The African Development Bank (AfDB) disbursed the first tranche ($2.5 million) of its $5 million grant to the Tony Elumelu Foundation (TEF) Entrepreneurship Programme on Sunday, February 9, 2020. 

With the remainder of the grant expected to be disbursed in Q1 2020, AfDB joins the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa.

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 TEF programme, making it a total of 4,050 candidates. 

This demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.

Read more at Nairametrics

Elsewhere on Ventures

Triangle arrow