The Mastercard Foundation has announced the launch of an initiative worth $200 million called Young Africa Works. The initiative is set to benefit Senegalese startups to have access to funding. It aims at providing three million youth with access to fulfilling work by 2030.
The $200 million-worth initiative is the foundation’s five-year commitment focusing on growth in small businesses, productivity improvements in the agricultural value chain, and in education and training. In additions, the initiative will also support entrepreneurs, SMEs, and other key sectors that lead to increased productivity, job creation, as well as work opportunities.
According to the foundation, it is planning to expand the initiative to 10 more African countries. However, it still isn’t clear which African countries it will expand to.
The Young Africa Works in Senegal will focus on three main priorities, including:
- Increasing access to funding, and provide access to innovation hubs, incubators, and accelerators to enable the growth of youth enterprises in the country
- Connecting youths in the informal sector to the certification program and work opportunities. Moreover, it will provide access to startup funds to create income opportunities
- Preparing teachers and mentors with relevant and competency-based teaching methods and materials in order to strengthen the quality of secondary and technical and vocational training education.
“We believe that is only possible if we work together, join our efforts toward the same goal and if we put youth at the centre of our models,” said Sombou Coly, Mastercard Foundation’s country representative, Senegal.