TIMBUKTOO Initiative Unveiled at Davos Forum

In a groundbreaking event at the World Economic Forum in Davos, Switzerland, the United Nations Development Programme (UNDP) and African leaders jointly launched the "TIMBUKTOO" initiative. This initiative, celebrated during the Forum's 24th Annual Meeting, aims to establish the world's most extensive financing facility dedicated to African startups.

A Billion-Dollar Vision for Change

Against the luminous backdrop of Davos, figures like President Paul Kagame of Rwanda and Nana Akufo-Addo of Ghana, alongside UNDP Administrator Achim Steiner, revealed "Timbuktoo." This initiative marks a significant stride in boosting Africa's startup landscape. Kagame's announcement of a $3 million contribution to kickstart the Timbuktoo Africa Innovation Fund, based in Kigali, underscores the project's monumental scale.

Boosting Africa's Startup Ecosystem

Furthermore, the initiative blends commercial and catalytic capital to de-risk investments, fostering a pan-African support network for startups. This strategy focuses on the entire ecosystem, enhancing connections between government policy, universities, corporations, and investors.

UNDP Fostering Innovation and Inclusivity

President Akufo-Addo emphasized the need for structural changes to empower young African entrepreneurs. With Africa's current contribution to the global startup value at just 0.2 percent, "Timbuktoo" aspires to mobilize and invest $1 billion to transform 100 million lives and create 10 million new jobs.

The initiative introduces UniPods, University Innovation Pods, bridging the gap between academic research and entrepreneurial application across the continent. These hubs are set to become catalysts for innovation and development.

Reshaping Africa's Role in the Global Economy

"Timbuktoo" represents a vision for a vibrant, innovative, and inclusive African economy. As the initiative unfolds, it promises to reshape the continent's role in the global economy, turning Africa into a hub of technological innovation and entrepreneurship.

The TIMBUKTOO initiative, unveiled in Davos, sets the stage for a transformative era in African startups. With a billion-dollar vision for change, it strives to reshape Africa's economic landscape and empower the next generation of entrepreneurs.