UNDP Launches Timbuktoo Initiative in Ethiopia to Bolster Startups and Job Creation

ADDIS ABABA—The United Nations Development Program (UNDP) has officially launched the Timbuktoo Initiative in Ethiopia, a Pan African development program aimed at enhancing the startup ecosystem and fostering job creation across the continent.

According to Ethiopian News Agency, the Timbuktoo Initiative seeks to mobilize and invest $1 billion in catalytic and commercial capital to transform 100 million livelihoods and create 10 million new jobs. The initiative was inaugurated in a ceremony in Addis Ababa, attended by various stakeholders.

The initiative partners with African governments, investors, corporates, and universities to address critical gaps within the African startup landscape. During the launch event, Ethiopia’s Minister of Innovation and Technology, Belete Mola, emphasized the significant role of the Timbuktoo Initiative in boosting the national and continental innovation sectors. He outlined the initiative’s goals of providing early-stage risk capital that is accessible, localized, and inclusive, aiming to mend fragmented ecosystems and build robust Pan African startups.

Belete highlighted that in the context of today’s rapidly changing global landscape, fostering innovation is essential, not a luxury. He stressed the Timbuktoo Initiative’s role in bridging gaps between creating value and generating impact, and in laying a foundation for credibility and legitimacy. This foundation is expected to enhance access to resources, skills, and sustainability through multi-level partnerships.

Additionally, Biruk Taye, the General Director of the Ethiopian Capital Market, noted that the Timbuktoo Initiative would enable startups to thrive by fostering collaboration and practical support from the government to stimulate innovation. Samuel Gbaydee Doe, the UNDP Representative in Ethiopia, commended the Ethiopian government’s digitalization efforts and recognized the country’s strategic position in the Horn of Africa and its readiness to leverage digital technology for socio-economic development.