The United Bank for Africa (UBA), through the Tony Elumelu Foundation (TEF) – a philanthropic organisation dedicated to empowering African entrepreneurs – signed a strategic partnership agreement worth 6 million dollars (384 million meticals) with the United Arab Emirates Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation (affiliated with Erth Zayed) on Wednesday 12 February during the World Government Summit.
According to the financial institution’s statement, the initiative aims to provide business training, mentoring, access to networks and non-refundable start-up capital of five thousand dollars (320,000 meticals) to more than a thousand young African entrepreneurs.
The agreement was signed at the World Government Summit by TEF founder Tony Elumelu and the director general of the Khalifa Bin Zayed Al Nahyan Foundation, Mohamed Haji Al Khoori. The partnership reinforces the institutions’ mutual commitment to promoting economic empowerment and entrepreneurship across the African continent.
Through the partnership, the Khalifa Bin Zayed Al Nahyan Foundation will leverage the expertise and execution capacity of the Tony Elumelu Foundation to catalyse entrepreneurship through the Tony Elumelu Programme, which has pioneered business management training, mentoring and capital funding for African entrepreneurs.
The Khalifa Bin Zayed Al Nahyan Foundation, a philanthropic organisation associated with Erth Zayed, has a long-standing commitment to humanitarian and development projects, focusing on education, healthcare, economic empowerment and business development.
‘Empowering entrepreneurs is not just a moral obligation, but a strategic investment in Africa’s future. By providing access to capital, mentorship and resources, we are unlocking the potential of African talent, eliminating poverty, promoting self-reliance and driving inclusive growth and prosperity on the continent. This partnership not only reflects our shared vision of training Africa’s next generation of business leaders, but will also create a multiplier effect of economic transformation,’ said Tony Elumelu.
Tony Elumelo Foundation signs agreement to help young African entrepreneurs
For his part, Mohamed Haji Al Khoori emphasised: ‘The Erth Zayed Foundation’s mission is to foster impactful partnerships that drive humanitarian progress and sustainable development. Supporting young African entrepreneurs is aligned with our goal of strengthening economies and building sustainable businesses that benefit communities.’
Since the launch of the TEF Entrepreneurship Programme in 2015, the organisation has empowered up to 2.5 million young Africans through the TEFConnect digital platform and allocated more than 100 million dollars (6.4 billion meticals) in direct funding to more than 21,000 entrepreneurs, who together have created more than 1.5 million direct and indirect jobs. Through its initiatives, the Foundation has lifted two million Africans out of poverty.
In addition to its own programmes, TEF works with international partners such as the European Union, the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC) and the Ikea Foundation.
The partnership with the Khalifa Bin Zayed Al Nahyan Foundation marks TEF’s first collaboration with a Gulf philanthropic organisation, strengthening diplomatic, cultural and investment ties between the Gulf Cooperation Council (GCC) countries and Africa. The Tony Elumelu Foundation is currently open for applications from young African entrepreneurs with innovative ideas or businesses that have been operating for five years. Applications can be made on the TEFConnect platform until 1 March 2025.
