DUBAI, UAE – The Tony Elumelu Foundation (TEF), a leading philanthropy dedicated to empowering young African entrepreneurs, has announced a new USD$6 million strategic partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. This collaboration will provide critical support to 1,000 aspiring entrepreneurs from all 54 African countries.
The agreement, signed at the World Governments Summit by TEF Founder, Tony O. Elumelu, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation, underscores both organizations' commitment to driving economic empowerment and entrepreneurship across the African continent.
The Khalifa Bin Zayed Al Nahyan Foundation, affiliated with Erth Zayed, will leverage TEF's established expertise and successful track record in fostering entrepreneurship through the Tony Elumelu Entrepreneurship Programme. This renowned program offers comprehensive business management training, mentorship, and crucial seed capital to African entrepreneurs. The new partnership will specifically provide each of the 1,000 selected entrepreneurs with $5,000 in non-refundable seed capital.
"Empowering entrepreneurs is a strategic investment in Africa's future," stated Tony Elumelu. "By providing access to capital, mentorship, and resources, we unlock the potential of Africa's entrepreneurial talent, driving self-reliance and paving the way for inclusive growth."
His Excellency Mohamed Haji Al Khoori emphasized Erth Zayed's commitment to impactful partnerships. "Supporting young African entrepreneurs aligns with our goal of strengthening economies and building sustainable businesses that uplift communities," he said.
Since its launch in 2015, the TEF Entrepreneurship Programme has provided training to 2.5 million young Africans via its digital hub, TEFConnect, and disbursed over US$100 million in direct funding to more than 21,000 entrepreneurs. These efforts have contributed to the creation of over 1.5 million jobs and lifted 2 million Africans out of poverty. TEF also partners with international organizations such as the EU, UNDP, ICRC, and the Ikea Foundation.
This new partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF's first collaboration with a Gulf-based philanthropy, highlighting the growing ties between the GCC and Africa.
Applications for the TEF Entrepreneurship Programme are currently open to young African entrepreneurs with innovative business ideas or existing businesses less than five years old. The deadline for applications is March 1, 2025. Interested individuals are encouraged to apply through TEFConnect.
For more information on the Tony Elumelu Foundation's impact and success stories, please visit the TEF Impact Page and African Success Stories on their website.
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