The announcement, made at the World Government Summit, signifies a major boost for African entrepreneurship, offering business training, mentorship, networking opportunities, and $5,000 in non-refundable seed capital to 1,000 emerging business owners across the continent.

The formal agreement was signed by Tony O. Elumelu, founder of TEF, and His Excellency Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.

This collaboration underscores the commitment of both entities to fostering economic growth and supporting youth-led businesses in Africa, reinforcing economic ties between the two regions.

Since its launch in 2015, the TEF Entrepreneurship Programme has been instrumental in nurturing Africa’s entrepreneurial landscape. The initiative has:

• Provided training to over 2.5 million entrepreneurs through its digital platform, TEFConnect.
• Disbursed more than $100 million in funding to 21,000 businesses.
• Created over 1.5 million jobs, helping lift two million people out of poverty.

With the latest financial backing from the UAE, the foundation will further extend its reach, enabling an additional 1,000 African entrepreneurs to benefit from essential business resources and financial support.

The Khalifa Bin Zayed Al Nahyan Foundation, known for its extensive contributions to education, healthcare, economic empowerment, and enterprise development, is reinforcing its dedication to global economic progress through this initiative.  

Speaking on the partnership, Tony Elumelu emphasized the transformative potential of entrepreneurship in Africa:

“Empowering entrepreneurs is not just a moral imperative but also a strategic investment in Africa’s future. By providing access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.”