The International Finance Corporation (IFC), a member of the World Bank Group that supports private-sector development, and MasterCard Foundation, a Canada-based foundation that focuses on microfinance end education, recently announced a USD 37.4 million partnership to increase access to financial services in Sub-Saharan Africa. The project will aim to help microfinance institutions (MFIs) expand into new regions and develop new products with low-cost delivery channels such as mobile services. Further details on the partnership have not been released.
As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects. The MasterCard Foundation, which was established in 2010 by US-based payments firm MasterCard Worldwide, reported approximately CAD 3 billion (the equivalent of USD 2.9 billion) in assets as of 2010.
By Charlotte Newman, Research Associate
About International Finance Corporation
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.
About MasterCard Foundation
Based in Canada, the MasterCard Foundation is a private foundation with the goal of enabling 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 from US-based payment processor MasterCard Worldwide during the company’s initial public offering. As of 2010, the MasterCard Foundation reported approximately CAD 3 billion (the equivalent of USD 2.9 billion) in assets.
Sources and Additional Resources:
International Finance Corporation: “IFC and The MasterCard Foundation Launch Partnership to Improve Financial Services for Millions in Africa,” http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/C0BAD42CDB6BFEE5422579F70032F6FF
MicroCapital.org story, May 9, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), BPI Globe BanKO to Develop Sustainable Energy Project for Microfinance Institutions in the Philippines,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-bpi-globe-banko-to-develop-sustainable-energy-project-for-microfinance-institutions-in-the-philippines/
MicroCapital.org story, May 3, 2012, “MICROCAPITAL BRIEF: MasterCard Foundation Scholarship Applications Due May 4 for Sustainable Microenterprise and Development Program, New Hampshire, USA,” https://www.microcapital.org/microcapital-brief-mastercard-foundation-scholarship-applications-due-may-4-for-sustainable-microenterprise-and-development-program-new-hampshire-usa/
MicroCapital Universe Profile: International Finance Corporation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: MasterCard Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation
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