Empowering African Entrepreneurs: Mastercard Foundation Africa Growth Fund Unveils USD $200 Million Opportunity for SMEs
Key Takeaways:
- The Mastercard Foundation Africa Growth Fund, with a substantial USD $200 million, aims to empower small and medium-sized enterprises (SMEs) across the continent.
- A distinctive feature is the fund’s commitment to advancing gender equity in entrepreneurship, particularly emphasizing dignified work opportunities for young women
- Operating as a Fund of Funds, the initiative collaborates with African investment funds to strategically support early-stage, growth-oriented SMEs, enhancing the impact through collective financial strength.
- Beyond financial assistance, the fund offers Business Development Services (BDS) to both investment funds and SMEs, contributing to long-term sustainability and success in the entrepreneurial ecosystem.
In a groundbreaking move to foster economic growth and empower small and medium-sized enterprises (SMEs) in Africa, the Mastercard Foundation has launched the Africa Growth Fund—a transformative USD $200 million Fund of Funds.
This initiative aims to catalyze growth in early-stage businesses while prioritizing the creation of dignified and fulfilling work opportunities, with a particular focus on young women.
Overview of the Mastercard Foundation Africa Growth Fund
The Mastercard Foundation Africa Growth Fund operates as a Fund of Funds, strategically collaborating with African investment funds dedicated to supporting growth-oriented SMEs across the continent.
This innovative approach is designed to amplify impact, leveraging the collective strength of multiple funds to create a substantial financial pool.
Driving Economic Impact and Gender Equity
The core objective of the fund is to stimulate economic development by providing essential financial support to SMEs.
Moreover, it places a strong emphasis on advancing gender equity in entrepreneurship, with a specific focus on empowering young women.
By injecting capital into African investment funds committed to gender equality, the Mastercard Foundation Africa Growth Fund aims to strengthen and de-risk these funds, making them more resilient and impactful.
Eligibility Requirements
To be considered for this unprecedented opportunity, applicants must be owners of small or medium enterprises (SMEs) operating within the African continent.
The eligibility criteria reflect the fund’s commitment to fostering entrepreneurship and creating sustainable job opportunities.
Benefits of the Mastercard Foundation Africa Growth Fund
1. Catalyzing SME Growth
The Fund-of-Funds approach ensures that the USD $200 million is strategically channeled through African investment vehicles targeting SMEs.
This not only accelerates the growth of early-stage businesses but also promotes a thriving entrepreneurial ecosystem across Africa.
2. Applying Gender Lens Investing (GLI) Principles
The Mastercard Foundation Africa Growth Fund stands out by incorporating Gender Lens Investing (GLI) principles.
By doing so, the fund actively supports female entrepreneurs, fostering an environment where women can thrive and contribute significantly to economic development.
3. Business Development Services (BDS) Support
In addition to financial support, the fund provides Business Development Services (BDS) to both investment funds and the SMEs within their portfolios.
This holistic approach aims to equip businesses with the tools and guidance needed to navigate challenges, ensuring long-term sustainability and success.
4. Targeting Decent Jobs for Women and Youth
One of the fund’s key objectives is to catalyze a significant increase in decent job opportunities for women and youth.
By aligning investments with impactful ventures, the Mastercard Foundation Africa Growth Fund aims to contribute to a more inclusive and diverse workforce.
How to Apply
The application process is straightforward, with SME owners in Africa encouraged to apply for this transformative opportunity.
The Mastercard Foundation has provided an online portal for applications, accessible HERE.
Conclusion
The Mastercard Foundation Africa Growth Fund represents a pivotal moment for African entrepreneurship.
With a vision to empower SMEs, create sustainable jobs, and advance gender equity, this initiative is poised to make a lasting impact on the economic landscape of the continent.
Small and medium enterprise owners in Africa are encouraged to seize this opportunity, as the fund not only provides financial support but also sets the stage for long-term success and growth.
Apply now to be part of this transformative journey toward a more prosperous and inclusive Africa.
