Mennonite Economic Development Associates announced on Dec. 1 in Accra, Ghana, that it will lead Mastercard Foundation’s $200 million Mastercard Foundation Africa Growth Fund.
The initiative hopes to enable 30 million young people in Africa, particularly young women, to access fulfilling work by 2030.
MEDA will lead the project with support from partner organizations and oversight by an investment committee from Africa.
Small and medium-sized enterprises play a vital role in Africa but lack access to finance needed to grow businesses. Women and youth enterprises especially face barriers to accessing this resource. Eliminating this barrier can increase economic growth and reduce poverty.
“We need to do everything it takes now to build a continent with shared prosperity and sustainable, inclusive growth,” said MEDA President and CEO Dorothy Nyambi. “This ‘fund of funds’ will strengthen and empower a new crop of African investment vehicles to create decent work for women and youth via investments in small and medium-sized enterprises.”
The project will advance MEDA’s goal of creating or sustaining decent work for 500,000 people by 2030.