2020 Q2 Board Book (Staff)

The June 25th, 2020 Board Meeting demonstrated a significant focus on responding to the COVID-19 pandemic while continuing to advance its existing programs, particularly Young Africa Works. The Foundation is adapting its strategies to address the immediate needs arising from the pandemic while also building long-term resilience in communities across Africa and Canada.

Key activities and initiatives include:

1) COVID-19 Recovery and Resilience Program (RRP): The Foundation launched the COVID-19 RRP, committing $227.5 million in Africa and $6 million in Canada to 103 partners. This program focuses on immediate needs such as support for healthcare workers and emergency funds for students, as well as building the capacity of institutions to provide access to finance, e-learning, and digital solutions. The RRP is being implemented with a focus on supporting micro, small, and medium-sized enterprises (MSMEs) and promoting the digitization of key sectors.

2) Young Africa Works Strategy: The pandemic has prompted the Foundation to reflect on its Young Africa Works strategy, with key learnings influencing future program direction. There is a recognition that support for MSMEs needs to go beyond immediate needs and that digitization is critical for improving access to finance and markets. The Foundation is also placing greater emphasis on agriculture, health, and education as key sectors for future investment.

3) Mastercard Foundation Scholars Program: The Scholars Program is also adapting to the pandemic by providing emergency funds for students and supporting the transition to online learning. The Foundation has approved $8.3 million to support 25 partners and is developing a broader framework to support scholars in the longer term. An e-learning initiative aims to leverage the strength of partner networks to build the e-learning capacity of universities. An Alumni Venture Fund is proposed to support recent graduates in launching and sustaining their ventures.

4) Strategic Partnerships: The Foundation is developing strategic partnerships to scale up its impact. This includes collaborations with the African Leadership Group (ALG), Ashesi University and Carnegie Mellon University – Africa (CMU-Africa). These initiatives are focused on education, leadership development, and creating work opportunities for young people across Africa.

5) Geographic Focus: The Foundation is implementing specific programs in various countries. In Canada, the focus is on supporting Indigenous communities impacted by the pandemic. In Africa, there are programs in Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, and Uganda. These programs range from healthcare and emergency support to e-learning and MSME financing.

6) Digital Solutions and E-learning: The Foundation is focusing on digital solutions and e-learning across its programs. There is a need to close the digital divide and ensure access to technology for vulnerable communities. The Foundation is working with partners to scale up e-learning platforms, train teachers, and develop digital content.

Overall, the Mastercard Foundation in Q2 2020 is actively responding to the COVID-19 pandemic while continuing to implement and adapt its existing programs. There is a renewed emphasis on digital solutions, e-learning, and building the resilience of communities and institutions. The Foundation is learning from the challenges of the pandemic and is using these insights to inform the future direction of its programs and initiatives.