Today, the United Nations Development Programme (UNDP) unveiled the ambitious “timbuktoo” initiative in collaboration with African nations. During a special session at the 24th Annual Meeting of the World Economic Forum in Davos, Switzerland, H.E. President Paul Kagame of Rwanda, H.E. President Nana Akufo-Addo of Ghana, HE Wamkele Mene (Secretary General of the African Continental Free Trade Area Secretariat), and UNDP Administrator Mr. Achim Steiner introduced the initiative. Positioned as the world’s largest financing facility, the Timbuktoo Initiative aims to bring catalytic and commercial capital together to bolster Africa’s startup ecosystem.
This milestone event, attended by global corporate leaders and African financial institutions, is seen as a significant stride in initiating the African Startup Revolution. It harnesses the momentum of Africa’s substantial youth demographic and abundance of innovative talent.
HE Paul Kagame emphasized, “We cannot accept that another generation of African young people do not have the tools to reach their full potential,” announcing an immediate contribution of US$3 million to kickstart the Timbuktoo Africa Innovation Fund hosted in Kigali. “With Timbuktoo’s billion-dollar target, we can create more opportunities for Africa’s youth to put their talent and creativity to good use.”
HE Nana Akufo-Addo highlighted the challenge of enabling young Africans to create innovative businesses contributing significantly to job creation and sustainable economic growth. “I’m excited about the future of our continent. I look forward to seeing us create a future where innovation is encouraged, ingenuity is supported, and prosperity is shared.”
Promoted by the UNDP, Timbuktoo seeks to address critical gaps by collaborating with African governments, investors, corporates, and universities to support the African startup ecosystem.
“Timbuktoo is a new model of development. We are gathering key actors to push on all fronts at the same time,” stressed Administrator Steiner. From startup-friendly legislation and global-class startup building to de-risking capital for increased investment and UniPods – University Innovation Pods – across Africa, Timbuktoo aims to fill critical gaps and support the startup ecosystem, enabling innovations to grow and benefit people in Africa and beyond.
Currently, Africa’s share of global startup value stands at just 0.2 percent, compared to 2 percent of global trade value. Timbuktoo’s ambition is to mobilize and invest US$1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs. What makes Timbuktoo unique is its design, blending commercial and catalytic capital to de-risk private investment, with a pan-African approach to supporting startups, focusing on the entire ecosystem and deepening linkages between government policy, universities, corporates, development partners, catalytic partners, and commercial investors.