The Tony Elumelu Foundation (TEF) has entered into a $6 million partnership with the United Arab Emirates’ Khalifa Bin Zayed Al Nahyan Foundation to support 1,000 young African entrepreneurs with training, mentorship, and $5,000 in seed capital.
The agreement was signed at the World Governments Summit by TEF Founder Tony O. Elumelu and Khalifa Bin Zayed Al Nahyan Foundation Director General Mohamed Haji Al Khoori. The partnership aims to strengthen entrepreneurship across Africa, providing business management training and financial support to innovative startups and small businesses.
Tony Elumelu emphasized the importance of empowering entrepreneurs, stating that access to capital and mentorship is key to eradicating poverty and fostering economic self-reliance. Mohamed Haji Al Khoori echoed this sentiment, highlighting that supporting African entrepreneurs aligns with Erth Zayed’s mission of driving economic and social development.
Since launching its entrepreneurship program in 2015, TEF has provided training to 2.5 million young Africans and disbursed over $100 million in funding to 21,000 entrepreneurs, creating more than 1.5 million direct and indirect jobs. The foundation collaborates with international partners such as the European Union, UNDP, and the ICRC. This new partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with a Gulf-based philanthropy, strengthening economic ties between Africa and the GCC region.
African entrepreneurs with innovative business ideas or startups not older than five years are encouraged to apply for the program via TEFConnect before the March 1, 2025 deadline.