MICROCAPITAL BRIEF: Water.org, MasterCard Foundation Launch $3.6m Partnership to Boost WaterCredit Program That Uses Microfinance to Increase Access to Clean Water in Africa

Water.org, a nonprofit organization promoting access to clean water in Africa, and MasterCard Foundation, a Toronto-based foundation promoting microfinance and youth education, have launched a four-year, USD 3.6 million partnership to assist microfinance initiatives that relate to clean water in Sub-Saharan Africa.

The partnership is designed to mobilize USD 15 million for Water.org’s WaterCredit program, which facilitates microfinance for water and sanitation. The program enables individuals, families or communities to install facilities ranging from more reliable water connections to entire piping systems complete with water tanks. Reeta Roy, President and CEO of The MasterCard Foundation, says, “This program will enable microfinance providers to innovate and offer both savings and credit products to help the poor access clean water and sanitation.”

The partnership is also intended to increase the capabilities of microfinance institutions (MFIs) in the region by offering various resources and services including cross-sector forums, toolkits, site visits and impact evaluations. The program is currently underway in Kenya with expansion planned for Uganda [1].

By John Howard-Smith, Research Associate

About The MasterCard Foundation: The MasterCard Foundation is a private foundation established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering.  It is based in Canada. The Foundation’s goal is to enable people living in poverty to improve their lives with increased access to microfinance and education. As of 2009, the Foundation had USD 2.72 billion in total assets. No further financial information is available.

About Water.org: Water.org is a nonprofit organization founded in 1990 by Matt Damon and Gary White and headquartered in the United States. The organization aims to provide access to safe water and sanitation in Africa, South Asia and Central America. Its WaterCredit program is a microfinance-based initiative to promote sustainable giving in the sector. As of 2009, Water.org had USD 4.64 million in total assets. No further financial information is available.

[1] The MasterCard Foundation Press Release: “Water.org and The MasterCard Foundation Accelerate Microfinance for Clean Water in Africa”, http://www.themastercardfoundation.org/news_releases/2010-11-03.htm

MicroCapital’s Microfinance Universe profile: The MasterCard Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation

MicroCapital’s Microfinance Universe profile: Water.org, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Water.org

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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