Mastercard Fund for Agribusiness Challenge Fund in 2024

The Mastercard Foundation Fund for Resilience and Prosperity is a significant initiative designed to support Small and Medium-sized Enterprises (SMEs) across Sub-Saharan Africa, focusing on the sectors of agriculture, climate adaptation, and the digital economy. This fund, established in 2023, is the second phase of the Mastercard Foundation’s efforts, following the successful Mastercard Foundation Fund for Rural Prosperity, which ran from 2014 to 2022. The Rural Prosperity Fund supported innovative financial products and services for rural populations, particularly in agriculture, benefiting over 5.3 million people and exceeding its initial target of 1 million.

Mastercard Foundation Fund for Resilience and Prosperity:

• Aim and Benefits: The Fund aims to unlock enterprise growth and create sustainable employment opportunities for young men and women, including those with disabilities and refugee backgrounds, across 20 countries in Sub-Saharan Africa. It employs four strategic interventions:
• Challenge Fund: Offers direct financial support to address resource flow barriers for SMEs looking to scale up and create employment opportunities.
• Connect Fund: Provides investor readiness support and facilitates partnerships with potential financiers to ensure sustainability and growth.
• Technical Assistance (TA): Delivers technical assistance and capacity building to tackle barriers related to human capital and market access.
• Convening and Influencing: Fosters an enabling business environment by convening stakeholders and leveraging digital platforms to drive systematic change, especially concerning youth employment.

Requirements for Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund Qualification:

• Selection Criteria: Applications will be selected based on project description and objective, alignment with Fund priorities, project impact, financing plan/matching funds, team structure, and additionality. Each challenge fund sector has its specific criteria, and selection will be based on applications meeting a certain threshold of the Fund’s selection criteria ¹².

How to Apply:

• Agribusiness Challenge Fund: Open for nine months from March 18, 2024, and open to applications from any country as long as the projects are being implemented in one or more of the 20 focus countries and meet the eligibility criteria of the challenge ².

Contact Information:

• For more details and to apply, visit the Mastercard Foundation Fund for Resilience and Prosperity website or contact them directly ².

The Mastercard Foundation Fund for Resilience and Prosperity represents a commitment to fostering economic growth and creating dignified work opportunities for young individuals in Sub-Saharan Africa. By supporting SMEs in key sectors, the Fund aims to address SME-specific challenges and broader macroeconomic issues, contributing to sustainable development and economic growth in the region ⁴⁷.