The Pan African development scheme designed by
the United Nations Development Program (UNDP), Timbuktoo Initiative has been
officially launched in Ethiopia to support startups and encourage job creation
in African countries.
Aimed at addressing critical
gaps and working with African governments, investors, corporates, and
universities, to support the African startup ecosystem, timbuktoo also seeks to
mobilize and invest 1 billion USD of catalytic and commercial capital to
transform 100 million livelihoods and create 10 million dignified new jobs.
Speaking during the
event, the Minister of Innovation and Technology, Belete Mola highlighted the initiative's contribution to boost startups in Ethiopia.
He also pointed out
that the initiative is instrumental in enhancing the innovation space among
African countries.
“This initiative is the largest in the world dedicated to
supporting the innovation ecosystem in Africa. Today marks a significant step forward
our commitment to creating more and better early-stage risk
capital which is defused, localized and inclusive. It also fixes fragmented
eco-systems and builds Pan African startups” the minister elaborated.
The
minister expressed the commitment of the government to work tirelessly alongside
with partners to ensure the successful implementation of the initiative.
Ethiopian Capital Market General
Director, Biruk Taye said the timbuktoo initiative will enable startups to
achieve success by working in collaboration with one another indicating the
practical measures being taken by the government to encourage innovation and
implement the initiative.
