AfDB approves $5mn to scale up Tony Elumelu Entrepreneurship Programme’s outreach

The African Development Bank's Board of Directors have approved an amount of USD 5 million to enable the Tony Elumelu Foundation Entrepreneurship Programme to scale up its outreach and impact to 1,000 select youth entrepreneurs.

The grant follows the signing of a letter of intent between the Bank and the Tony Elumelu Foundation that took place during the Tony Elumelu Foundation Entrepreneurship Programme launch in March 2019. The partnership will bring about future collaboration focused on strengthening small to medium-sized enterprises as well as talent and skills development for Africa's youth.

The Tony Elumelu Foundation Entrepreneurship Programme will deliver business training, mentoring, access to networks, markets and capital for business development to selected youth-led start-ups in order for them to grow and create jobs. It (the Entrepreneurship Programme) demonstrates a strong alignment with the Bank's Youth Entrepreneurship and Innovation Multi-Donor Trust Fund objectives to build the African youth entrepreneurship ecosystem by scaling innovative youth led start-ups, expanding youth market opportunities and improving youth access to finance.

Other development partners involved in supporting the Tony Elumelu Entrepreneurship Programme are Agence Française de Développement, the German Agency for International Cooperation, the United Nations Development Programme and the International Committee of the Red Cross. They will also work to provide more business opportunities to youth entrepreneurs across the continent.