The Mastercard Foundation plans to commit $4.7 billion over the next decade to support education and employment in Africa. This substantial investment aims to leverage Africa’s youthful population by improving skills, increasing access to technology and entrepreneurship, and creating opportunities for women and young people. According to the Toronto-based institution, the Foundation aims to support 30 million young people into dignified and fulfilling work by 2030 and assist 100,000 young people, of whom 70 percent will be women, to get education. Chief Executive Officer Reeta Roy emphasized the Foundation’s commitment, saying, “The Foundation aims to support 30 million young people into dignified and fulfilling work by 2030,” and noted the focus on women in education programs.
“These financial commitments cover a range of programs including education, entrepreneurship, work, healthcare, and special programs,” Roy stated. Created in 2006 by Mastercard International, the Foundation currently deploys about $1.3 billion a year on development programs. This consistent funding underscores the organization’s dedication to sustainable development and long-term impact in the region.
The money “goes overwhelmingly to work in Africa,” Roy highlighted, noting that two-thirds of the Foundation’s partners are based on the continent. This focus ensures that the initiatives are locally relevant and effectively address the specific needs of African communities. By working closely with local partners, the Foundation aims to maximize the impact of its investments and foster a more inclusive and prosperous future for the continent.