The Mastercard Foundation Africa Growth Fund has launched a $200 million funding facility for African small and medium-sized enterprises.
In order to help early-stage, growth-oriented SMEs on the continent, the Mastercard Foundation Africa Growth Fund (MFAGF) has been launched.
By supporting and de-risking African investment vehicles that are dedicated to achieving gender equity in entrepreneurship, the fund is both ambitious and disruptive, bringing in more cash for African entrepreneurs.
In addition to financing investment vehicles, the MFAGF will also provide a business development facility for the companies in their portfolio.
The Mastercard Foundation Africa Growth Fund is dedicated to creating opportunities for young people, especially young women, to engage in meaningful work.
The Mastercard Foundation’s Young Africa Works strategy seeks to help 30 million young people in Africa, especially young women, have access to decent and meaningful work by the year 2030.
The fund-of-funds program will apply gender-lens investing (GLI) principles to help achieve this goal.
Two investment entities promoting entrepreneurial growth have already been recruited by the Fund-of-Funds, one in East Africa and one in West Africa.
The Mastercard Foundation established the Africa Growth Fund to finance and empower African investment vehicles that provide aid to small and medium-sized enterprises (SMEs) in Africa.