The PepsiCo Foundation today announced a $5 million grant to the AquaFund, a fund launched by the Inter-American Development Bank (IDB) to facilitate investment in water supply and sanitation, water resources and solid waste management and wastewater treatment. PepsiCo is the first private sector donor to the AquaFund; all previous contributions have been made by sovereign governments.
A direct output of the landmark public-private partnership initiated last month between PepsiCo and IDB, the grant will fund a variety of projects, including but not limited to, microcredit loans for safe water and improved sanitation projects in Latin America, reaching approximately 500,000 people in the region by 2015.
The first PepsiCo Foundation-supported AquaFund project will launch in Peru and others are planned in Argentina, Brazil, Colombia, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Mexico and Venezuela.
The partnership between PepsiCo and IDB aims to spur social and economic growth in 26 countries in Latin America. The partnership kicked-off with an agriculture initiative in Mexico that creates a sustainable market for sunflowers, providing loans and a source of income for some 850 Mexican farmers and their families.