- EBRD and Mastercard Center for Inclusive Growth agree to deepen cooperation
- Work will focus on inclusion, support for small businesses and digital transformation
- Cooperation so far includes integrating Ukrainian refugees in host country Romania
The European Bank for Reconstruction and Development (EBRD) has agreed with Mastercard Inc.’s philanthropic hub, the Mastercard Center for Inclusive Growth, to expand cooperation on gender and economic inclusion, support for small businesses and digital transformation. A meeting today in Bucharest between representatives of all parties - Mastercard, the EBRD, Jobs for Ukraine and Save the Children Romania – launches work on the MoU.
A Memorandum of Understanding between EBRD and the Center was announced last month at the EBRD’s Annual Meeting in Samarkand, Uzbekistan, by EBRD President Odile Renaud-Basso and Dimitrios Dosis, President of EEMEA (Eastern Europe Middle East Africa) for Mastercard, a global leader in digital payments. The Memorandum formalises the wish of the partners to build on existing work across the EBRD’s area of operations in central and eastern Europe, the southern and eastern Mediterranean region (SEMED), and Central Asia.
“Our collaboration with the Mastercard Center for Inclusive Growth exemplifies how partnerships between the public and private sectors can nurture economic growth and inclusion, and foster impact within communities and across geographies,” said Ms Renaud-Basso.
“By continuing to partner and focusing on economic inclusion, small businesses, and digital transformation, both our organisations aim to advance toward a common goal of more resilient and sustainable economic development,” said Mr Dosis.
The EBRD and the Mastercard Center for Inclusive Growth have already worked together in several fields.
In Romania, the Center and the EBRD will join forces to support women refugees and their children who have been displaced from Ukraine. The programme will provide employment and childcare support, with the employment element being carried out through Jobs for Ukraine, and will be offered free of charge to Ukrainian refugee candidates and prospective employers in over 40 countries. Childcare support will be provided through the programme’s implementing partner, Save the Children Romania.
The EBRD will provide capacity-building support for the programme, using instruments developed and implemented by its SME Finance & Development team to improve access to finance and entrepreneurial advisory support, employment, skills, and language training, so that they can generate livelihoods, support their families and integrate more fully into host communities.
The EBRD and the Mastercard Center for Inclusive Growth have also worked together in the Southern and Eastern Mediterranean region (SEMED) on the establishment of an online mentoring platform for small businesses in Arabic, together with MicroMentor, an online platform that connects entrepreneurs with volunteer mentors. The MicroMentor programme has reached more than 30,000 small businesses across the Middle East and North Africa and Southern and Eastern Mediterranean regions.
The EBRD and the Mastercard Center for Inclusive Growth are now exploring future collaboration in Central Asia, focusing on digitally empowering micro and small enterprises (MSEs) in Kazakhstan and Uzbekistan, particularly those with women managers and owners. With support from the Mastercard Center for Inclusive Growth and in connection with the Center’s global small business programme, Strive Community, global non-profit Accion will work with financial institutions and digital business service providers in each market to develop and scale digital tools to support small business owners, improving profitability, efficiency, and management.
About the EBRD
The European Bank for Reconstruction and Development (EBRD) was founded in 1991 to create a new post-Cold War era in central and eastern Europe. It is now doing more than ever before, across three continents, to further progress towards “market-oriented economies and the promotion of private and entrepreneurial initiative”. Since Russia invaded Ukraine in 2022, the EBRD, Ukraine’s biggest institutional investor, has further stepped up support, committing to invest €3 billion there by end-2023 while also intensifying support for neighbouring countries.
About Mastercard
Mastercard is a global technology company in the payments industry, with a mission to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, its innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, it is building a sustainable world that unlocks priceless possibilities for all.
About the Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the center on Twitter and LinkedIn and subscribe to its newsletter.