The Mastercard Foundation Fund for Resilience and Prosperity has launched an exciting new initiative for 2024: The Agribusiness Challenge Fund.
This rolling call for proposals, open from March 18 to November 22, 2024, aims to support Small and Medium-sized Enterprises (SMEs) in Africa’s agricultural sector, fostering innovation, resilience, and job creation.
Building on the success of its predecessor, the Fund for Rural Prosperity, which supported 38 participants across 15 African countries and improved financial access for over 5.3 million people, this new phase sets its sights even higher.
Details About the Agribusiness Challenge Fund
The Agribusiness Challenge Fund targets SMEs operating in 20 focus countries across Africa, offering substantial financial support and technical assistance.
While the Fund welcomes applications from various agricultural subsectors, it shows particular interest in areas such as forestry, fishing, horticulture, cash crops (cocoa, cotton, coffee, tea), livestock, poultry, and innovative agricultural technologies. The Fund also encourages projects that integrate climate adaptation, climate mitigation, or digital aspects.
Categories
The Fund focuses on three main categories within the agribusiness sector:
- Primary production
- Processing and aggregation
- Trading and market linkages
Benefits
- Eligible SMEs can apply for grants ranging from US$500,000 to US$2,500,000, disbursed over a three-year period. The funding amount will be determined based on the applicant’s development stage, scalability, and business model.
- In addition to financial support, successful applicants will receive tailored technical assistance aligned with the Fund’s objectives.
- This initiative is an opportunity for African agribusinesses to scale their operations, create meaningful employment, and contribute to the continent’s food security and economic growth.
Eligiblity Criteria for the Agribusiness Challenge Fund For African SMEs 2024
To be eligible for the Agribusiness Challenge Fund For SMEs in Africa 2024, applicants must meet several criteria Including:
- Be an existing for-profit SME in the agriculture sector
- Operate in at least one of the 20 focus countries in Africa
- Applicants are required to provide a matching contribution of a minimum of 30% of the total project cost
- They must demonstrate innovative, practical, and scalable business models that create work opportunities for young women and men, including those with disabilities or refugee status
- Candidates must adhere to fundamental human rights, labor standards, and environmental management laws
- Not expected to have any involvement in or support for terrorist activities
How to Apply for Agribusiness Challenge Fund For African SMEs 2024
Interested and eligible SMEs are encouraged to visit the official website on https://frp.org/challenge-fund/the-agribusiness-challenge-fund to learn more about the application process and submit their proposals.
With three application harvest periods throughout the year, this rolling call offers multiple opportunities for innovative agribusinesses to secure vital support for their growth and impact.
Selection Process
The selection process will evaluate applications based on project description and objectives, alignment with Fund priorities, projected impact, financing plan, and team structure.
The Fund particularly values projects that address climate resilience, sustainable practices, and digital innovation in agriculture.
Application Deadline
The application deadline for the Agribusiness Challenge Fund For African SMEs 2024, is 22 November 2024.
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