New MasterCard and Equity Group Foundation scholarship scheme to support hundreds of Kenyan students
Last updated 09/02/2010 08:10:08
New MasterCard and Equity Group Foundation scholarship scheme
A new multi-million dollar programme set-up by the MasterCard Foundation and the Equity Group Foundation (EGF) will provide comprehensive educational support to 676 secondary students in Kenya over the next five years.
The $4.6m programme will be split to provide comprehensive scholarships to 332 academically gifted yet financially disadvantaged students, enabling them to complete secondary school in Kenya. Also, leadership development, career guidance and mentoring to an additional 344 secondary school students. EGF will identify an equal number of male and female primary school students to participate in the program.
EGF chairman Dr James Mwangi said that it is hoped that other partners will look at this programme as a model for transforming the lives of disadvantaged children and join both MasterCard and Equity Group foundations.
In Kenya, just 64 percent of primary students enter secondary school and even fewer graduate. The low enrolment and completion rates are attributed to the cost of education; lack of access to schools, particularly in rural areas; and the need for poor youth to work to contribute to the household income. A recent World Bank report confirmed that financing mechanisms such as scholarships are key to retaining youth, especially girls, in secondary school.
EGF, through Equity Bank, will oversee the distribution of funds using its extensive branch network. The Bank has supported education initiatives in Kenya throughout its 25-year history, including a pre-university programme that enables top-performing secondary school graduates to enter university. To measure the impact of this program, both foundations will track students' progress over the next five years.
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