Coca-Cola Beverages SA (CCBSA) on 27 March 2018, announced that it has unveiled a ZAR400 million trust that is earmarked to help develop historically-disadvantaged emerging farmers and small suppliers, growing them to become full participants in the commercial agriculture value chain.
Velaphi Ratshefola, Coca-Cola Beverages SA Managing Director said the Mintirho Foundation fund would make a huge difference by providing financial, training and development support for historically disadvantaged farmers and small suppliers of inputs, particularly those who supply inputs into the CCBSA value chain.
“CCBSA’s buying power, with that of like-minded corporates and retailers, will help to make a sustainable economic difference in the lives of beneficiaries. The Foundation we are launching is intended to build a new kind of business relationship between us and black emerging farmers and suppliers, in which we don’t just buy their produce, but we actively support their development from the earliest stages,” Ratshefola said.
“We will be more than customers, we will be partners in a venture to grow new and emerging black suppliers, helping to change the face of agriculture in our country and sustainably address some of the painful legacies of our past.”
CCBSA’s ZAR400 million investment into the fund will be paid in five ZAR80 million instalments up to 2021, with the first instalment having been made last year.
The fund will focus on alleviating the key pressure points that farmers face, such as big loans, high-interest costs and capital expenditure, and limited access to technical skills, business support, and training.
It will give structured funding to qualifying beneficiaries. The Foundation has been structured to allow other industry players to make contributions to the fund, provided they’re aligned to the foundation’s principles, objectives and guidelines.