Opportunity International & The MasterCard Foundation Plan To Help 7M Out of Poverty With $22.7M Partnership
Wednesday, March 26, 2014
Opportunity International is a non-profit microfinance organization established in 1971. Over the last 42 years OI has provided $6 billion in microfinance loans and has reached over 5 million clients in 22 countries. In 2009, The MasterCard MA -1.08% Foundation and the Bill & Melinda Gates Foundation partnered with OI and co-funded a $16 million project to expand access to saving accounts and agricultural loans in Sub-Saharan Africa.
Today, OI and The MasterCard Foundation plan to enter phase two of this partnership as they announce a $22.7 million expansion in funding, The Africa Growth and Innovations Initiative. The extension promises to support an additional 7 million people by providing access to loans, saving programs, and other financial services through institutions in Ghana, Malawi, Rwanda, Tanzania, and Uganda.
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