From: AIDOGHIE PAULINUS, Abuja
In furtherance to its promotion of youths’ entrepreneurship in Africa, the Tony Elumelu Foundation (TEF), has signed a Memorandum of Understanding (MoU) with Agence Française de Développement (AFD), the French Bilateral Development Bank.
A statement by the Embassy of France, made available to Daily Sun, in Abuja, said the main purpose of the MoU was to serve as a risk-sharing guarantee framework granted by AFD to commercial banks in Africa for loans to young entrepreneurs empowered by the Tony Elumelu Foundation Entrepreneurship Programme.
The partnership, the statement added, was signed by the Founder of The Tony Elumelu Foundation, Mr. Tony Elumelu and the AFD Nigeria Country Director, Olivier Delefosse, in the presence of the Vice President Yemi Osinbajo, and the French Ambassador to Nigeria, Denys GAUER.
“TEF and AFD have agreed to jointly multiply the impact of their operations to promote youth entrepreneurship in Africa as a veritable vehicle to create jobs for economic growth and prosperity.
“The partnership also offers joint research studies and publications in the area of youth entrepreneurship in Africa, with a focus on digital and agricultural sectors, to uncover insights that will influence policy formation and the business environment in Africa.
“Lastly, AFD will promote the TEF mentorship programme to its managers in order to stimulate volunteers for mentoring young entrepreneurs empowered by the TEF Entrepreneurship Programme,” the statement read.
The statement quoted Elumelu to have said during the signing ceremony that the future of Africa lies in the potential of the private sector to drive sustainable development, fuelled by small and medium business (SMEs).
“I have always said that if SMEs succeed, the African economy will do well, but they need a certain level of financial backing to succeed. So, this partnership with AFD is a step in the right direction as it will provide thousands of African entrepreneurs with the necessary backing to access bank loans they would need to scale up their businesses,” Elumelu said.
In his remarks, Delefosse said the role of international donors like AFD was to partner with African foundations and commercial banks in order to facilitate the funding of start-ups and SMEs.
“In addition to providing access to professional networks, business training, mentoring and seed capital, this partnership will top up the TEF Entrepreneurship Programme with an additional key tool: access to local banking resources, thanks to the guarantee back up provided by AFD.
“I am proud to support this programme and in so doing, to contribute to the success of a promising generation of young African entrepreneurs,” Delefosse said.