The Mastercard Foundation Fund for Resilience and Prosperity is calling on small and medium-sized enterprises (SMEs) in the agricultural sector to apply for its Agribusiness Challenge Fund. Eligible companies stand to receive grants ranging from US$500,000 to US$2.5 million, distributed over three years.

The initiative targets innovative and commercially viable agribusinesses across 20 countries in Sub-Saharan Africa, aiming to scale operations and create sustainable job opportunities, especially for young women, young persons with disabilities, and refugee youth.

Successful SMEs will be selected based on factors such as their stage of development, scalability, and business model. The funding is designed to help them meet agreed-upon milestones over the funding period.

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The countries eligible for the Agribusiness Challenge Fund include Kenya, Benin, Burundi, Botswana, Cameroon, Côte d’Ivoire, DRC, Ethiopia, Ghana, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda, and Zambia.

Smita Sanghrajka, an engagement partner at the Mastercard Foundation Fund for Resilience and Prosperity, noted the significant potential for the agriculture sector in Sub-Saharan Africa to drive growth and create meaningful employment for the youth.

Applications for the funding are open until November 22.