- AfDB Joins TEF Programme Catalysing Entrepreneurship Across Africa
Tony O. Elumelu,
CON, has congratulated the African Development Bank (AfDB), and AfDB President
Akinwumi Adesina, on their commitment to African entrepreneurship, with
the disbursement of $2.5million seed capital to the AfDB-sponsored
beneficiaries of the 2019 TEF Entrepreneurship Programme. $2.5m was released
today, with the remainder expected to be disbursed to the entrepreneurs in
Q12020.
The AfDB
commitment follows the recent $8.5 million disbursement from the United Nations
Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and
Africa more broadly, and further accelerates the economic empowerment generated
by the Tony Elumelu Foundation. In 2019, the Foundation significantly increased
the scale and reach of it impact, with the number of beneficiaries of its
flagship Entrepreneurship Programme rising from its annual commitment of 1,000,
to 5,150, in collaboration with global and African partners.
With its
commitment to strengthen small and medium-sized enterprises and develop young
entrepreneurs, AfDB joined the growing list of global development institutions
benefiting from the Tony Elumelu Foundation’s unique model of identifying,
training, mentoring and funding entrepreneurs and start-ups across Africa. The
partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for
Youth in Africa” strategy, launched in 2016, to support the creation of 25
million meaningful jobs across the continent.
The partnership
illustrates TEF’s willingness to share its infrastructure and know-how, with
others who share the mission to empower young African entrepreneurs and TEF’s
goal of creating millions of jobs, as well as generating
billions in
revenue, to catalyse economic growth across the continent.
The Foundation is
currently accepting applications to the 2020 cohort of its flagship Entrepreneurship
Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.
