Kenyan students to benefit from $275 Million Mastercard digital initiative
The MasterCard Foundation’s $275 million (Sh33 billion) digital transformation investment plan in Africa will assist 10,000 young people from Kenya and throughout Africa.
The foundation, in collaboration with Carnegie Mellon University and the Rwandan government, has launched a partnership agreement to expand possibilities for economically disadvantaged youth on the African continent.
Recent additions to the African Engineering and Technology Network (Afretec) include the University of Nairobi, which benefits from the cooperation.
Following the agreement, the foundation would invest $175 (Sh21 billion) in grants to Rwanda-based Carnegie Mellon University-Africa (CMU-Africa) and an additional $100.7 (Sh12 billion) to CMU-Centre Africa for the Inclusive Digital Transformation of Africa.
Conversely, CMU-Africa will expand its teaching capacity, increase the number of students enrolled annually by more than 33 percent, and give more financial aid to more students.
Approximately 300 students will receive direct scholarship aid.
Additionally, the university will undertake programs to recruit and create opportunities for marginalized groups, such as women, individuals with disabilities, and the displaced.
Reeta Roy, president and chief executive officer of the Mastercard Foundation, stated in his speech that scholars and graduates of this program would be at the forefront of developing innovations and businesses that will generate jobs and boost Africa’s economic competitiveness.
Mr. Roy stated, “We are thrilled that this program will strengthen the role of African universities in fostering the continent’s scientists, inventors, and problem-solvers, as well as in generating information that will benefit society as a whole.”
The president of Carnegie Mellon University, Mr. Farnam Jahanian, stated that the investment would provide 10,000 young people with the opportunity to acquire the skills necessary to compete in the global marketplace, innovate, design new tools that solve regional and global challenges, and bring those tools to market.
Mr. Jahanian stated that the new partnership would accelerate transformative educational and employment opportunities for students across the continent.
Opportunities for beneficiaries, especially young women, young people with disabilities, and young people who have been forcibly displaced, include:
- Financial aid for enrollment at CMU-Africa
- Research collaborations through the Afretec network of higher education institutions
- Pilot programs for English-language immersion.
They will be made available to undergraduates from other African universities to prepare them for graduate studies.