What's Hot

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Social investment platform InvestSky raises USD 3.4 million

      Business Entrepreneurship Finance January 12, 2023
      Recent

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023

      African startups face challenges in 2023

      January 10, 2023

      MENA startups raised USD 125 million in December

      January 6, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Finance

    Timbuktoo: UNDP’s financing operation targets 1,000 African startups

    May 27, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Timbuktoo
    Timbuktoo aims to support 1,000 African startups through eight hubs.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Timbuktoo, the UNDP’s new pan-African financing project, will be headquartered in Rwanda and aims to support over 1,000 African startups.

    Timbuktoo, the headquarters of the United Nations Development Programme’s (UNDP) new innovation financing hub will be based in Kigali, Rwanda. The new hub forms part of the UNDP’s goal to support African startups across the continent.

    Timbuktoo: Pan-African investments

    According to a report by The New Times, Timbuktoo aims to invest USD 1 billion in incentive and commercial capital over the next years in order to create an innovation network within eight pan-African hubs spread across the continent. The initial investments are intended to address a gap in early stage risk capital. The initiative aims to support over 1,000 startups and to grow startups with global potential.

    According to sources in the Rwandan media, President Paul Kagame met with Ahunna Eziakonwa, Assistant Secretary-General and Director of UNDP-Africa, to discuss the initiative and it was agreed that the UNDP would provide the financial support required to build the eight hubs. Reports indicated that the UNDP is currently mobilizing funds for the project.

    Fund structure

    Timbuktoo’s parent fund will finance a venture builder at each of the eight hubs and will invest minority capital to de-risk investments within the subsidiary funds that will be used to finance each hub and attract private investment.

    Timbuktoo’s funds will be dispersed among the eight hubs which will be privately managed and will work to create a startup ecosystem alongside businesses, educational institutes and other stakeholders. The UNDP will then provide venture funds in the hope of attracting additional private investors.

    Support for African entrepreneurs

    Eziakonwa said that she believed that the youth of Africa were capable, and that, “As UNDP, we have a realization that the development landscape has become so complex, so challenging, so uncertain that no one entity can solve all the solutions. We need to put together our collective minds, resources and assets to solve Africa’s and the world’s problems,” she added.

    Paula Ingabire, Rwanda’s Minister of ICT and Innovation hailed UNDP’s move to establish the hub’s headquarters in Rwanda, saying that the country is placing innovation, technology and youth entrepreneurship at the core of their development process.

    Timbuktoo will focus on fintech, logistics, creatives and agri-tech and, according to sources, each hub will specialize in a particular industry, with the goal of becoming a leader in that sector.

    An established startup scene

    Rwanda is well established as an African tech hub that continues to attract regional and international investors. The government is currently overseeing the development of Kigali Innovation City as part of its Vision 2020 initiative.

    According to a report by Magnitt, African startups passed USD 1 billion in investments in Q1 2022. Startups in North Africa saw substantial investment from the Gulf.

    investment Rwanda Startups Timbuktoo UNDP
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleUAE’s non-oil foreign trade hits USD 136 billion in first quarter
    Next Article ITFC doubles Egypt’s credit limit to USD 6 billion to cover imports of wheat

    Related Posts

    Business Innovation Startups

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023
    Business Entrepreneurship

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023
    Business Entrepreneurship

    Wafeq raises USD 3 million in seed round

    January 26, 2023
    View 2 Comments

    2 Comments

    1. Pingback: Tech African Women startup accelerator launches in Ethiopia

    2. Pingback: African tech investment: 92% of funding goes to just four countries

    Leave A Reply Cancel Reply

    LATEST STORIES

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023

    Wafeq raises USD 3 million in seed round

    January 26, 2023

    African startups double debt financing

    January 25, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.