The singer agreed to appear in an advert for a Spanish cava drink - filmed last week in Barcelona - in exchange for the hefty donation by the company Freixenet, reports The AP.
She revealed that she plans to use the money to build schools in Colombia and Haiti.
"Education is a birthright and a quality education is the only tool that a child has to turn dreams into reality," she said during a press conference.
"Since I was a girl I have been aware of the tough reality faced by many children."
The deal will also allow the company to produce the music video for Shakira's song 'Sale El Sol' as well as a documentary about work done by the charity.
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