In a strategic move aimed at bolstering entrepreneurship across Africa, the Tony Elumelu Foundation (TEF) has entered into a $6 million partnership agreement with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed. The partnership is designed to provide critical business training, mentorship, access to global networks, and non-refundable $5,000 seed capital to 1,000 young African entrepreneurs.
A statement signed by TEF’s Head of Marketing & Corporate Communications, Moyo Awotile, on Wednesday highlighted the shared vision of both organizations in fostering economic empowerment and entrepreneurship across the African continent.
The landmark agreement was formalized at the World Governments Summit, where TEF Founder, Tony Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori, signed the partnership deal.
The Tony Elumelu Foundation is a philanthropic organization committed to empowering young entrepreneurs across Africa’s 54 nations. Meanwhile, the Khalifa Bin Zayed Al Nahyan Foundation focuses on humanitarian and developmental projects, with an emphasis on education, healthcare, economic empowerment, and enterprise development.
According to the statement, the Khalifa Bin Zayed Al Nahyan Foundation will leverage TEF’s extensive expertise and operational capabilities in entrepreneurship development through the Tony Elumelu Entrepreneurship Programme. The program has pioneered business management training, mentorship, and seed capital funding for thousands of African entrepreneurs over the years.
Elumelu underscored the significance of the partnership, emphasizing that empowering entrepreneurs is not just a moral obligation 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,” Elumelu said.
He added that the collaboration would create a ripple effect of economic transformation across Africa by equipping the next generation of business leaders with the tools to succeed.
TEF is currently accepting applications from young African entrepreneurs with innovative business ideas or existing enterprises (not older than five years) to receive training, mentorship, access to professional networks, and funding.
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