The Mastercard Foundation has committed US$200 million to invest in small Senegalese businesses as it aims to enable three million young people to access employment by 2030.
The new initiative - Young Africa Works in Senegal – is a five-year programme that is focusing on growth in small businesses, productivity improvements in the agriculture value chain, and improvements in education and training.
Senegal is the first phase of a host of African countries in which the Mastercard Foundation will begin to implement its job creation strategy. The foundation will work with local partners to spur systemic change that is critical for growth and job creation.
Young Africa Works in Senegal will focus on three priorities – enabling the growth of youth enterprises by increasing access to funding; supporting the potential of youth by connecting those in the informal sector to certification programmes and work opportunities; and strengthening the quality and relevance of secondary and technical and vocational training (TVET) education.
“Our ambition is about transforming systems and lifting barriers to create the right conditions for economic opportunities. We believe that is only possible if we work together, join our efforts toward the same goal and if we put youth at the center of our models,” said Sambou Coly, Mastercard Foundation country representative for Senegal.