MFAM investment returns to fund the Mastercard Foundation’s work with its partners in Africa and Canada over the long term

TORONTO, May 2, 2024 /PRNewswire/ — The Mastercard Foundation today introduced the Mastercard Foundation Asset Management (MFAM) Corporation, a new, separate asset management company with a mandate to build and manage a diversified portfolio to support the mission of the Mastercard Foundation and the work of its partners over the long term. The Mastercard Foundation is a registered Canadian charity and one of the largest private foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work.

Reeta Roy, President and CEO of the Mastercard Foundation, said, “The programs of the Mastercard Foundation are transforming the lives of young people in Africa and in Indigenous communities in Canada. Led by John Barker, MFAM is building a team of world-class investment professionals charged with diversifying Mastercard Foundation’s portfolio and delivering returns that will fund the philanthropic mission of the Mastercard Foundation over the long term.” 

The Mastercard Foundation was established in 2006 through the generosity of Mastercard Incorporated (NYSE: MA), which gifted the Mastercard Foundation common shares as part of its initial public offering. Over the past 18 years, the value of that original gift has grown substantially. The Mastercard Foundation now requires a dedicated asset management team to manage and diversify the Mastercard Foundation’s growing investment portfolio. 

John Barker, Chief Investment Officer of MFAM, said, “I am thrilled to be leading the investment team at MFAM and to be working with the Mastercard Foundation to fund its critical mission in Africa and Canada. MFAM is building a team of investment professionals and a network of investment partners that will be inspired by the opportunity to create meaningful value and lasting impact through the Mastercard Foundation.”

Mr. Barker joined MFAM in January 2024. He brings over three decades of investment management experience to the role, having served as the Chief Investment Officer at Mass General Brigham and as a Managing Director at Harvard Management Company.

Headquartered in Toronto, MFAM has an investment strategy that is global in scope. MFAM was established by the Mastercard Foundation as a separate entity with a separate Board of Directors and management team.

The Mastercard Foundation partners with approximately 400 organizations and supports initiatives in 33 countries, including the Mastercard Foundation Scholars Program, the Saving Lives and Livelihoods Initiative in Africa, and the EleV Program supporting Indigenous youth in Canada.

Established in 2023, Mastercard Foundation Asset Management (MFAM) Corporation was created to build and manage a diversified investment portfolio for the Mastercard Foundation, one of the largest private foundations in the world. MFAM is headquartered in Toronto, Canada. It has a global investment strategy and mandate to deliver returns that will fund the philanthropic mission of the Mastercard Foundation over the long term. To learn more, visit the MFAM website at www.mfamc.org.

The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation’s Board of Directors and leadership. For more information on the Foundation, please visit www.mastercardfdn.org

About MFAM, please contact: Lynnette Visaya, Edelman Smithfield, [email protected], (416) 316-4518

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LONDON, May 2, 2024 /PRNewswire/ — Greville will be responsible for driving CSL’s future growth strategy around new markets and geographical expansion. Greville brings a wealth of commercial and sales expertise to CSL, having previously served as the Managing Director of the telematics division at Radius for seven years.

He was instrumental in propelling the business through strategic acquisitions and organic growth initiatives, expanding the company’s footprint globally. Greville commented: “CSL is a fast-growing business with a dynamic leadership team and thriving culture. I’m excited to leverage my experience here, helping to realise CSL’s growth ambitions.”

Ed Heale, CSL’s CEO, commented: “Greville has a proven track record of scaling businesses and driving significant growth. He will be instrumental in building out and strengthening our commercial function to ensure we continue to provide our customers with the services and support they need.”

For 30 years, CSL has been the leading European provider of Critical Connectivity. Today, they have over 2.5 million connections and provide fully managed single or multi-path solutions to connect any life, mission or business-critical IoT application. These range from applications that save lives or support crucial operational processes. Having pioneered the transition from wired to wireless connectivity in the Security and Health sectors, they now play a crucial role in the Critical National Infrastructure Ecosystem with solutions deployed at scale in every sector.

