Public-Private Partnership Economically Empowers Women and Youth in Kenya

    


    
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<p>Commitment at Clinton Global Initiative to benefit over 600,000 unbanked, low-income people</p>
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<p>NEW YORK, <span class="xn-chron">Sept. 22</span> /CNW/ -- The MasterCard Foundation, Equity Group Foundation, Equity Bank and the Government of <span class="xn-location">Kenya</span> today committed - at the Clinton Global Initiative's Annual Meeting - to advance the educational, financial and entrepreneurial capacity of more than 600,000 Kenyan women and youth. The goal of the commitment, catalyzed by a <span class="xn-money">$15.5 million</span> contribution from The MasterCard Foundation, is to increase the employability and productivity of Kenya's low-income and unbanked population. The partnership will also provide comprehensive scholarships and leadership training to top-performing students who are economically vulnerable to enable their completion of secondary school.</p>
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<p>Note: Additional information and media available at <a href="http://mastercardfoundation.presslift.com/egf">http://mastercardfoundation.presslift.com/egf</a>.</p>
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<p>"This investment creates new economic opportunities for Kenyan women and youth. Our partnership will expand access to secondary education for young people and build the financial capability of microentrepreneurs," said Reeta Roy, president and CEO of The MasterCard Foundation.</p>
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<p>Equity Group Foundation will provide financial education to low-income and unbanked women and young people in <span class="xn-location">Kenya</span> over the next three years. Of these beneficiaries, 7,500 high-potential entrepreneurs will receive additional one-on-one mentoring and business training to develop their enterprises. In order to enhance their financial capacity, women and young people in the program will be provided access to savings and other services through Equity Bank.</p>
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<p>"In order to become economically productive, people living in poverty require access to knowledge, supportive networks and financial services. This partnership delivers these critical tools and empowers people to change their own lives. Lessons from this program will influence our bank and others to mobilize social change," said <span class="xn-person">Dr. James Mwangi</span>, CEO of Equity Bank and chairman of Equity Group Foundation. <span class="xn-person">Dr. Mwangi</span> also chairs the Delivery Board of Vision 2030 - Kenya's strategy to become a middle-income country by 2030.</p>
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<p>Equity Bank will also make available up to <span class="xn-money">$200 million</span> in credit to the women and youth trained through the program. In addition, the Government of <span class="xn-location">Kenya</span> has set up a Ksh.3 billion (approximately <span class="xn-money">$40 million</span>) fund for financial institutions to engage in lending to youth, expediting access to credit for this critical demographic.</p>
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<p>The commitment addresses a continuum of challenges - low secondary school completion, limited access to financial services and high unemployment rates - for low-income women and youth. Despite the highly successful Free Primary Education Policy instituted by the Government of <span class="xn-location">Kenya</span>, only four percent of students who complete 8th grade make it to university. Many of these individuals are counted among the 80 percent of Kenyans who lack access to financial services, 50 percent who live on less than <span class="xn-money">$2</span> a day and 40 percent who are unemployed.</p>
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<p>The MasterCard Foundation believes that every person has the potential to transform their lives and to improve the lives of their families and communities. By increasing access to microfinance and youth education to people in developing countries, the Foundation is enabling them to realize their potential and lift themselves out of poverty. It is an independent, private foundation based in <span class="xn-location">Toronto</span>, <span class="xn-location">Canada</span>, and was established through the generosity of MasterCard Worldwide at the time of the company's initial public offering in 2006. For more information, see <a href="http://www.mastercardfdn.org">www.mastercardfdn.org</a>.</p>
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<p>Equity Group Foundation was established by Equity Bank, one of the top five banks in <span class="xn-location">Kenya</span> and the largest microfinance provider in East and Central <span class="xn-location">Africa</span>, to create the financial and operational infrastructure for social programs aimed at low-income populations. Its goal is to transform the socioeconomic status of people in <span class="xn-location">Africa</span>. To learn more, visit <a href="http://www.equitybank.co.ke">http://www.equitybank.co.ke</a>.</p>
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For further information: Victoria Baxter, [phone], [email protected], for Equity Group Foundation and The MasterCard Foundation Web Site: http://www.themastercardfoundation.org http://www.equitybank.co.ke