Tony Elumelu Foundation (TEF) has signed a $6 million agreement with the UAE’s Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to support 1,000 young African entrepreneurs by providing them essential resources, including business training, mentorship, and non-refundable seed capital of $5,000.
Speaking on the financing deal, the TEF Founder, Tony Elumelu, said: “Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future.
“By providing the necessary access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent”, he added.
In his remarks during the signing ceremony, Director-General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori, said: ”This partnership aligns with our goal of strengthening economies and creating sustainable businesses that uplift communities.”
Analysts believe that the latest partnership will leverage the TEF’s capacity in catalysing entrepreneurship through the Tony Elumelu Entrepreneurship Programme.
Since its inception in 2015, the Foundation has been fully committed to its mission of technically and financially supporting young African entrepreneurs.
For instance, in the past 10 years, it has provided access to funding and capacity building for young business owners in the continent through its digital hub, TEFConnect, reaching over 2.5 million young African entrepreneurs
Specifically, the TEF has disbursed more than $100 million to over 21,000 entrepreneurs across the African countries, creating over 1.5 million direct and indirect jobs through the entrepreneurial-support interventions.
Photo Caption
Founder, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu (left), and , Director-General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori, during the signing of the $6mn MoU to support young African entrepreneurs
