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TEF gets FCFA 1.5 BILLION AFDB disbursement.
TEF gets FCFA 1.5 BILLION AFDB disbursement.
The African entrepreneurship programme spearheaded by Tony Elumelu Foundation, TEF, has received a fresh push from the African Development Bank, AfDB. This follows an AfDB announcement recently that it is disbursing 1.5 billion to the foundation. The African Development Bank had earlier announced its commitment to fund the development of African entrepreneurship. In the announcement, it pledged to disburse FCFA 3 billion to the Tony Elumelu Foundation, to strengthen starts-ups and develop young entrepreneurs in the continent. The announced FCFA 1.5 billion was already paid last weekend. AfDB has further stated that the remaining FCFA 1.5 billion will be completely disbursed within the first quarter of 2020.
This AfDB is facilitated by a recent grant of 5 billion from the United Nations Development Program, UNDP, to boost some 2,648 entrepreneurs in the Sahel Region. The UNDP/AfDB will enable Tony Elumelu Foundation, the implementing organisation, to create more impact on the continent. TEF is an association that works for the empowerment of African entrepreneurs, with new ideas for starting existing businesses less than three years old.
It seeks to create jobs and income which is necessary for sustainable development in the continent.
Culled from Cameroon Insider