African Development Bank partners with Tony Elumelu Foundation to boost youth entrepreneurship in Africaadmin 26th March 2019 0 COMMENTS
The African Development Bank (AFDB) and the Tony Elumelu Foundation have agreed on a partnership to boost youth entrepreneurship across Africa. The agreement was signed in Abuja, Nigeria on 22 March 2019. The partnership is expected to strengthen small to medium sized enterprises, talent and skills development and optimisation initiatives for Africa’s youth.
A total of 3,050, young entrepreneurs across 54 African countries over the next year will receive support under this partnership. The participation of AFDB will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program (TEEP). This will provide much needed opportunities to help stem the rising tide of unemployment and inequality facing the continent’s youngest citizens. Africa is home to the world’s youngest population.
In 2018, African Development Bank secured $40 million for the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, in partnership with the Governments of Norway, Denmark, Sweden, Italy and the Netherlands. This intervention will equip Africa’s youth with the requisite tools to establish start-ups and micro, small and medium enterprises (MSMEs).
Established in 2010, the Tony Elumelu Foundation (TEF) is the leading philanthropy in Africa championing Entrepreneurship and Entrepreneurs across the continent. This year, over 216,000 applications were received, an increase from last year’s 151,000. The selected Entrepreneurs will each receive non- refundable $5,000 of seed capital, access to mentors, and a 12-week business training programme, directly focused on the needs of African entrepreneurs.