Coke Pledges $50-Million for Minorities

The Coca-Cola Company has pledged to spend $50-million over the next five years to support non-profit organizations and causes that work to improve the lives of members of minority groups.

The pledge is part of a larger, $1-billion program the company announced last month that is aimed at promoting business opportunities for women and members of racial and ethnic minorities. But the company has denied that the huge financial commitment is in response to a lawsuit by current and former Coke employees charging the company with racial discrimination.

Coca-Cola officials say the money will be used to support numerous non-profit endeavors to increase educational, social, and economic opportunities for members of minorities. To that end, the company says it will:

* Establish and finance a new scholarship and internship program in marketing and finance to be administered through selected historically black colleges and universities.

* Double its commitment over five years to the Coca-Cola/Hispanic Scholarship Fund Advancing to Universities Program, which helps Hispanic students transfer from community colleges to four-year institutions.

* Expand Coca-Cola Valued Youth, a mentor program for disadvantaged youth.

* Expand support programs for Asian-American groups, including the National Korean American Grocers Association scholarship program.

* Expand support for the American Indian College Fund.

For more information, go to the company’s Web site at http://www.thecoca-colacompany.com.