The Mastercard Foundation Fund for Resilience and Prosperity has introduced an Agribusiness Challenge Fund aimed at supporting small and medium-sized enterprises (SMEs) in Sub-Saharan Africa’s agriculture sector.
This fund is focused on helping agribusinesses that can create large-scale employment for young people, especially young women, youth with disabilities, and refugee youth.
Background
This challenge fund is part of the Mastercard Foundation’s continued commitment to advancing economic opportunities across Africa. It follows the success of the previous Fund for Rural Prosperity, which ran from 2014 to 2023 and helped 38 businesses across 15 African countries expand their reach and innovate financial services, positively impacting over 5.3 million people.
What the Agribusiness Challenge Fund Offers
Selected SMEs in agriculture, climate impact, and the digital economy will receive:
- Grants ranging from $500,000 to $2.5 million, spread over three years based on milestones, scalability, and the business model.
- Technical assistance tailored to the needs of each business to help them grow sustainably over the three-year period.
Eligibility
The fund is open to agribusiness SMEs in 20 countries across Sub-Saharan Africa, including Nigeria, Kenya, Ethiopia, and South Africa, among others. Eligible businesses should be focused on agriculture, climate solutions, or digital economy initiatives.
Applications are open until November 22, 2024. This challenge fund presents a significant opportunity for African agribusinesses to access funding and support, enabling them to expand and create more jobs for youth across the region. Click here to apply.