What's Hot

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022
    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

      ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

      June 23, 2022

      Gulf sovereign funds sign deal to spur investment in Africa

      June 22, 2022

      Algeria and Qatar to explore tourism and real estate investments

      June 21, 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

      Bahrain hosts Egyptian delegation as trade soars

      June 29, 2022

      Dubai Chambers registers over 1,600 African companies since October 2021

      June 28, 2022

      Sierra Leone’s Investment and Export Promotion Agency meet with Qatar Chamber to discuss economic cooperation

      June 16, 2022
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

      Agri commodities Agri-Business Islamic finance June 17, 2022
      Recent

      ITFC begins disbursing additional USD 3 billion in credit to Egypt, willing to provide more

      June 17, 2022

      MENA startups raise USD 176 million in May

      June 14, 2022

      ITFC doubles Egypt’s credit limit to USD 6 billion to cover imports of wheat

      May 30, 2022
    • 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 Entrepreneurship Innovation

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022
    Uncategorized

    FDI: The UAE receives 41% share of investments across Arab countries

    June 24, 2022
    FDI Infrastructure Power

    ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

    June 23, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    LATEST STORIES

    Bahrain hosts Egyptian delegation as trade soars

    June 29, 2022

    Dubai Chambers registers over 1,600 African companies since October 2021

    June 28, 2022

    GrubTech: Transforming restaurants and cloud kitchens

    June 27, 2022

    FDI: The UAE receives 41% share of investments across Arab countries

    June 24, 2022

    ACWA Power consortium signs agreement for 1.1 GW wind project in Egypt

    June 23, 2022
    • 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.