With over 65% of the continent’s population under 30, youth unemployment poses a significant challenge that can only be overcome through urgent action in job creation and skills development.
Significant Investment Over the Next Decade
The Mastercard Foundation plans to allocate $4.7 billion to support education and employment initiatives in Africa over the next ten years, Bloomberg reported on Monday, July 29, 2024, citing an executive from the organization, which holds over $47 billion in assets.
Aiming to Empower 30 Million Young People
“The Foundation aims to support 30 million young people in finding dignified and fulfilling work by 2030 and to help 100,000 young people, of which 70% will be women, access education,” said Reeta Roy, CEO of the Mastercard Foundation.
Diverse Range of Programs
“These financial commitments cover a range of programs including education, entrepreneurship, work, healthcare, and special programs,” she added.
Foundation’s Focus on Africa
Established in 2006 by the American payment company Mastercard International, the Foundation currently allocates approximately $1.3 billion annually to development programs.
“These funds primarily go to Africa,” said Roy, noting that two-thirds of the Foundation’s partners are based on the continent.
Addressing Youth Unemployment
Based in Toronto, Canada, the Foundation is working to create employment opportunities for young Africans on a continent where nearly 62 million young people, or 25.9% of the youth population, are classified as “NEET,” meaning they are not in education, employment, or training, according to data from the International Labour Organization (ILO).
Creating Economic Opportunities
“Our impact is to ensure a significant public benefit for people who would otherwise not be reached, served, or have opportunities. The mission is essentially to create economic opportunities,” emphasized Roy.