Discover more about our IoT solutions.

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TCCA+ is a pioneering regional economic cooperation initiative spanning Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan

The Program aims to contribute, through trade and investment development, to the achievement of inclusive economic growth, regional economic cooperation and promote trade, among the OIC member countries in the Central Asia OIC member countries and Azerbaijan, and with the rest of the world

TASHKENT, Uzbekistan, May 2, 2024 /PRNewswire/ — The International Islamic Trade Finance Corporation (ITFC), member of Islamic Development Bank Group, is delighted to announce the launch of its newest flagship Trade Connect Central Asia+ (TCCA+) Program at the 3^rd Tashkent International Investment Forum.

The aim of the Program is to facilitate economic growth and regional economic integration amongst the six Organisation of Islamic Cooperation (OIC) member countries in the Central Asia region, namely Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan plus Azerbaijan.

The region boasts one of the world’s largest energy resources and significant production capacities in energy and agriculture. However, current regional trade among these markets has not yet reached its full potential. With a focus on increasing regional trade and diversifying the export base towards higher value-added products, the TCCA+ Program is expected to contribute to inclusive and sustainable economic growth, as well as regional economic integration among the six targeted countries. This will be achieved by boosting export and investment capacities, enhancing competitiveness, and promoting trade initiatives and regional value chains, thus unlocking intra-regional trade and investment potential. Additionally, the Program seeks to promote increased trade among the OIC member countries in the region and with the rest of the world.

The TCCA+ Program was unveiled during a prestigious roundtable event, in the presence of esteemed ministerial representatives from beneficiary countries. Eng, Hani Salem Sonbol, CEO ITFC and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) was joined by esteemed dignitaries including H.E. Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan; H.E. Serik Zhumangarin, Deputy Prime Minister of Kazakhstan; Jamshid Khodjaev, Deputy Prime Minister of Uzbekistan; Serdar Jorayev, Minister of Finance and Economy of Turkmenistan; Solehzoda Ashurboy, First Deputy Minister, Ministry of Economic Development and Trade of the Republic of Tajikistan; Dr. Rupa Chanda, Director of the Trade, Investment and Innovation Division of ESCAP; Ibrahim Shoukry, Head of IsDB Regional Hub Almaty, Kazakhstan; and Sanzharbek Bolotov, Deputy Minister, Ministry of Economy and Commerce of the Kyrgyz Republic. Simon Quijano-Evans, Chief Economist at Gencorp Capital, moderated the event, attended by multilateral financial institutions, international development agencies, international and regional organisations and agencies active in the region, and senior representatives from key public and private institutions in OIC member countries.

The TCCA+ Program was explicitly designed for the region and tailored to the specific needs of the six targeted countries. Prior to the launching, a focal points meeting and program validation workshops were held in Istanbul, Türkiye, and Baku, Azerbaijan, in October and December 2022, respectively, to align with and validate the objectives of the Program with the needs of the 6 targeted countries. At last year’s Tashkent International Investment Forum, ITFC also organised the TCCA+ Program Development Partners Roundtable to ensure the active involvement, engagement and collaboration of all development partners and relevant stakeholders.

As a key partner and sponsor of the Tashkent International Investment Forum 2024, ITFC has further demonstrated its commitment to supporting economic growth and fostering regional cooperation.

In his statement at the launching, Eng, Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD, said:

“We are immensely proud to launch the TCCA+ Program, which represents a significant step forward in enhancing economic cooperation and boosting trade across the Central Asia region and beyond. This initiative is designed to unlock the vast economic potential of the region by facilitating increased regional trade and investment. With a focus on the energy and agriculture sectors, we are committed to fostering sustainable economic growth and regional integration that benefits all member countries involved.”

The Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov, was quoted saying:

“We are honoured to host the launch of this transformative economic initiative, following the development and progress made at last year’s Forum. We are united with ITFC in our shared goal to unlock the immense investment potential in Uzbekistan, and strongly support their efforts to drive economic prosperity across the wider region.”

About the International Islamic Trade Finance Corporation (ITFC)

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

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