The United Nations Development Programme (UNDP) just unveiled the timbuktoo Initiative, a massive $1 billion fund aimed at supporting African startups.
Considered Africa’s largest innovation fund, timbuktoo plans to transform creative ideas into successful businesses across the continent.
During the launch at the World Economic Forum in Davos, Switzerland, Rwandan President Paul Kagame committed $3 million to the fund. Kagame emphasised the importance of providing tools for African youth to reach their full potential.
Africa currently contributes only 0.2% to the global startup value, despite holding a 2% share in global trade. The majority of venture capital (89%) comes from abroad, with 83% concentrated in Nigeria, Kenya, South Africa, and Egypt, primarily in the fintech sector.
UNDP Africa Bureau Director Ahunna Eziakonwa envisions a knowledge-driven African economy as a true revolution, surpassing the wealth derived from natural resources.
The timbuktoo Initiative aims to support startups in specific sectors across eight African cities, focusing on fintech, trade, logistics, e-commerce, healthtech, cleantech, and the creative sector.
This strategic investment plans to impact 100 million livelihoods and create 10 million new jobs in Africa over the next decade. What sets timbuktoo apart is its innovative design, combining commercial and catalytic capital to reduce investment risks and foster a pan-African approach to supporting startups.
The initiative also aims to strengthen connections between government policy, universities, corporations, development partners, catalytic partners, and commercial investors.
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