Tony Elumelu Foundation Dispends Primary Flake of $5 Million Pact Affirmation from AfDB

By Abdul Rahman Suagibu –

The Tony Elumelu Foundation – Empowering African Entrepreneurs
Photo Credit: Toni Elumelu Foundation

NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Tony O. Elumelu remembers and greeted the African Development Bank and AfDB President Akinwumi Adesina on their commitment to African entrepreneurship, with the allotment of $2.5 million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. The money was disclosed on Monday, February 10th, 2020 with the remnant predicted to be expended to the entrepreneurs in Q12020. The AfDB commitment follows the recent $8.5 million distributions from the United Nations Development Programme to 2,648 entrepreneurs in the Sahel region and Africa more sizably and further expedited the economic grant generated by the Tony Elumelu Foundation.

In 2019, the Foundation relatively improved the scale and reach of its consequence with the number of beneficiaries of its flagship Entrepreneurship Programme surging from its annual commitment of 1,000 to 5,150 in affiliation with global and African counterparts.

With its affirmation to bolstering small and medium-sized investments and develop young entrepreneurs, AfDB joined the growing list of transnational growth institutions profiting from the Tony Elumelu Foundation’s extraordinary prototype of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa. The partnership ascertains the statute of the AfDB’s 10-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.

A statement by the cement action on Monday said: The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to entrust young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating billions in revenue, to accelerate 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.”

For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

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