The United Nations Development Programme (UNDP) has launched the ‘Timbuktoo’ initiative, a $1bn funded program aimed at supporting the growth of startups in Africa.
The program, gives priority attention to the leading African startup ecosystems, which include Lagos State, in Nigeria, Accra in Ghana, Nairobi in Kenya, Cape Town in South Africa, Dakar in Senegal, Kigali in Rwanda, Casablanca in Morocco, and Cairo in Egypt.
The UNDP, launched the program in Lagos earlier this week.
According to the UN, the initiative seeks to mobilize 1 billion dollars of public & private capital to spark up the Startup Revolution in Africa.
“We need to do things better. And that is what #timbuktoo is all about. It’s how we can support the innovation ecosystem in such a way that Africa grows from it.
“Timbuktoo is expected to address the gap in early stage risk capital while aiming to grow global-class startups and unlock the ‘One Africa market’.” Eleni Gabre, the Chief Innovation Officer at UNDP said.
The startups to be selected will focus on different sectors such as FinTech, AgriTech, HealthTech, GreenTech, creatives, TradeTech and logistics, smart cities and mobility, and tourism.