The Mastercard Foundation Fund for Resilience and Prosperity is the follow-up to the Mastercard Foundation Fund for Rural Prosperity, which ran for eight years starting in 2014. The first fund helped 38 participants from 15 African countries develop financial services for rural areas, focusing on agriculture. Notably, it provided over 5.3 million people with access to financial services, surpassing the initial goal of 1 million.
Building on this success, the Mastercard Foundation Fund for Resilience and Prosperity was established in 2023. This new fund, totaling US$126 million over seven years, supports Small and Medium-sized Enterprises (SMEs) in agriculture, climate adaptation, and the digital economy sectors across 20 countries in Sub-Saharan Africa. Its main goal is to foster enterprise growth and create sustainable job opportunities for young women and men.
Type: Contest
Deadline
Deadline: November 22nd, 2024.
Types of the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge
Types to check out:
- Grants: The Agribusiness Challenge offers grants to selected ventures, providing them with non-repayable funds to support the development and implementation of their innovative agricultural solutions.
- Equity Investments: In addition to grants, the challenge may also provide equity investments to promising ventures.
- Debt Financing: Participants in the Agribusiness Challenge may also have access to debt financing options, such as loans or lines of credit, to support their projects.
Benefits
The Mastercard Foundation Fund for Resilience and Prosperity tackles SME challenges and broader issues through four key actions:
- Challenge Fund: Direct financial aid to help SMEs scale up, fostering job opportunities for young people.
- Connect Fund: Support for SMEs to attract investors and form partnerships for sustained growth.
- Technical Assistance (TA): Beyond funding, providing capacity building and market access support.
- Convening and influencing: Bringing together stakeholders to improve the business environment and drive change, especially for youth employment, particularly young women.
Eligibility Criteria
Each sector of the challenge fund has its unique characteristics. However, all challenges aim to attract proposals from SMEs that are innovative, financially feasible, and can generate meaningful employment opportunities for young men and women, including those with disabilities or refugee backgrounds.
Applicants must meet specific criteria outlined for each challenge. Selection will be based on applications meeting a certain threshold of the Fund’s selection criteria. For more information, visit the respective challenge page.
Focus Countries of the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge
- The Fund targets SMEs in 20 Sub-Saharan African countries to promote sustainable job opportunities for youth, including those with disabilities and refugee youth, even beyond the program’s duration.
- These countries are 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.
Application Process of the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge
Application Process includes:
- If you’ve already registered on the platform, sign in with your email and password to access the application form and more information from the
- If you haven’t registered yet, you can do so using the link below.
Please visit the official website of the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge at https://frp.org/.
Tips for Successful Application of the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge
To enhance your chances of a successful application consider the following tips:
- Clearly explain the problem your solution addresses and its potential impact.
- Provide evidence of market demand and scalability.
- Highlight your team’s expertise and past successes.
- Be concise and thorough in your application materials.
In Conclusion: The Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge offers a significant opportunity for entrepreneurs and innovators to effect real change in Africa’s agricultural sector. By promoting innovation, facilitating resource access, and encouraging collaboration, the challenge acts as a catalyst for sustainable development and prosperity across the region.
Frequently Asked Questions
What projects qualify for funding?
Projects demonstrating innovative solutions to agricultural value chain challenges are eligible.
Is there a funding limit?
Funding availability varies based on project requirements and resources allocated by the Mastercard Foundation.
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