JOHANNESBURG - The African Development Bank says it has approved a $5 million grant to enable the Tony Elumelu Foundation entrepreneurship programme to scale up its outreach and impact towards 1,000 youth entrepreneurs.
The grant follows the signing of a letter of intent between the bank and the foundation in March for a partnership which will bring about collaboration on strengthening small to medium-sized enterprises as well as developing talent and skills for Africa’s youth.
The bank said the partnership would support 3,050 young entrepreneurs across 54 African countries and its participation would enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu programme, which aims to help stem the rising tide of unemployment and inequality among Africa's young citizens.
"The programme aligns with the bank’s ten-year Jobs for Youth in Africa strategy launched in 2016, to support the creation of 25 million decent jobs across the continent," the AfDB said.
"The strategy is also expected to equip 50 million young African people with employable skills that enable them to access economic opportunities and realize their full economic potential across the continent."
The Tony Elumelu Foundation entrepreneurship programme will deliver business training, mentoring, access to networks, markets and capital for business development to selected youth-led start-ups in order for them to grow and create jobs.