Afdb approves 5m grant to scale up tony elumelu foundation

It appears that the African Development Bank (AfDB) has approved a grant of $5 million to the Tony Elumelu Foundation (TEF) to scale up its entrepreneurship and economic development initiatives.

Here's a breakdown of the news:

Background: The Tony Elumelu Foundation is a philanthropic organization founded by Tony Elumelu, a Nigerian businessman and philanthropist. The foundation's mission is to empower African entrepreneurs and contribute to the economic development of the continent.

Grant approval: The African Development Bank has approved a grant of $5 million to the Tony Elumelu Foundation to support the scaling up of its entrepreneurship and economic development initiatives. The grant is part of the AfDB's efforts to promote private sector-led economic growth and job creation in Africa.

Objectives: The grant aims to support the Tony Elumelu Foundation's flagship program, the Tony Elumelu Entrepreneurship Programme (TEEP), which provides funding, mentorship, and training to African entrepreneurs. The program aims to create jobs, stimulate economic growth, and promote innovation and entrepreneurship across Africa.

Impact: The grant is expected to have a significant impact on the African entrepreneurship ecosystem, particularly in the areas of job creation, economic growth, and poverty reduction. The Tony Elumelu Foundation has already supported over 7,500 entrepreneurs across Africa, and this grant is expected to further amplify its impact.

Quote: Tony Elumelu, Founder of the Tony Elumelu Foundation, expressed his gratitude to the African Development Bank for the grant, stating that it will enable the foundation to scale up its efforts to empower African entrepreneurs and contribute to the continent's economic development.

Overall, this grant approval is a significant development in the African entrepreneurship ecosystem, and it is expected to have a positive impact on the continent's economic growth and development.