Mastercard reported its initial $100 million contribution to the Center for Inclusive Growth Fund, part of a $500 million commitment to support initiatives that focus on long-term economic growth for everyone. The company first announced these plans during its fourth-quarter 2017 earnings as an extension of an ongoing commitment to do well and do good.
The fund has been designed to deliver on philanthropic goals shared with the Mastercard Center for Inclusive Growth. Chief among these goals are to reduce income and information inequality, increase financial inclusion and workforce skills development, and make people and businesses more resilient in the face of a rapidly changing economy.
“There are too many people today who are disconnected from the resources and connections they need to survive and thrive,” said Ajay Banga, president and CEO, Mastercard. “In establishing this fund, we hope to increase the agility and ability of people around the world to navigate change and be successful.”
In addition to the new fund, the Center will continue its mission to use Mastercard’s technology, data and partnerships to develop solutions that allow more people to participate in the formal economy.
The Center recently launched a U.S. inclusive growth initiative, following a series of listening sessions in which Mastercard executives met with employers, community leaders and workers in seven U.S. cities. Learnings from those conversations are currently shaping a set of programs to help overcome barriers to economic growth.