Mastercard Foundation has launched an Africa Growth Fund with a commitment of $200 million to support early-stage, growth-oriented SMEs on the continent.

The Fund-of-Funds' goal is to enable dignified and fulfilling work for young people, particularly young women, using gender lens investing principles to advance the Mastercard Foundation's Young Africa Works strategy, which aims to enable 30 million young people in Africa to access dignified and fulfilling work by 2030.

To achieve this, the Fund will also offer a business development facility for its portfolio companies and has already recruited two investment vehicles to support entrepreneurial growth in East and West Africa.