ASIAN football received a shot in the arm with the announcement that drinks giants Coca-Cola had signed a four-year multi-million dollar sponsorship agreement with the Asian Football Confederation (AFC). Buoyed by Asia's unexpected success at USA '94, Coca-Cola will sponsor all major AFC tournaments including the Asian final qualifying rounds of the Olympic Games and World Cup as well as major junior, youth and women's competitions. A spokesman for the company said more than $2.6 million in cash will be handed over to the AFC with the world's largest beverage company sponsoring another unspecified amount which will be used for publicity and promotional activities. The cash will be used by the AFC probably for promotional purposes although they will decide the allocation for each tournament. ''The agreement with Coca-Cola is part of a comprehensive marking strategy to ensure funding for all AFC events,'' said AFC secretary general Peter Velappan. Announcing the sponsorship agreement in Hong Kong, Ian Rowden, division marketing manager of Coca-Cola China Limited, said the official tie-up with the AFC complements their existing worldwide association with FIFA. ''Our agreement with the AFC gives us additional opportunities for increasing our involvement with Asian football, helping to further popularise and promote the sport and take it to world-class standards,'' he said.