Mastercard Foundation commits over $3m to rescue SMEs in Ethiopia

Addis Ababa, June 12, 2020 (FBC)- Mastercard Foundation has announced a partnership with a consortium of 11 small and medium enterprises (SMEs) in Ethiopia to repurpose their factories to manufacture personal protective equipment (PPE) in the fight against COVID-19.

The Foundation will commit more than $3.2 million from the Mastercard Foundation COVID19 recovery and resilience program which was created specifically to assist institutions and communities in Africa to withstand and respond to the short-term impacts of this pandemic, while strengthening their resilience in the long-run.

The six-month rescuing enterprises through production repurposing program will enable the 11 SMEs to continue running their businesses and avoid having to retrench their 1,060 employees, the majority being young women.

The contribution from the Foundation will support the repurposing of factories and basic textile machines, as well as renting unused equipment to manufacture protective equipment for health care workers and masks for the general public.

The SMEs within the consortium are: Enzi Shoes, FIF Trading PLC, Gaber Textiles, Habte Garment, KABANA Leather, Kootekett Leather, Mafi, Meron Addis Abeba, Sadula Business PLC, The Look Interiors, and Yefikir.

The program will also include the onboarding of an eCommerce marketplace to enable the SMEs to sell their products online which negates the impact of social distancing while increasing their and resilience in the long-term.

Kifiya Financial Technologies, an existing Mastercar Foundation partner, will lead the management of the fund; and provide the online platform and business support at no cost to the SMEs.

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