A startup financing initiative named Timbuktoo targeted at mobilising and investing in new startups in Africa has been launched by the United Nations Development Programme, UNDP, in Lagos, Southwest Nigeria.
The initiative is expected to put $1 billion of public and private funding towards the mobilisation and investment of new startups on the continent in the next 10 years.
It is expected that Timbuktoo would aid the creation of startup hubs across other African countries like Ghana, Kenya, South Africa and Dakar.
Other countries to benefit from the initiatives are Senegal, Rwanda, Morocco and Egypt
The pan-African hubs which are expected to commence operations in 2023 will have different areas of concentration ranging from AgriTech to Fintech among others.
The Timbuktoo initiative which was started in 2021 is targeting a coverage of about 18 African countries by 2023 with the hopes of engaging the youths in technological innovation and thinking.
