The Mastercard Foundation Fund for Resilience and Prosperity is extending its reach with the establishment of the Agribusiness Challenge Fund.
This initiative calls upon African SMEs and entrepreneurs within the agricultural sector to submit proposals that align with the fund’s objectives of fostering resilience and prosperity in the region.
Objectives of the Fund
- Support SMEs in creating dignified employment opportunities for young individuals, particularly focusing on the agricultural sector.
- Select innovative, practical, and scalable businesses that can contribute to sustainable development in Sub-Saharan Africa.
Background
Following the successful conclusion of the Mastercard Foundation Fund for Rural Prosperity, which operated from 2014 to 2023, the Mastercard Foundation has initiated the Fund for Resilience and Prosperity.
This new fund aims to continue the legacy of supporting businesses in Africa, with a focus on uplifting rural communities and promoting financial inclusion.
Agribusiness Challenge Fund Details
The Agribusiness Challenge Fund targets SMEs across 20 countries in Sub-Saharan Africa, providing them with an opportunity to receive financial support and technical assistance.
Selected SMEs stand to receive grants ranging from US$ 500,000 to US$ 2,500,000 over a 3-year period, tailored to their development stage and scalability.
Additional support will be provided in the form of technical assistance aligned with the Fund’s objectives.
Focus Countries
The Fund targets SMEs in the following 20 Sub-Saharan African countries: Kenya, Benin, Burundi, Botswana, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Ethiopia, Ghana, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda, and Zambia.
Importance of Agriculture Sector
Mrs. Smita Sanghrajka, Engagement Partner at the Mastercard Foundation Fund for Resilience and Prosperity, emphasizes the potential of the agriculture sector in Sub-Saharan Africa to create meaningful employment opportunities for young people.
However, she notes that many agri-SMEs lack the necessary financial support and capacity building to scale effectively.
Collaboration for Youth Employment
Mr. Daniel Hailu, Executive Director of Pan-African Programs at the Mastercard Foundation, highlights the Foundation’s commitment to creating job opportunities for young people across Sub-Saharan Africa.
He sees the Agribusiness Challenge Fund as a significant opportunity for SMEs to expand their operations and generate employment for the youth.
Application Process
The call for proposals is currently open and will close on November 22, 2024, with periodic collections of applications assessed every 12 weeks.
SMEs operating in at least one of the 20 focus countries are eligible to apply. Unsuccessful applicants will have the opportunity to refine and resubmit their proposals for subsequent collections.
Potential applicants can register and access the application platform through the Fund’s website.
About the Mastercard Foundation Fund for Resilience and Prosperity
The Mastercard Foundation Fund for Resilience and Prosperity is a 7-year, US$ 126 million initiative aimed at supporting SMEs across three sectors in 20 countries in Sub-Saharan Africa.
Its primary goal is to unlock enterprise growth and facilitate the creation of dignified employment opportunities for young individuals.
About KPMG International
KPMG is a global organization of independent professional services firms providing Audit, Tax, and Advisory services. With operations in 143 countries and territories, KPMG aims to deliver high-quality services to clients worldwide.
About The Mastercard Foundation
The Mastercard Foundation is one of the largest foundations globally, dedicated to advancing education and financial inclusion for young people in Africa and Indigenous youth in Canada.
Established in 2006, the Foundation operates independently from Mastercard and collaborates with visionary organizations to drive positive change.
For more information and inquiries, please contact Francis Muriuki at francismuriuki@valorem.co.ke, copying info@frp.org.
Deadline for Applications: November 22, 2024
