To support the education of economically disadvantaged youths on the continent
MasterCard has set up a 500-million-dollar scholarship fund for talented but economically disadvantaged young people in Africa to access quality secondary and university education.
Speaking on the sideline of the Entrepreneurship in Africa Summit holding in Accra, Ghana, Reeta Roy, President of The MasterCard Foundation, said about 15,000 talented young Africans would benefit from the programme.
“We know that education will lead to prosperity in Africa. To sustain the continent’s progress, we must educate its future leaders and create a skilled workforce for the global economy," she said.
Roy said that the foundation was partnering with some American universities and non-profit organisations to educate and develop Africa's next generation of leaders.
According to her, the scholarship will provide students with financial support for fees, uniforms, books, transportation, accommodation and stipends.
Roy said that the programme would provide beneficiaries with the knowledge and leadership skills needed to engender change and contribute to economic and social progress across Africa.
She further said that the students would benefit from skills training in areas relevant to employment success, such as critical thinking, communications, and entrepreneurship.
According to her, the beneficiaries will also receive support during their transition into secondary school, university or the workforce, with mentoring, career counselling, internships, leadership development and other life skills coaching.
"An integral component of the programme is the commitment from the students to give back to their communities and countries of origin," she added.
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