Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund
The Mastercard Foundation Fund for Resilience and Prosperity heralds a new era of support for Small and Medium-sized Enterprises (SMEs) across Sub-Saharan Africa.
Born from the success of its predecessor, the Mastercard Foundation Fund for Rural Prosperity, this initiative aims to catalyze growth and foster dignified work opportunities for youth in key sectors such as agriculture, climate adaptation, and the digital economy.
A Legacy of Success
The journey began with the Mastercard Foundation Fund for Rural Prosperity, an eight-year program established in 2014. This initial phase empowered 38 participants from 15 African countries to innovate and scale financial products and services tailored to rural communities, particularly in agriculture. Notably, the Fund surpassed expectations by extending financial access to over 5.3 million people, far exceeding its initial target of 1 million.
Building on Achievements
Bolstered by the achievements and insights garnered from its precursor, the Mastercard Foundation Fund for Resilience and Prosperity emerged in 2023 as a new seven-year, US$126 million initiative. With a focus on SMEs, this Fund seeks to unlock enterprise growth and facilitate the creation of sustainable employment opportunities for young men and women.
Comprehensive Interventions
The Fund employs four strategic interventions to tackle SME-specific challenges and broader macroeconomic issues:
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- Challenge Fund: Direct financial support is offered through a challenge fund, addressing resource flow barriers hindering SMEs from scaling up and creating employment opportunities.
- Connect Fund: This initiative provides investor readiness support to SMEs and facilitates partnerships with potential financiers, ensuring sustainability and growth.
- Technical Assistance (TA): Beyond financial aid, the Fund delivers technical assistance and capacity building to tackle barriers related to human capital and market access.
- Convening and Influencing: By bringing together stakeholders and leveraging digital platforms, the Fund aims to foster an enabling business environment and drive systematic change, especially concerning youth employment.
Thematic Sectors
The Fund concentrates on SMEs operating in three pivotal sectors:
- Agriculture
- Climate Adaptation
- Digital Economy
Each sector hosts competitions where SMEs can vie for participation in the Fund.
Countries of Focus
The Fund targets SMEs across 20 countries in Sub-Saharan Africa, ensuring a diverse array of solutions capable of sustaining dignified work for youth, including those with disabilities and refugee backgrounds. These countries include Benin, Burundi, Botswana, Cameroon, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda, and Zambia.
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Collaborative Partnerships
The Mastercard Foundation collaborates with esteemed partners to execute this seven-year program. KPMG Development Services Limited, in partnership with Triple Line Consulting, serves as the Fund Manager, while overseeing monitoring, evaluation, and learning initiatives.
Conclusion
The Mastercard Foundation Fund for Resilience and Prosperity stands as a beacon of hope for African SMEs, providing the necessary support and resources to fuel sustainable growth and create meaningful employment opportunities for the continent’s youth. Through collaborative efforts and targeted interventions, this initiative seeks to catalyze a transformative impact, fostering prosperity and resilience across Sub-Saharan Africa.
Contact Information
For more information, visit www.frp.org
Email: [email protected].
Summary
| Type: | Grants & Fundings |
| For: | Startups / SMEs |
| Reward: | See post |
| Sponsor: | |
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