AfDB commits $5 million to allow additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Programme

Nigerian billionaire, Tony Elumelu, founder, TEF
  • AfDB approves a grant of $5 million to support the Tony Elumelu Foundation
  • This grant will allow Tony Elumelu Foundation to select an additional 1,000 young entrepreneurs for the 2020 cohort.
  • The application for the 2020 cohort will kick off on January 1stt, 2020

The African Development Bank (AfDB) has approved a grant of $5 million to support the Tony Elumelu Foundation Entrepreneurship Programme impact additional 1,000 select youth entrepreneurs.

This is part of the partnership agreement between the Bank's Board of Directors and officials of the Tony Elumelu Foundation in March 2019.

According to AfDB, the partnership will strengthen small to medium-sized enterprises as well as talent and skills development for Africa’s youth.

The partnership will support 3,050 young entrepreneurs across 54 African countries. “The Bank's participation will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program, which provides much-needed opportunities to help stem the rising tide of unemployment and inequality facing the continent’s youngest citizens,” the board said in a statement.

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.

In March, the foundation selected 3,050 applicants out of the 216,000 submitted applications across Africa.

Some of the parameters used in selecting shortlisted applicants include feasibility, market opportunity, scalability, leadership skill and viability of the idea.

Every year, the foundation opens its application portal to African entrepreneurs, with businesses of less than three years old. The application for the 2020 cohort will start on January 1st, 2020.

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job