WASHINGTON (AP) — Coca-Cola and the U.S. Agency for International Development will invest $12.7 million to provide clean water in sub-Saharan Africa, the duo said Monday, nearly doubling previously announced investments in water supply.
Coca-Cola has been very public about its efforts to cut water usage and also its campaign to ensure adequate water supply in places where it is scarce.
During annual meetings some shareholders and shareholder groups have pressured the company to do more because of the amount of water it uses in its products and production.
On Monday, Coca-Cola and USAID said the joint investment will go through their global partnership, the Water and Development Alliance and will support eight new three-year programs in Angola, Burundi, Ghana, Malawi, Mozambique, Senegal, South Africa and Tanzania.
Including the new investment, USAID and Coca-Cola have committed more than $28 million since 2005 to support 32 projects in nearly two dozen countries.
Coca-Cola Co. shares fell 57 cents to $58.52 in morning trading Monday.
