The MasterCard Foundation's COVID-19 Recovery & Resilience Programme has committed 24.8 million dollars for emergency support to micro and small-sized enterprises and start-ups. The programme, Mastercard Foundation MSE’s Resilience Facility, will be implemented and monitored between the Mastercard Foundation, the Jobs Creation Commission, a government institution advancing employment and job creation, and First Consult, a firm specialising in economic development in Ethiopia. The programme is primarily aimed at ensuring that MSEs remain solvent and retain their employees. It also aims to create work opportunities following COVID-19. It is expected to prevent 24,000 MSEs from closing and to prevent the loss of jobs for over 50,000 employees. Three financial institutions will also be partnering with select MSEs based on their vulnerability and provide collateral-free loans and increase the adoption rate to digitally-based microcredit. The creation of the facility is in line with the Foundations Young Africa Works strategy, which aims to enable 30 million young people in Africa, 10 million of whom are in Ethiopia, to access dignified and fulfilling work over the next 10 years.
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