(Ecofin Agency) - The fund will support investment entities struggling to mobilize financing to achieve their objectives.
Last Thursday, Mastercard Foundation announced the launch of a US$200 million fund to support founded-and-based-in-Africa investment entities that are struggling to mobilize resources to reach their goals.
According to one of the media outlets that reported the news, 180 venture capital funds have already submitted investment plans with various stages of commitment, and five of them are in a review phase that could lead to effective financial support. Two of the five funds are managed by women, and they are based in East and West Africa.
The financial support will be provided based on the gender lens investing (GLI) strategy to help advance Mastercard Foundation's Young Africa Works plan, which aims to enable 30 million young Africans to access decent and fulfilling jobs by 2030.
The main partner in the deployment of that initiative is Investisseurs et Partenaires, an “impact investment group dedicated to SMEs based in Sub-Saharan Africa and the Indian Ocean.” It will provide counseling and guidance along with the other partners mentioned in the project.