards
and bancassurance.

The bank offers end-to-end financial solutions to retail, enterprise and corporate customers, and its regional and global footprint enables it to offer cutting-edge financial solutions to its clients. The bank is a leader in the credit card space. It has also been associated with a number of market firsts, such as the launch of the first ATM, Sharia-compliant banking and unsecured lending.

Absa Bank Kenya has a presence in 38 counties. It has 86 branches, 212 ATMs, a robust Internet and mobile banking platform. The bank’s purpose is to bring possibilities to life.

About Amref Health Africa in Kenya
Amref Health Africa is a non-governmental organization headquartered in Nairobi, Kenya and established in 1957. Our vision is Lasting Health Change in Kenya, with operations in all 47 counties. Building on over six decades of experience, working closely with communities, county and national governments, and other stakeholders, we provide a broad range of services designed to empower communities and strengthen health systems. We believe that health is a basic human right. Everything we do ensures lasting health change for all. For more information on Amref’s work, please visit our website:
https://www.amref.org/kenya.