The U.S. Agency for International Development (USAID) will spend some $38 million in financing the four regional YALI Leadership Centres, according President Barack Obama.

Thousands of Africa’s emerging leaders are targeted with the centres, which will foster connections, creativity, and collaboration in sectors critical to Africa’s growth and development.

“In meetings with young leaders across Africa, I have seen firsthand the incredible energy and creativity among youth that has powered and shaped progress throughout the centuries,” said USAID Administrator Rajiv Shah. “By connecting these bright leaders to the world’s innovation highways, President Obama’s Young African Leaders Initiative (YALI) will empower a new generation to transform the continent and their communities.”

USAID’s investment is an addition to the $10-million five-year commitment by The MasterCard Foundation.

Reeta Roy, President and CEO of the MasterCard Foundation, said: “The MasterCard Foundation is delighted to partner with USAID on the next stage of the Young African Leaders Initiative. YALI offers great promise for talented young men and women of Africa, and includes critical education, entrepreneurship and leadership development opportunities.”

Other USAID partner contributions include:

• The Dow Chemical Company:  to give $3 million in financial resources toward training facilities and equipment at the centers and $1 million in in-kind resources to develop leadership training, sector expertise, and mentoring programs for the centers.
•  ​​Atlas Mara:  to give $25 million in loans for young entrepreneurs, financial training, and leadership development.
• Microsoft: to give $12.5 million in propriety business software and hardware.
• McKinsey & Company: to give $1.5 million in dedicated consultants to assist with program design and management support and access to McKinsey’s Africa Knowledge and Research center.
• IBM: $500,000 in committed staff time to serve as volunteers at the centers.
• General Electric: program design, training and mentoring.
• Procter & G​amble​: leadership training.
• The Mara Foundation: networking mentorship program.
• Intel Corporation: Up to $5 million in training entrepreneurship basics and technology trends, as well as volunteer support and coaching.

Hosted by Obama, YALI Associates are currently in Washington for their first three-day summit.

The Summit builds on Obama’s trip to Africa in the summer of 2013 and will strengthen ties between the United States and Africa.