PepsiCo Foundation Announces $5 M Grant to IDB’s AquaFund
Monday, March 21, 2011
The PepsiCo Foundation recently announced a $5 million grant to the AquaFund, launched by the Inter-American Development Bank (IDB), to facilitate investment in water supply and sanitation, water resources, solid waste management and wastewater treatment.
The AquaFund agreement was signed by Luis Montoya, President of PepsiCo Latin American Beverages, and Luis Alberto Moreno, President of the IDB, at the International Environment Summit in Guayaquil, Ecuador.
The grant will fund a variety of projects, including microcredit loans for safe water and improved sanitation projects in Latin America, reaching approximately 500,000 people in the region by the end of 2015.
The project will launch in Peru and is likely to be implemented in Argentina, Brazil, Colombia, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras and Mexico.
Indra Nooyi, Chairman and CEO of PepsiCo and Chairman of PepsiCo Foundation said, “PepsiCo and the PepsiCo Foundation are deeply committed to respecting the human right to water and have publicly announced a global goal to provide access to safe water to three million people in developing countries by 2015; this partnership with the IDB is a crucial step toward achieving that goal.”
She added, “Building on the momentum of the public-private partnership with the IDB we announced in February, our contribution to the AquaFund will help drive social and economic development across Latin America.”
The IDB provides multilateral financing and expertise for economic, social and environmental sustainable development in Latin America and the Caribbean. The IDB prioritizes reducing poverty and inequality; ensuring sustainable development; addressing sustainable energy and climate change, addressing the special needs of the poorest countries, promoting regional integration, and fostering development through the private sector.
PepsiCo offers a billion-dollar food and beverage brands, including 19 different product lines that generate more than $1 billion in annual retail sales each.
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