Mastercard Foundation to spend $4.7bn on Africa over next decade

AFRICAN BUSINESS AND ECONOMYJuly 30, 2024 at 10:38 AM UTC

TLDR

The Mastercard Foundation commits $4.7 billion over 10 years to support education and employment in Africa
Funds aimed at improving skills, increasing technology access, and creating opportunities for women and youth
Goal to support 30 million youth into dignified work by 2030 and assist 100,000, with 70% being women, to access education

The Mastercard Foundation plans to commit $4.7 billion over the next decade to support education and employment in Africa, CEO Reeta Roy said.

The funds will be used to improve skills, increase access to technology and entrepreneurship, and create opportunities for women and young people.

“The Foundation aims to support 30 million young people into dignified and fulfilling work by 2030,” and assist 100,000 young people, of whom 70% will be women, to access education, Roy said. “These financial commitments cover a range of programs including education, entrepreneurship, work, healthcare, and special programs."

Key Takeaways

Created in 2006, the Mastercard Foundation currently deploys about $1.3 billion a year on development programs. The majority of this funding goes overwhelmingly to work in Africa, with two-thirds of the foundation’s partners based on the continent. The foundation is particularly focused on connecting young people with employment opportunities in a region where youth unemployment can be twice as high as the already elevated jobless rate among older workers.

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