The Tony Elumelu Foundation welcomes the European Commission

Company News from Thursday, April 11, 2019

Source: United Bank for Africa

2019-04-11

At a time when Europe's relations with Africa occupy a prominent place in foreign policy and development programs and as the European Union begins to implement its plan of action. external investment of 2017, which aims to attract investment and create jobs in Africa, the Tony Elumelu Foundation has brought together the main sectors of the financing of development, during a session of case studies in the capital of the EU, Belgium.

The meeting demonstrated that Africa also had solutions and allowed the Foundation to take a unique approach to catalyze large-scale entrepreneurship across the continent.

On the theme "A Meeting on Africa's Economic Transformation: Tony Elumelu Foundation Case Study", the event featured the results of the first five years of the Foundation's Entrepreneurship program. This unique program has trained, mentored and created 4,450 African entrepreneurs. recently announced initial funding and attracted more than 200,000 applications in its 2019 cycle. Tony Elumelu's $ 100 million investment in entrepreneurial philanthropy was cited as an example of how vital capital could be targeted efficiently and effectively, on African companies most likely to generate significant economic and development impact.

Mr Koen Doens, Deputy Director General of DEVCO, EU, said at the opening of the event: 'Africa needs to create millions of jobs to meet the needs of its population growing exponentially. This will only be possible if it frees a generation of self-employed entrepreneurs. The Tony Elumelu Foundation makes a huge contribution to this. The European Union wants to play its role and contribute to this endeavor. "

During an in-depth question-and-answer session with the EU-Africa relations specialist, Annie Mutamba, founder, Tony O. Elumelu CON, highlighted the growing interest in the Tony Elumelu Foundation and its unique approach, while welcoming a new type of intervention in Africa. .

"We believe in collaboration, mutual respect and a shared commitment to transforming Africa. Africa is ready, but we must do it in the right way that allows our people to become self-reliant and independent, instead of perpetuating dependency. We need to implement practical solutions on the ground, through entrepreneurship, which economically empowers people and tackles the problems of extremism, migration and insecurity. "

Phillippe De Backer, Belgian Minister for Digital Agenda, Telecommunications and Post, also said: "Europe is increasingly interested in involving Africa, including grbadroots, in a structure and a targeted approach with the right processes. The Tony Elumelu Foundation offers this platform. "

The Tony Elumelu Foundation, which announced last month in March that 3,050 entrepreneurs were selected for its 2019 cycle, continues to grow in scale, ambition and impact and now actively exploits technology to support entrepreneurs through TEF Connect, a digital platform designed to connect entrepreneurs in Africa. and which already has 500,000 users.

On future projects of the Foundation, he said, "We want to make sure we have more impact, reach more people, reach more lives and more women. We want to see more participation in North Africa. We would like to reach 10,000 per year, with support from partners, to empower entrepreneurs. We want to eradicate poverty and create wealth in a sustainable way. Ultimately, we want a larger and broader entrepreneurial ecosystem that supports young Africans, and we want to strengthen our commitment to government to create an environment that is conducive to the success of these Africans: a favorable climate in Africa. investment, training, education, access to capital and security. more importantly, create the right investment culture. "

Carl Michiels, Director of the European Center for Development Policy Management (ECDPM); Bruno Wenn, former CEO of DEG, a German investment and development company, and member of the advisory board of the Tony Elumelu Foundation; Mr. Viwanou Gnanssougou, Deputy Secretary General of the Council of the European Union for Africa, the Caribbean and the Pacific (ACP), and Ifeyinwa Ugochukwu, President of the Tony Elumelu Foundation.