On the 16th of December 2019, the African Development Bank (AfDB) announced formal board approval of the $5 million partnership agreement with the Tony Elumelu Foundation (TEF), initiated by the signing of a statement of intent by both institutions, in March 2019.
The announcement demonstrates the mutually shared objectives of the Tony Elumelu Foundation’s $100 million commitment to catalysing entrepreneurial driven growth across Africa and AfDB’s ten-year “Jobs for Youth in Africa” strategy launched in 2016, to support the creation of 1 million sustainable jobs across the continent.
With AfDB board approval granted, the necessary processes for the disbursement of the $5 million seed capital to the 2019 cohort of TEF/AFDB Entrepreneurs, are now cascading into effect.
An execution timeline has now been agreed by AfDB and TEF and outlined below are the next steps required to disburse seed capital, in accordance with AfDB internal processes:
a. Execution of final agreements – DONE
b. Disbursement request sent to the Bank – DONE AND expected to take three weeks.
c. Bank processes request – IN PROGRESS
d. Funds released to the Tony Elumelu Foundation – WITHIN 24 HOURS, THIS WILL BE CREDITED TO THE ACCOUNT OF EACH ELIGIBLE ENTREPRENEUR.
It is envisaged that the timeline for the seed capital disbursement will be no later than February 2020.