Applications open for the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund.

BusinessTrumpet March 19, 2024March 19, 2024 0 Comments

Applications are now being accepted for the Agribusiness Challenge Fund, part of the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund. This fund is the second phase of a program initiated by the Mastercard Foundation, following the successful implementation of the Mastercard Foundation Fund for Rural Prosperity.

The first phase of the program, which ran for eight years starting in 2014, supported 38 participants from 15 African countries. These participants focused on developing and scaling financial products and services for the rural population, with a particular emphasis on agriculture. The Fund exceeded its initial target by enabling over 5.3 million people to access financial products and services.

Building on this success, the Mastercard Foundation Fund for Resilience and Prosperity was established in 2023 with a budget of US$ 126 million. This new fund will run for seven years and aims to support Small and Medium-sized Enterprises (SMEs) in the agriculture, climate adaptation, and digital economy sectors across 20 countries in Sub-Saharan Africa. The primary objective of the fund is to promote enterprise growth and create sustainable and fulfilling employment opportunities for young women and men.

ELIGIBILITY: Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund

To be eligible for the Agribusiness Challenge Fund, SMEs must demonstrate innovation, commercial viability, and a commitment to creating dignified and fulfilling work opportunities for young women and men, young people with disabilities, or refugee youth. Each challenge within the fund will have specific criteria that applicants must meet, and selection will be based on meeting the Fund’s selection criteria.

Interventions: Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund

The Mastercard Foundation Fund for Resilience and Prosperity will address a range of challenges faced by SMEs, as well as macro issues, through four interventions.

Challenge Fund
Providing direct financial assistance through a challenge fund to tackle the resource flow obstacles encountered by SMEs aiming to expand and, consequently, generate and maintain job opportunities for young women and men.

Connect Fund
Supplying support for investor readiness to SMEs and facilitating partnerships with potential funders to ensure long-term sustainability and development.

Technical Assistance (TA)
Delivering additional value beyond financial aid through technical assistance and capacity building to address challenges related to human capital and market access.

Convening and influencing
Bringing together relevant stakeholders to promote a conducive business environment with the help of experienced partners and digital platforms to instigate systematic change and tackle the issues hindering the creation of employment opportunities for youth, particularly young women.

Countries of Focus: Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund

The Fund’s goal is to assist SMEs in 20 countries in Sub-Saharan Africa. This will ensure the spread of SME-driven solutions that can effectively create dignified and rewarding employment for young men and women, youth with disabilities, and refugee youth even beyond the program’s conclusion.
The 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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