Small and medium enterprises (SMEs) in the agricultural sector are poised for financial support as the Mastercard Foundation Fund pledges to award grants over the next three years. The Agribusiness Challenge Fund will award grants ranging from half a million dollars to 2.5 million dollars to qualifying businesses in Ethiopia and 19 other countries.
According to Smita Sanghrajika, an engagement partner at the Foundation, agribusinesses have lacked the financial resources needed to scale up and improve their business practices.
The program aims to empower agribusinesses by providing financial resources, mentorship from established businesses, and technical assistance. Organisers hope to create jobs, increase agricultural productivity, and accelerate the commercialisation of agricultural products.
Daniel Hailu, executive director of Pan-African Programs at the Foundation, emphasised that the project aims to act as a catalyst for growth and propel participating businesses to reach their full potential.
The application window is open for 12 weeks, closing on November 22, 2024. Unsuccessful applicants will have a chance to re-apply with improved proposals.
