The African continent is one of the five geographic regions that will benefit from Visa Foundation’s $210 million in funds to support small and micro enterprises impacted by the spread of COVID-19.
The funds will be invested in two programs that align with the foundation’s long term focus on women’s economic advancement and inclusive economic development.
Money from the Visa Foundation will offer capital to non-government organizations (NGOs) and investment partners that assist small and micro-businesses.
“As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support,” said Al Kelly, CEO and chairman of Visa. “As a global company that operates a very local business, we recognize this need. We’re also committed to the long-term recovery and will continue to explore ways we can accelerate economic activity in line with our mission to help individuals, businesses, and economies thrive.”
The first program of $10 million is designated for immediate emergency relief to support charitable organizations who are directly involved with providing aid to those affected by COVID-19, such as public health and food relief. The funds will be distributed in each of the five geographic regions in which Visa operates: North America; Latin America and the Caribbean; Europe; Asia Pacific; and Central Europe; Middle East; and Africa.
The second program is a five-year strategic commitment to the tune of $200 Million to support small and micro-businesses around the world. In this case, the focus will be fostering women’s economic advancement.
