UNDP Launches 'Timbuktoo' Initiative to Finance African Startups

The United Nations Development Programme has unveiled a major new financing initiative named "timbuktoo" aimed at bolstering Africa's startup ecosystem through combined catalytic and commercial capital.

The initiative, launched in collaboration with African countries, is positioned to become the world's largest financing facility dedicated to supporting entrepreneurs across the continent.

The launch event was attended by several African leaders including President Paul Kagame of Rwanda and President Nana Akufo-Addo of Ghana, alongside representatives from the African Continental Free Trade Area secretariat.

Timbuktoo seeks to bridge the funding gap facing African startups by bringing together different forms of capital to create a more robust financing environment for emerging businesses.

The UNDP believes the initiative will stimulate innovation, create jobs, and contribute to sustainable economic development across Africa by providing much-needed resources to the continent's growing entrepreneurial sector.