Mastercard to pump USD500m into African education

DEVELOPMENT

-
Image: By BiztechAfrica
Mastercard to pump USD500m into African education

The MasterCard Foundation has announced the launch of The MasterCard Foundation Scholars Program, a  USD500 million education initiative that will provide talented yet economically disadvantaged students from developing countries – particularly from Africa – with comprehensive support for secondary and university education. 

Over the past decade, Africa has been the second-fastest growing region in the world. Seventy percent of the continent's population is under the age of 30, and millions of them will need to enter the workforce.  However, the region still lags the world in secondary and higher education completion rates.  In order to sustain the continent's rapid growth, it will be essential that its young people have the skills needed to participate in a competitive global economy. 

Reeta Roy, President and CEO of The MasterCard Foundation, announced the Scholars Program at a United Nations Special Session marking the launch of Education First.  This initiative led by Secretary-General Ban Ki-moon and Special Envoy for Education Gordon Brown seeks to ensure all children have access to quality, relevant, and inclusive education. The Scholars Program illustrates the values of the Education First initiative and was highlighted as an innovative model for educating young people and encouraging citizenship.

"An education does more than liberate people from poverty, it is the foundation of social and economic progress," said Reeta Roy. "The MasterCard Foundation Scholars Program is a network of extraordinary educational institutions, non-governmental organizations, and young people.  Together, they will contribute to the emergence of a more equitable, dynamic, and prosperous Africa."

Special Envoy Gordon Brown, the former Prime Minister of the United Kingdom, added, "The MasterCard Foundation's significant commitment to provide today's youth with the values, attitudes, and skills to give back and contribute to their societies through education demonstrates the values at the heart of Education First."

The Scholars Program is designed to enable successful entry into secondary school, as well as transitions from secondary school to university, and, ultimately, into the workforce.  At all points, young people will have access to financial, academic, social, and skills-building supports. The Scholars Program will create a peer network of alumni who share a 'give-back' ethos. 

"The MasterCard Foundation scholarship is more than just school fees to me; it's the fuel, it's inspiration, it's courage and confidence," said Joseph Munyambanza, a former refugee from the Democratic Republic of Congo who, at the age of 14, set up COBUR WAS, a non-profit organization that provides nursery and primary school for orphans.  Munyambanza, a graduate of African Leadership Academy, added: "I feel that I am in the right hands because I get support and inspiration, and I have confidence that I will achieve my two big dreams for Africa; better health for my people and better education that changes lives."

The network includes: American University of Beirut – Faculty of Health Sciences, Arizona State University, Ashesi University, Duke University, EARTH University, Michigan State University, Stanford University, University of California – Berkeley, andWellesley College. The Program also includes a partnership with African Leadership Academy to develop an African-based careers network for the Scholars to access internships and jobs across the continent.

 



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE DEVELOPMENT NEWS

Kenya Power eyes fibreglass poles to lower electricity transmission costs

Kenya Power plans to roll-out fibreglass poles in place of wooden poles, to reduce the cost of maintenance. Read More

MWH Global names Ethiopia Country Manager

MWH Global has hired Moghes Ayalew Mekonen as the country manager for its operations in Ethiopia.  Read More

Can technology help keep the lights on in Africa?

By using modern ICT tools smartly, energy utilities could be keeping the lights on, says Ashley Boag, Head: Energy and Natural Resources at SAP Africa. Read More

Samsung hands over Digital Village in SA

Samsung Electronics has officially handed over a Digital Village at Cosmo City in South Africa, to provide the community with much-needed education and health services. Read More

World Bank approves DRC hydropower grant

The World Bank has approved a $73.1 million grant to the Democratic Republic of Congo for the Inga 3 Basse Chute (BC) and Mid-size Hydropower Development Technical Assistance Project. Read More

$870m financing agreements signed for biggest clean energy project in Africa

The Lake Turkana Wind Power Project meant to add an existing 300MW of reliable, low cost wind energy to the national grid of Kenya reached a critical milestone following the signing of the financial agreements in Nairobi, Kenya.  Read More

SEFA, partners launch clean energy competition

The Sustainable Energy Fund for Africa is co-organising the Africa Forum for Clean Energy Financing (AFRICEF-3) Business Plan Competition to identify and nurture companies with green ambitions in Africa, and serve as a conduit between them and financiers. Read More

Education summit to focus on infrastructure

The West and Central African Research and Education Network (WACREN) conference 2014, takes place in Lome, Togo, this week. Read More

Samsung solar powered internet school for DRC

A Solar Powered Internet School handed over in Kinshasa is expected to improve learning and education through the use of ICTs. Read More

MTN Foundation supports orphans in Cameroon

Friends of the MTN Foundation have supported orphans at the Marie France Foundation Reception Centre in Cameroon.  Read More

PRESS OFFICES

Sage ERP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN Business

FEATURED STORY

Kenyan shift to Green Economy would generate USD 45bn by 2030 Kenyan shift to Green Economy would generate USD 45bn by 2030

Kenya’s transition to a green economy could produce major economic benefits  equivalent to an estimated USD 45 billion by 2030, a new  study shows.

IN DEPTH

E-waste threatens Ghana’s beachesE-waste threatens Ghana’s beaches

Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.