Mastercard and the United States Agency for International Development (USAID) have expanded their partnership to help “advance women’s economic potential,” according to a press release.
The two organizations are announcing support for the White House’s Women’s Global Development and Prosperity Initiative (W-GDP).
Mastercard and USAID will focus on regional programs that support women’s economic initiatives in developing countries, and help them access financial services.
These services include skill training, business development and advocacy.
“It’s quite simple. When women work, economies grow,” said Mastercard Vice Chairman Ann Cairns. “Efforts like this can drive real change, particularly in a world where no one player alone can solve the world’s challenges. Bringing the public and private sectors together will truly empower women and support them as catalysts for growth, innovation and social change. Their ambitions to build successful businesses can fuel stronger, more sustainable economies.”
USAID Administrator Mark Green said the partnership will help women improve economies globally.
“At the U.S. Agency for International Development, we know that investing in women builds resilient, self-reliant, and prosperous societies,” Green said. “USAID’s partnership with Mastercard will accelerate the achievement of these goals by leveraging the collective resources and expertise of the U.S. Government to unlock the full economic potential of women around the world.”
Two of the biggest barriers to helping women are fundamental fairness and exclusion.
“The private sector can take steps to address the challenges around identity, education, employment, treatment in the workplace, and economic empowerment that are impacting women around the world,” the release said.
Mastercard has been committing resources to a few key initiatives. One of those is the development and extension of products that benefit businesses of all sizes. The company is also engaging with business owners globally to ascertain what their needs are, and its identifying entrepreneurs through programs like Start Path, which “connects later stage global start-ups with established businesses to scale and grow their solutions.”