Elumelu Foundation signs MoU with French bank on youth entrepreneurship

The Tony Elumelu Foundation has signed a Memorandum of Understanding (MoU) with French Bilateral Development Bank (AFD) to promote youth entrepreneurship in Africa.
According to a statement signed by Damilola Ayodeji, the Press Officer, French Embassy in Nigeria on Monday in Abuja, the MoU was signed at the end of the 2017 TEF Entrepreneurship Forum recently held in Lagos.

The understanding, he added, was signed by founder of The Tony Elumelu Foundation, Mr Tony Elumelu and Country Director of AFD Nigeria, Olivier Delefosse.
The press officer noted that the event took place in the presence of the Vice President, Prof.

Yemi Osinbajo and French Ambassador to Nigeria, Denys Gauer.
Elumelu explained during the event that the MoU was a risk-sharing guarantee framework granted by AFD to commercial banks in Africa for loans to young entrepreneurs empowered by the TEF Entrepreneurship Programme.

The foundation boss said “the future of Africa lies in the potential of the private sector to drive sustainable development that will be fuelled by Small and Medium Enterprises (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.

“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 needed to scale up their businesses.’’

In his address, Delefosse said “the role of international donors like AFD is to partner with African foundations and commercial banks to facilitate 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 additional key tool.

Azubike Nnadozie, with Agency report