The United Nations Development Program (UNDP) and the Ministry of ICT and Innovation have come together to launch Timbuktoo, a pan-African hub focused on growing global-class startups and addressing the gaps in early-stage risk capital. The Timbuktoo initiative will invest $1 billion of public and private funds in youth innovation startups to create 1,000 startups, impact 10 million livelihoods, and generate $10 billion across the continent in the next ten years.

This initiative was designed to address the challenges facing Africa's innovation ecosystem, such as the academic-industry R&D gap, a lack of local angel investors, weak local incubator business models, and small, fragmented markets. By leveraging Rwanda's position as a financial hub in Africa, Timbuktoo will provide entrepreneurs with the support of experienced mentors as they build their startups.

The initiative will have a presence in eight hubs across Africa, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, Lagos, and Nairobi. These hubs will focus on sectors such as Fintech, Healthtech, Edtech, Agritech, Cleantech, and creatives. This is a truly inspiring initiative that has the potential to drive significant change and innovation on the African continent.

The United Nations Development Program (UNDP) in Rwanda, the Ministry of ICT and Innovation co-launched timbuktoo, is a pan-African hub built to address the gaps in early-stage risk capital, aiming to grow global–class startups and unlock the one-Africa market. 

The timbuktoo initiative aims to invest US$1 billion of public and private funds into youth innovation startups to achieve 1,000 startups, impact 10 million livelihoods & create $10 billion across the continent in 10 years. 

"Timbuktoo is an innovative entrepreneurship program that aims to harness the power of young people and equip them with the tools necessary to create and sustain their businesses. I am confident that together we can make timbuktoo a success story for young African entrepreneurs!" Ahunna Eziakonwa, UN Assistant Secretary-General and Director, Regional Bureau of Africa.

"How dare we doubt the ability of our youths to be agents of change? We must put together our minds & resources to solve Africa's problems. It is time to trust young Africans with enough to make the change," she added.

"The initiative we launched today should offer hope for thousands of entrepreneurs across #Africa whose lives & efforts may be obscure today. Brilliant #African minds will benefit from a financing system that understands the African market," Maxwell Gomera, Resident Representative at UNDP Rwanda.

"timbuktoo will propel Africa to a glorious future. The innovation center of excellence will change Africa's narrative & put a global mark in the startup calendar, branding Africa to the world," Dr. EleniGabre, UNDP Africa's Chief Innovation Lead.