Nestlé, the global food and beverage giant, has announced a significant investment of R2.5 billion ($131 million) over the next five years in its collaboration with Black-owned businesses across eastern and southern Africa. This commitment aims to bolster sustainable procurement practices, facilitate supplier partner development, and promote agro-processing initiatives within its value chain.
The decision to allocate these funds follows Nestlé’s participation in the Second Black Industrialists and Exporters Conference, recently held at the Sandton Convention Centre in South Africa. At the conference, various businesses, including Nestlé, collectively pledged over R261 billion for procurement by both public and private entities.
Mota Mota, Nestlé’s spokesperson, expressed pride in the partnership with the Black Industrialists Programme, emphasizing the company’s dedication to fostering inclusive economic development in South Africa. Mota stated, “By investing in local talent and nurturing entrepreneurship, we can cultivate a more resilient and prosperous future for all.”
In addition to this commitment, Nestlé announced a separate investment of $20 million in the Democratic Republic of Congo (DRC) to revitalize specialty coffee production by 2026, under its Nespresso division. These funds will be directed towards coffee purchases, price premiums, technical assistance, and community projects, with the aim of supporting coffee-growing communities in Kivu.
Guillaume Le Cunff, CEO of Nespresso, highlighted the immense potential of Kivu as a premier coffee region, despite facing numerous challenges in recent years. Through Nestlé’s ‘Reviving Origins’ program, in collaboration with various partners including the Eastern Congo Initiative (ECI)/ASILI, TechnoServe, and USAID, the company is dedicated to restoring and revitalizing Kivu as a leading source of high-quality Arabica coffee.
Nestlé’s commitment underscores its ongoing efforts to promote sustainability, support local economies, and drive positive social impact across Africa’s diverse landscapes.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
29th March, 2024
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