DAR ES SALAAM, Tanzania — Last year, Coca-Cola announced a $100 million partnership with the International Finance Corporation to provide business skills training and micro-loans to “empower” women — those who sell Coca-Cola products, that is.
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The program has already involved 200,000 women in Nigeria who “touch the Coca-Cola value chain,” according to the company. For instance, a woman might receive a loan to buy water from a local Coke bottler and resell it in bulk, or a farmer who grows fruit used in Coca-Cola products might receive a loan to increase her crop yield. Watchdogs say the project, ironically called the Banking on Women initiative, is merely a savvy way for Coca-Cola to increase its own reach in the country while diverting so-called development funding from the International Finance Corporation, a subsidiary of the World Bank, to subsidize Coca-Cola’s profit-seeking activity.