TEF $500 Million Coalition: See How it is Driving African Entrepreneurs
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News around Africa - July 11, 2023

TEF $500 Million Coalition: See How it is Driving African Entrepreneurs

The Tony Elumelu Foundation (TEF) recently launched A $500 million coalition for African entrepreneurs. This announcement was made when Kamala Harris, the U.S Vice President, arrived at Accra while on a three-nation tour to announce global initiatives to be launched totalling over $1 billion.

In addition, the tour is for the need to call on the private sector, philanthropic, government stakeholders, and civil society to cooperate with the adoption of digital tools and services across Africa. She also made several announcements on behalf of the Biden-Harris administration to aid women’s political, economic, and social inclusion in Africa.

The TEF collaboration

The Tony Elumelu Foundation announced its %5oo million coalition to promote women’s economic security in Africa as well as support 100,000 young African entrepreneurs which include 50,000 women to focus on fragile states, women’s entrepreneurship and green entrepreneurship by 2033.

The coalition will build on support for the Women in Digital Economy Fund and promote women’s economic security across Africa. Also, it is open to development agencies, the private sector, philanthropic organizations, and governments, and will collaborate to empower Africa’s next generation.

The impact of the coalition

The Tony Elumelu Foundation’s announcement of a $500 million Coalition for African Entrepreneurs reaffirms its position as the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalyzing job creation across the 54 African countries, and increasing women’s economic empowerment. 

This initiative will significantly amplify the impact of the Foundation’s flagship Entrepreneurship Programme by providing young African entrepreneurs with holistic support, including training, mentoring, digital resources, and networks.

What to know about the TEF

Since 2015, the Tony Elumelu Foundation has built a digital platform, TEFConnect, to connect over 1.5 million young Africans and distribute nearly $100 million in direct funding to 18,000 African women and men entrepreneurs. These entrepreneurs have collectively created over 400,000 direct and indirect jobs, helping to drive economic growth and social progress across the continent.

The Tony Elumelu Foundation’s mission is to empower African entrepreneurs to catalyze social and economic development on the continent. This mission is rooted in Africapitalism, a philosophy that positions the private sector, especially entrepreneurs, as the key driver of growth and job creation in Africa.

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