This International Women’s Month, Coca-Cola Company and its partners are proud to celebrate exceeding its 5by20 goal by enabling the economic empowerment of more than six million women around the world. 34 percent (just over two million) of those women enabled by the 5by20 program live and do business in Africa.
In Kenya, a partnership with the Women Enterprise Fund (WEF) established in 2014 and rooted in a shared interest in creating a fair equitable environment to help women overcome barriers and build sustainable businesses, aimed to empower one million women through entrepreneurship training and access to capital investment.
“Today, we celebrate surpassing our goal to reach five million women, but we know that there is still work to be done. Women entrepreneurs continue to face major hurdles hindering their successes, and we acknowledge that our work must therefore continue, particularly given the significant socio-economic disruption created by the pandemic in so many communities around the world,” said Patricia Obozuwa, Vice-President: Public Affairs, Communication, and Sustainability Coca-Cola Africa.
5by20 aimed to assist women entrepreneurs across the Coca-Cola value chain – agricultural producers, suppliers, distributors, retailers, recyclers, and artisans – overcome challenges when establishing and growing their business. By providing access to business skills, financial services, assets and support networks of peers and mentors, women entrepreneurs are enabled to overcome social and economic barriers and succeed as entrepreneurs, while also helping create sustainable communities.
The Coca-Cola Company executed 5by20, a global initiative implemented across 33 countries in Africa, where locally relevant initiatives were rolled out. The 5by20 goal was ambitious and over the last 10 years, Coca-Cola has worked with countless partners including its bottling partners, civil society organizations, government stakeholders, other private sector actors, and generous financial grants from The Coca-Cola Foundation to recipients within its Women’s Entrepreneur Empowerment priority giving tier.
The Coca-Cola Foundation has funded some of the 5by20 initiatives, and the Coca-Cola system has worked with several partners to implement over 300 programs in 100 countries to provide women entrepreneurs with business skills training, mentoring networks, financial services and other assets to help enhance their businesses and lives as well as provide more for their families.
“By investing in women’s economic empowerment over the past decade, we have created shared value in hopes of a better shared future – enabling improved livelihoods for women, their families and their communities, while inclusively expanding our business,” says Obozuwa.