The United Nations Development Programme has launched timbuktoo, a financing initiative designed to become the world’s largest facility for African startups. The program blends catalytic and commercial capital to strengthen the continent’s entrepreneurial ecosystem.
The program was unveiled at the World Economic Forum’s annual meeting in Davos, Switzerland. Presidents Paul Kagame of Rwanda and Nana Akufo-Addo of Ghana joined UNDP Administrator Achim Steiner and Wamkele Mene, secretary general of the African Continental Free Trade Area, to announce the effort.
The initiative aims to mobilize $1 billion in funding over time, with the goal of transforming 100 million livelihoods and creating 10 million new jobs. It will operate across Africa, working with governments, investors, corporations, and universities to address challenges in the startup sector.
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Kagame, who pledged an immediate $3 million to launch the timbuktoo Africa Innovation Fund based in Kigali, said the initiative responds to persistent structural barriers. “We cannot accept that another generation of African young people do not have the tools to reach their full potential,” he stated. “With timbuktoo’s billion-dollar target, we can create more opportunities for Africa’s youth to apply their talent and creativity.”
Akufo-Addo highlighted the need for supportive frameworks. “For many African countries, the foremost challenge is ensuring the right structures are in place to enable young Africans to build innovative businesses that contribute to job creation and sustainable economic growth,” he said.
A new model of development
Steiner described timbuktoo as a departure from traditional development approaches. “We are gathering key actors to push on all fronts at the same time,” he explained. The initiative will focus on startup-friendly legislation, high-quality business incubation, and de-risking capital to attract private investment.
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One component, UniPods—University Innovation Pods—will be set up across the continent to encourage innovation in academic institutions. These efforts aim to help startups grow, benefiting both Africa and global markets.
While similar regional funds have struggled in the past, timbuktoo’s pan-African scope and direct government support could make a difference. The involvement of multiple heads of state signals a coordinated effort, though success will depend on how effectively capital is deployed and whether local ecosystems can absorb it.
Steiner acknowledged the challenge but remained hopeful. “This is about filling critical gaps,” he said. “If we align policy, capital, and talent, the potential is enormous.”
