Equity, Mastercard Foundation in Sh700m sponsorship of students

By James Ratemo

Students from disadvantaged backgrounds can now smile, thanks to a multi-million sponsorship plan.

The initiative, launched by Equity Group Foundation and Master Card Foundation, an offshoot of Equity bank is expected to change the lives of vulnerable students.

Mastercard Foundation yesterday gave Sh356million to kick-off the sponsorship with equity foundation contributing a similar amount.

Over 700 students will benefit across the country over a five-year period, meaning it will see the students complete high school and join university.

Five-year target

According to Equity Bank CEO, James Mwangi, the project is targeting over 10,000 students in the next five years.

Most of the scholarship recipients are orphans and vulnerable children who excelled in the 2009 KCPE and were among the top 10 in their respective districts.

The project has netted 332 acdemically gifted students for secondary school, and will provide leadership development, career guidance and mentoring over 344 secondary school students.

Gracing the launch, Prime Minister, Raila Odinga gave sh1million towards the project as he called on corporates and individuals to join the worthy cause.

Raila said the initiative is aligned to the Vision 2030, and is an effective way to ensure kenyan children are not left behind in their pursuit for education and a better tomorrow. He promised to lure International development partners to boost the project as education Minister, Prof Sam Ongeri urged school Principals hosting the beneficiaries to ensure their proper upkeep and a bullying free atmosphere.

Giving back to society

Raila urged the scholars to pay back to society by remaining in Kenya after their studies and not aggravate the already worrying brain drain scenario.

Deputy Prime Minister and Finance Minister Uhuru Kenyatta also gave Sh1million with businessman Chris Kirubu giving a similar amount.

Uhuru promised to consult within Government so that the fund can be exempted from taxation so as to reach more beneficiaries. Mwangi said unless the foundation is excempted from taxation, out of the sh356million, close to Sh120million will be deducted as tax.

The project will benefit atleast two bright, vulnerable studnts in all the 83 districts across the country.

Other particoipants during the launch included Equity Bank Chairman Peter Munga and Mastercard Foundation President Reeta Roy.