A partnership has been signed between the European Commission and the Tony Elumelu Foundation for the support of more than 2,500 women entrepreneurs in the 54 countries of the continent, by offering them entrepreneurship training as well as seed capital to allow their initiatives to pass the startup phase. The two entities aim to solve the problems faced by young African companies, namely skills and capacity gaps, financial constraints and lack of access to mentoring and markets.
“This joint effort will prioritize and provide economic opportunities for African women who, for too long, have endured systemic obstacles to start, grow and maintain their businesses, ” said For Tony Elumelu, chairperson of TEF.
This partnership intends to alleviate the funding, knowledge and market constraints that threaten the livelihoods of women entrepreneurs on the continent, in order to create more income, jobs, and growth for the businesses owned. by women, ”he added.
Tony Elumelu Foundation women founders African Tony Elumelu Foundation women founders African
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Here Is What You Need To Know
- With a budget of 20 million euros ($24m), the program is co-financed by the European Union and the Organization of African, Caribbean and Pacific States (OACPS), in collaboration with the German Federal Ministry for Cooperation Economic and Development (BMZ).
- It is implemented by the German Society for International Cooperation (GIZ).
- This new fund focused on the economic empowerment of women across Africa, aims to improve access to finance and venture capital investments, particularly in the context of the Covid-19 pandemic where women have been the most affected by the economic crisis.
- In addition, it will help women participate in economic development and accelerate their financial inclusion.
- The new fund is also part of the EU 2020–2025 strategy on gender equality.
- Interested women entrepreneur applicants should watch this space.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer