The Tony Elumelu Foundation will finance young entrepreneurs up to US $ 100,000,000 or 50 billion FCFA. The signing of the agreement relating to this funding between the Ministry of National Entrepreneurship, Handicrafts and the Promotion of Small and Medium Enterprises (SMEs) and the Tony Elumenu Foundation took place this Friday, January 29, 2016 in the Minister’s office in tower E at the Plateau. According to Parminder Vir, Managing Director of this foundation based in Nigeria, the Côte d’Ivoire will benefit from his experience in supporting young entrepreneurs. To do this, it is an envelope of 100 million dollars, or 50 billion FCFA that this foundation intends to invest over the next 10 years to support 1000 entrepreneurs each year on the African continent and a hundred in the Côte d ‘ Ivory. With as its philosophy, the development of Africa by Africans, through African capital, the Tony Elumelu Foundation intends to create, in the long term, 1 million jobs and generate 10 billion dollars, or 5,000 billion FCFA of revenue. The support of this foundation will take the form of thematic training, mentoring, financing, studies on the history of African entrepreneurs and an annual meeting of entrepreneurs for an exchange of experiences and forging partnerships. Azoumana Moutaye, Minister in charge of National Entrepreneurship, for his part, hoped that this initiative of the Tony Elumelu Foundation could create an ecosystem favorable to the development of entrepreneurship in Côte d’Ivoire.
In addition to the Phoenix project initiated by the Ivorian government to promote the development of SMEs, the Tony Elumelu Foundation has just pledged to support the Ivorian government in supporting young entrepreneurs.