The Mastercard Foundation Fund for Resilience and Prosperity, with a commitment of $126 million over seven years, is dedicated to empowering Small and Medium-sized Enterprises (SMEs) within the agriculture, climate adaptation, and digital economy sectors across 20 Sub-Saharan African countries.
This initiative marks the continuation of the Mastercard Foundation’s efforts, following the success of the eight-year Mastercard Foundation Fund for Rural Prosperity, which began in 2014. The earlier program supported 38 projects in 15 African countries, focusing on the rural demographic with a strong emphasis on agricultural development. Notably, it enabled over 5.3 million people to access financial products and services, far surpassing its initial goal of reaching 1 million individuals.
Building on this foundation, the Resilience and Prosperity Fund aims to spur enterprise growth and facilitate the scaling and sustainability of dignified and fulfilling employment for young women and men, including those with disabilities and refugee youth. This strategic move underscores the Foundation’s commitment to driving economic empowerment and resilience among vulnerable communities in Sub-Saharan Africa, leveraging the lessons learned and successes achieved in its first phase to address emerging challenges and opportunities in the region.
The Mastercard Foundation Fund for Resilience and Prosperity is designed to catalyze growth and support for Small and Medium-sized Enterprises (SMEs) across critical sectors, deploying a multifaceted approach through four strategic interventions:
Challenge Fund: This component aims to alleviate financial constraints for SMEs poised for growth, facilitating their ability to generate and sustain employment opportunities, particularly for young women and men.
Connect Fund: Focuses on preparing SMEs for investment, bridging them with potential financiers to foster long-term sustainability and expansion.
Technical Assistance (TA): Offers vital technical support and capacity building, targeting challenges related to human capital and market access, ensuring SMEs are well-equipped to thrive.
Convening and Influencing: Aims to create a more conducive business environment by bringing together key stakeholders, and leveraging expert partners and digital platforms to advocate for systemic changes that remove barriers to employment creation for the youth, with an emphasis on supporting young women.
Thematic Focus Areas:
The Fund prioritizes SMEs engaged in three pivotal sectors:
Agriculture: Projects that enhance productivity, sustainability, and market access in the agricultural sector.
Climate Adaptation: Initiatives that help communities adapt to climate change impacts, ensuring environmental and economic resilience.
Digital Economy: Solutions that leverage digital technology to drive economic growth and inclusion.
For further details on the Resilience and Prosperity fund and application guidelines, click here.
Apply Now to participate in the Fund for Resilience and Prosperity and contribute to a sustainable future for Africa’s youth.
