The Mastercard Foundation Fund for Resilience and Prosperity has initiated an Agribusiness Challenge Fund targeting SMEs across 20 Sub-Saharan African countries.
This challenge invites proposals from SMEs in the agriculture sector capable of generating employment opportunities at scale for young women and men, young individuals with disabilities, and refugee youth.
The Agribusiness Challenge Fund aims to offer SMEs with innovative and commercially viable agribusinesses the chance to receive support for scaling up their operations.
In a statement, the Mastercard Foundation emphasized its goal of creating sustainable job opportunities for young people, particularly focusing on young women.
Selected SMEs will benefit from support from the Fund, including grants ranging from US$500,000 to US$2,500,000, disbursed over a 3-year period, based on development stage, scalability, and business model, aligned with agreed-upon milestone targets.
The funding structure will be determined on a case-by-case basis after evaluating proposals and organizations. Successful applicants will also receive tailored technical assistance over the 3-year period to align with the Fund’s objectives.
The Agribusiness Challenge Fund is the first of several sector-focused calls for proposals by the Fund, targeting SMEs with potential to create employment opportunities at scale.
This challenge targets SMEs in 20 Sub-Saharan African countries, including Kenya, Nigeria, Ethiopia, and South Africa.
Mrs. Smita Sanghrajka, Engagement Partner at the Mastercard Foundation Fund for Resilience and Prosperity, highlighted the potential of the agriculture sector for innovative SMEs to grow and create employment opportunities for young people, particularly emphasizing young women, individuals with disabilities, and refugee youth.
Agri-SMEs in Sub-Saharan Africa often lack sufficient financial support to scale and require capacity building to enhance business practices and investor readiness.
Mr. Daniel Hailu, Executive Director of Pan-African Programs at the Mastercard Foundation, emphasized the Foundation’s commitment to creating job opportunities for young people across Sub-Saharan Africa through initiatives like the Mastercard Foundation Fund for Resilience and Prosperity.
The call for proposals for the Agribusiness Challenge Fund is currently open and will close on November 22, 2024, with periodic assessments of applications every 12 weeks. SMEs meeting the eligibility criteria and operating in at least one of the 20 focus countries targeted by the Fund are eligible to apply. Unsuccessful applicants will have the opportunity to refine and resubmit their proposals for subsequent evaluations.
The Mastercard Foundation Fund for Resilience and Prosperity, succeeding the Mastercard Foundation Fund for Rural Prosperity, aims to support SMEs in scaling financial products and services targeting rural populations, fostering financial inclusion for over 5.3 million people across Africa.
