The United Nations Development Programme (UNDP) has launched the “timbuktoo” initiative together with African countries, which it said is positioned to be “the world’s largest financing facility”, bringing catalytic and commercial capital together to support Africa’s startup ecosystem. Promoted by the UNDP, timbuktoo aims to address critical gaps and work with African governments, investors, corporates, and universities, to support the African startup ecosystem. The ambition is to mobilise and invest US$1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs. The initiative will blend commercial and catalytic capital to de-risk private investment, with a pan-African approach to supporting startups, while also focusing on the whole ecosystem, engaging and deepening the linkages between government policy, universities, corporates, development partners, catalytic partners, and commercial investors. This will enable innovations to grow and benefit people in Africa and elsewhere on the planet,” he said.

Source: The North Africa Journal January 23, 2024 15:37 UTC