The Mastercard Foundation Africa Growth Fund has established a $200 million funding facility for African SMEs.
The Mastercard Foundation Africa Growth Fund (MFAGF) was established to assist early-stage, growth-oriented SMEs across the continent.
The fund is both ambitious and revolutionary, bringing in more capital for African entrepreneurs through supporting and de-risking African investment vehicles dedicated to achieving gender equity in entrepreneurship.
The MFAGF will provide a business development facility for the companies in their portfolio in addition to financing investment vehicles.
The Mastercard Foundation Africa Growth Fund is committed to providing meaningful work opportunities for young people, particularly young women.
The Mastercard Foundation’s Young Africa Works plan is to provide 30 million African youth, particularly young women, with access to quality and meaningful work by 2030.
To help achieve this goal, the fund-of-funds initiative will employ gender-lens investing (GLI) concepts.
The Fund-of-Funds has already hired two investment organizations fostering entrepreneurial growth, one in East Africa and one in West Africa.
The Africa Growth Fund was formed by the Mastercard Foundation to support and empower African investment vehicles that provide assistance to Africa’s small and medium-sized enterprises (SMEs).