Washington, DC — Today, the United States African Development Foundation launched the USADF C.A.R.E.S COVID-19 Program to build resilience among African enterprises and entrepreneurs while combating COVID-19 in Africa, with a focus on the Sahel, Great Lakes, and the Horn regions.
The USADF Capital for African Resilience-building and Enterprises Support (C.A.R.E.S) Program has a dual purpose:
- To immediately disburse working capital to approximately 300 agricultural cooperatives, youth entrepreneurs, and off-grid energy enterprises, that USADF currently supports across USADF's 21 countries of operation.
- To increase the capacity of USADF's 100%, African owned and managed local implementing partner organizations to provide effective solutions to grassroots organizations facing severe socioeconomic uncertainties.
"For 40 years, USADF has prided itself on being agile, innovative, and responsive to the needs of marginalized and impoverished people and communities in Africa," said C.D Glin, President and CEO. "USADF's mission has never been more critical than now. It's time for us to leverage our experience to ensure that our grantees have the resources to withstand challenges unique to the coronavirus, survive in the face of the unprecedented challenges, and thrive."
We know that COVID-19 will most likely have a devastating impact on African economies with an overall reduction in GDP for 2020 by three to eight percent, according to an analysis by McKinsey & Company.
With the USADF C.A.R.E.S Program, our goal is to provide some financial and technical assistance needed to help African enterprises and entrepreneurs reevaluate to see how their operations can best benefit their communities as they seek to mitigate and adapt to the effects of COVID-19.
USADF will continue to monitor the situation and will respond accordingly through our 100% African staff and a network of pan-African implementing partners. Regardless of the challenges, we will remain true to our mission: to create a pathway to prosperity for underserved communities in Africa.
About the United States African Development Foundation (USADF)
The U.S. African Development Foundation is an independent U.S. government agency established by Congress to invest directly in African grassroots enterprises and social entrepreneurs. USADF's investment increases incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty. USADF creates pathways to prosperity for marginalized populations and underserved communities in the Sahel, Great Lakes, and the Horn of Africa. Annually, USADF's grant assistance generates approximately $100 million in new economic activity.
To learn more, please visit www.usadf.gov.
Contact: Afia Frempong. Email: Comms1@usadf.gov.