TEF, EU plan 20m Euros support for African women

The Tony Elumelu Foundation (TEF) has announced a partnership with the European Union (EU) to mentor and fund 2,500 young African women entrepreneurs in 2021.

The deal will disburse €20 million for women-owned businesses, across all 54 African countries, in addition to providing increased access to market linkages, supply chains and venture capital investments.

Founder Tony Elumelu Foundation: Tony Elumelu said “We are delighted to partner with the European Union, sharing our unique ability to identify, train, mentor and fund young entrepreneurs across Africa. This joint effort will prioritise and provide economic opportunities for African women, whom for too long have endured systemic obstacles to starting, growing and sustaining their businesses. Our partnership will alleviate the funding, knowledge and market constraints threatening the livelihoods of women entrepreneurs on the continent, to create more income, jobs, growth and scale for women-owned businesses.”

The EU Commissioner for International Partnerships, Jutta Urpilainen, said: “This partnership with the Tony Elumelu Foundation will help women participants in economic development, realise their full potential and accelerate economic inclusion. Empowering women entrepreneurs is a key driver for sustainable jobs and growth, especially in the context of the COVID-19 pandemic and in line with the objectives of our African Strategy. Women and girls represent half of the world’s population and they deserve equal opportunities.”

The Tony Elumelu Foundation, which marks ten years of impact this year, is empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.