Rwanda Formally involved to be the Headquarters of Africa’s Innovation Financing Facility dubbed as Timbuktoo Africa Innovation Foundation

By Abdul Rahman Bangura-

Rwanda, City of Kigali
Photo Credit: Thenewtimes

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Timbuktoo Foundation liftoff by African leaders in January of 2024 at the World Economic Forum (WEF) in Davos, Switzerland, is a straight and focused alliance between the United Nations Development Program (UNDP), African governments, cool the private sector.

A testimony issued by the UNDP on past Tuesday stated, the innovation foundation will be hosted at the Kigali International Financial Center, Kigali, the capital of Rwanda. Promulgated by the UNDP, Timbuktoo gears towards in enhancing important spaces and work with African governments, investors, corporates, and universities, to assist the African startup ecosystem.

“This is Africa’s moment. And we must stand up for the continent now. I am proud to lend my support to the foundation and its fund, which are most critical in setting the path of its early wins,” Natalie Jabangwe, the foundation’s Interim Executive Secretary, noted in the statement.

Rwandan Minister of ICT and Innovation – Paula Ingabire noted, collaborative networks will be created across institutions.

“We welcome the establishment of Timbuktoo Africa Innovation Foundation, dedicated to fostering innovation and entrepreneurship across the continent. We invite African governments and partners to unite in our mission, creating a vibrant pan-African innovation ecosystem,” remarked Ingabire. “Together, we will forge collaborative networks spanning universities, startups, and venture capital, driving sustainable growth and prosperity for all.”

Ahunna Eziakonwa, Assistant Secretary-General and Director of the UNDP’s Regional Bureau for Africa, noted, the UNDP designed Timbuktoo as an offering for African youth to spark the startup revolution.

The Timbuktoo concept is virtually building university innovation pods in 13 African cities, including Kigali, as centers for research and development, offering young innovators space to transform their ideas into minimum viable products and profitable ventures, according to the UNDP.

Timbuktoo is same, advancing thematic hubs as centers of excellence across Africa to offer a world-class one-stop shop for ecosystem and venture-building support in technology areas.

The UNDP noted more than 1,000 startups are targeted from across the mainland as part of the initiative’s strides to spark Africa’s startup revolution with a roughly calculated venture of more than 1 billion U.S. dollars over the next 10 years.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent