Coca-Cola Co. said it would boost its investments in Argentina over the next three years, noting the "responsibility of the corporate sector in this transcendental moment for the country," Reuters reported.
The beverage company said it would invest $1.2 billion in the Latin American nation from 2019 to 2021, up from $1 billion in the previous three years through 2018.
The commitment comes amid Argentina's effort to stave off a depreciation of the peso and bring inflation under control. Argentine President Mauricio Macri sought a credit line from the International Monetary Fund after a series of central bank interest rate hikes failed to halt a slide in the currency.
Coca-Cola pledged major investments in Argentina after Macri took office in 2015, promising business-friendly reforms after more than a decade of leftist populism, according to Reuters.
