More Than $72 Million Committed to Inclusive Growth Efforts

More Than $72 Million Committed to Inclusive Growth Efforts

Four private-sector funders have announced commitments totaling $72 million to advance equitable and sustainable economic growth globally.

Announced at the inaugural Inclusive Growth Summit in Washington, D.C., the commitments include an investment of $26 million by financial services company Mastercard as part of a multiyear initiative with the Aspen Institute to address income and information inequality through the lens of inclusive growth. The financial services company also announced a partnership with the Rockefeller Foundation in support of the Benefits Data Trust, which will use a $5 million grant from the foundation and a $2.5 million grant awarded through the Mastercard Center for Inclusive Growth to improve the health and economic mobility of at least five million low-income individuals in the United States. To that end, the Mastercard Center also announced the release of an Inclusive Growth Toolkit, a suite of tools designed to provide local leaders with data-driven insights on the state of and potential for inclusive growth in their communities.

In addition, Mastercard and USAID announced partnerships aimed at creating financial models and tools focused on women, microentrepreneurs, and smallholder farmers, including an expansion of the company's commitment to the U.S. Government's Women's Global Development and Prosperity Initiative; a new partnership between Mastercard and CARE USA that includes a $5.26 million grant from the financial services firm; and a new partnership between Mastercard and USAID's Bureau for Food Security that will work to leverage digital platforms for smallholder farmers.

"Four years ago, Mastercard set out to achieve financial inclusion for five hundred million unbanked individuals. Reaching that goal, however, is only the first step," said Mastercard vice chair Mike Froman. "Further progress will require the collaboration of the public, nonprofit and private sectors, each bringing its full resources and capabilities to the table. This innovative partnership with the Aspen Institute will pair our complementary assets to mobilize action to address some of the most intractable challenges to achieving inclusive growth."