MICROCAPITAL BRIEF: Mastercard Foundation Commits $200m to “Young Africa Works,” a 10-year, 10-country Effort Launching in Senegal

The Canada-based Mastercard Foundation recently announced that Senegal is among the first countries in which it will roll out Young Africa Works, an initiative intended to create job opportunities for 30 million young Africans, 70 percent of whom are women, in 10 countries by 2030. The foundation has made a five-year commitment of USD 200 million to the effort, which includes promoting education, agricultural value chains, and the growth and productivity of small businesses. This is to include: (1) creating opportunities for youth-led enterprises and startups by increasing access to financing, connections, certification programs and start-up funds; (2) supporting existing innovation hubs, incubators and accelerators; and (3) bolstering secondary education as well as technical and vocational training. The initiative expands upon the Senegalese government’s Plan for an Emerging Senegal.

Sambou Coly, the Mastercard Foundation country representative in Senegal, said, “Our ambition is about transforming systems and lifting barriers to create the right conditions for economic opportunities. We believe that is only possible if we work together, join our efforts toward the same goal and if we put youth at the center of our models.”

The mission of the Mastercard Foundation is to support young Africans in moving out of poverty via improved “access to education, financial services, and skills training.” Since its inception, the foundation has worked in 34 African countries, but as of 2019 it plans to focus its involvement deeper into 10 countries on the continent. As of 2018, the organization reported annual expenditures of USD 298 million and total assets of USD 17.4 billion.

By Anna Gravois, Research Associate

Sources and Additional Resources

Mastercard Foundation press release
https://mastercardfdn.org/mastercard-foundation-to-enable-three-million-youth-to-access-employment-opportunities-in-senegal/

Mastercard Foundation homepage
https://mastercardfdn.org

PSE homepage
http://www.presidence.sn/en/pse/emerging-senegal

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