MasterCard Foundation, EGF to provide $4.6M for Kenyan students

Microfinance Focus, Feb 9, 2010: The MasterCard Foundation and the Equity Group Foundation (EGF) have launched a program that will provide $4.6 million in educational support to 676 secondary students in Kenya over the next five years.
Reeta Roy, President and CEO of The MasterCard Foundation, and EGF Chairman Dr. James Mwangi announced the partnership at an event in Nairobi on Monday, presided by Kenyan Prime Minister Raila Odinga.
“All young people deserve an opportunity to reach their full potential,” said Roy. “The MasterCard Foundation is proud to partner with EGF to enable students in Kenya to complete secondary school. EGF has the national scale, reach and financial systems to ensure this program benefits young people.”
The program will provide scholarships to 332 financially disadvantaged students, enabling them to complete secondary school in Kenya. The program will further assist 344 students with programs in leadership development, career guidance and mentoring. EGF will identify an equal number of male and female primary school students to participate in the program.
“The collaboration with The MasterCard Foundation affirms our commitment to transforming the socioeconomic status of talented young people and develop the next generation of leaders in Kenya.” said Mwangi. “Our hope is that other partners will look to this program as a model for transforming the lives of disadvantaged children and join us.”
EGF through Equity Bank, will oversee the distribution of funds using its extensive branch network. To measure the impact of this program, both foundations will track students’ progress over the next five years.

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