The Mastercard Foundation has announced the application call for the Fund for Resilience and Prosperity 2024. This fund, totaling Up to US$ 126 million over seven years, is poised to catalyze growth and development in the Small and Medium-sized Enterprises (SMEs) sector across 20 countries in Sub-Saharan Africa.
About the Fund
Building upon the success and insights garnered from its predecessor, the Mastercard Foundation Fund for Rural Prosperity seeks to address the many challenges facing SMEs in the field of agriculture, and digital economy.
The primary objective is clear: to unlock enterprise growth and foster the creation of sustainable and dignified employment opportunities for Africa’s youth, including young women, individuals with disabilities, and refugee youth.
Objectives and Impact
The goal of the Mastercard Foundation Fund for Resilience and Prosperity is to catalyze, scale up, and sustain the growth of SMEs, thereby creating a ripple effect of economic empowerment and prosperity across the region. By providing targeted support and resources, the Fund aims to:
- Empower Youth: By prioritizing the needs of young women and men, individuals with disabilities, and refugee youth, the Fund endeavors to create a more inclusive and equitable economic landscape.
- Foster Innovation: Through strategic investments and partnerships, the Fund seeks to drive innovation and entrepreneurship within the SME ecosystem, paving the way for sustainable development and growth.
- Promote Resilience: In the face of evolving challenges such as climate change and digital transformation, the Fund aims to build resilience within SMEs, enabling them to thrive in an ever-changing environment.
Interventions Offered
To achieve its objectives, the Mastercard Foundation Fund for Resilience and Prosperity employs an approach that encompasses four key interventions:
- Challenge Fund
At the heart of the initiative lies the Challenge Fund, which provides direct financial support to SMEs seeking to scale up their operations. By addressing resource flow barriers, the Fund aims to empower SMEs to create and sustain employment opportunities for Africa’s youth.
- Connect Fund
In addition to financial support, the Fund offers investor readiness support to SMEs, facilitating partnerships with potential financiers. By fostering connections and collaborations, the Fund ensures the long-term sustainability and growth of supported enterprises.
- Technical Assistance (TA)
Recognizing that financial support alone is insufficient, the Fund provides technical assistance and capacity building to address critical barriers related to human capital and market access. Through tailored interventions, SMEs are equipped with the skills and knowledge necessary to thrive in competitive markets.
- Convening and Influencing
Lastly, the Fund plays a pivotal role in convening relevant stakeholders and advocating for an enabling business environment. By leveraging the expertise of experienced partners and digital platforms, the Fund drives systematic change and addresses the root causes of youth unemployment.
Eligibility and Requirements
- Each challenge fund sector may vary. However, all applicants are expected to demonstrate innovation, commercial viability, and a commitment to creating dignified employment opportunities for Africa’s youth.
- Selection criteria focuses on proposals that align closely with the Fund’s objectives and priorities.
- Eligible Countries: The Mastercard Foundation Fund for Resilience and Prosperity targets SMEs across 20 countries in Sub-Saharan Africa including:
- 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
- Zambia.
How to Apply
To apply for Mastercard Foundation Fund for Resilience and Prosperity, please visit the Mastercard Foundation at https://frp.org/apply
For more details, visit the Mastercard Foundation website at https://frp.org/
Application Deadline
November 22, 2024.
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