The European Union and the Tony Elumelu Foundation (TEF), the leading champion of entrepreneurship in Africa, are joining forces to support more than 2,500 African women entrepreneurs, thanks to a partnership announced today.
The action will support the economic empowerment of women across Africa through increased access to finance and venture capital investment with a contribution of €20 million.
“This partnership with the Tony Elumelu Foundation will help women participate in economic development, realise their full potential and accelerate economic inclusion. Empowering women entrepreneurs is a key driver for sustainable jobs and growth, especially in the context of the COVID-19 pandemic and in line with the objectives of our Africa Strategy. Women and girls represent half of the world's population and they deserve equal opportunities”, said Jutta Urpilainen, Commissioner for International Partnerships.
“At the Tony Elumelu Foundation, we are pleased to partner with the European Union, sharing our unique ability to identify, train, mentor and fund young entrepreneurs across Africa. This joint effort will prioritise and provide economic opportunities for African women, whom for too long have endured systemic obstacles to starting, growing and sustaining their businesses. Our partnership aims to alleviate the funding, knowledge and market constraints threatening the livelihoods of women entrepreneurs on the continent, to create more income, jobs, growth and scale for women-owned businesses,” said Tony Elumelu, Founder of the Tony Elumelu Foundation.
The COVID-19 pandemic is more than a global health crisis, impacting labour markets and creating a social and economic crisis. Women, who often hold the dual role of breadwinners and carers, are among the hardest hit. Women earn less, save less, hold less secure jobs, and are more likely to be employed in the informal economy, with less access to social protection. The EU and its partners are now increasing their effort to build back better and ensure women are at the centre of the recovery. This new programme builds on the experience of the EU External Investment Plan to support gender focused lending, as well as the EU initiatives to support women economic empowerment within the EU Gender Action Plan (GAP III).
The European Commission is proud to partner with the Tony Elumelu Foundation to unlock the women's potential, directly boosting Africa's economic growth. TEF is one of the key organisations committed to contributing meaningfully to Africa's prosperity and social development. Through this partnership, the two organisations will support more than 2,500 women entrepreneurs, providing gender sensitive entrepreneurship training, as well as seed capital for African female businesses to navigate through the start-up and early growth phases.