Plan Canada, a nonprofit children’s relief organization, has partnered with The MasterCard Foundation, a private Canadian foundation that supports microfinance, to create a USD 4.1 million program that aims to expand microfinance services to youth (ages 15 to 25) in Niger, Sierra Leone and Senegal. The program will focus on scaling up the formation of youth savings and loan associations in the aforementioned countries. According to a press release from Plan Canada, at least 70 percent of the participants will be female.
By Stefanie Rubin, Research Associate
About the MasterCard Foundation:
Based in Canada, the MasterCard Foundation is an independent, private foundation with over CAD 3 billion (the equivalent of USD 2.9 billion) in assets. The foundation’s goal is to enable people living in poverty to improve their lives with increased access to microfinance and education. The Foundation was established in 2006 by a gift of shares of MasterCard Worldwide during the company’s initial public offering.
Additional Resources:
Source Article: Plan Canada Press Release: “Plan Canada and The MasterCard Foundation Expand Youth Microfinance Project in West Africa,” http://www.mastercardfdn.org/news_releases/2010-03-22.pdf
MicroCapital Universe: MasterCard Foundation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation
Plan Canada: About Plan: http://plancanada.ca/NetCommunity/Page.aspx?pid=201
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