UNDP Unveils $1 Billion 'timbuktoo Africa Innovation Fund' at WEF to Ignite Startup Revolution Across Africa
Thursday 18 January 2024
Comment
The United Nations Development Programme (UNDP) has taken a significant step in fostering innovation and economic growth across Africa by launching the "timbuktoo Africa Innovation Fund" during a special session at the World Economic Forum in Davos, Switzerland. This groundbreaking initiative, positioned as the world's largest financing facility for startups in Africa, is set to infuse $1 billion into the continent's burgeoning startup ecosystem.
The initiative, presented by leaders such as President Paul Kagame of Rwanda, President Nana Akufo-Addo of Ghana, Wamkele Mene of the African Continental Free Trade Area Secretariat, and UNDP Administrator Achim Steiner, aims to leverage Africa's youth demographic and abundant innovative talent. The occasion, attended by global corporate leaders and African financial institutions, marked a crucial milestone in what is being hailed as the African Startup Revolution. CONTINUE READING.....
Rwandan President Paul Kagame demonstrated commitment to the cause by announcing an immediate contribution of $3 million to kickstart the timbuktoo Africa Innovation Fund, which will be hosted in Kigali. President Kagame emphasized the importance of providing tools for the youth to reach their full potential, stating, "With timbuktoo’s billion-dollar target, we can create more opportunities for Africa’s youth to put their talent and creativity to good use."
Echoing this sentiment, Ghana's President Nana Akufo-Addo highlighted the challenge faced by many African countries in ensuring the establishment of structures that enable young Africans to create innovative businesses contributing significantly to job creation and sustainable economic growth. He expressed excitement about the continent's future, envisioning a landscape where innovation is encouraged, ingenuity is supported, and prosperity is shared. CONTINUE READING.....
Advertisment:
*Bz Data Sell:* Is Mobile app to buy Mobile data, Airtime, Nepa bills, TV subscription & data pins.
*We offer instant recharge of Airtime, Data bundle, CableTV (DStv, GOtv & Startimes), Electricity Bill Payment, Recharge Card Print and more.*
Install our App *Bz Data Sell* on Play store.👇
The timbuktoo Africa Innovation Fund, promoted by the UNDP, aims to address critical gaps in the African startup ecosystem. UNDP Administrator Achim Steiner described timbuktoo as a new model of development, emphasizing its multifaceted approach, which includes startup-friendly legislation, global-class startup building, and de-risking capital to increase investment. The initiative also introduces University Innovation Pods (UniPods) across Africa to deepen linkages between government policy, universities, corporates, development partners, catalytic partners, and commercial investors.
Africa currently represents only 0.2% of the global startup value, with the majority of venture capital being foreign and concentrated in a few countries. Timbuktoo's
Advertisment:
*Bz Data Sell:* Is Mobile app to buy Mobile data, Airtime, Nepa bills, TV subscription & data pins.
*We offer instant recharge of Airtime, Data bundle, CableTV (DStv, GOtv & Startimes), Electricity Bill Payment, Recharge Card Print and more.*
Install our App *Bz Data Sell* on Play store.👇
https://play.google.com/store/apps/details?id=bz.datasell
Join Our Whatsapp Group 👇
Our Facebook Page 👇
Our Android App
Our YouTube Channel 👇
0 Response to "UNDP Unveils $1 Billion 'timbuktoo Africa Innovation Fund' at WEF to Ignite Startup Revolution Across Africa"
Post a Comment
Tell us what you think about this article?