UNDP’s timbuktoo Initiative Launched in Ethiopia

Addis Ababa April 26/2024 (ENA)  Timbuktoo Initiative, a Pan African development scheme designed by the United Nations Development Program (UNDP) to support startups and encourage job creation in African countries, launched in Ethiopia. 

Promoted by the UNDP, timbuktoo aims to address critical gaps and work with African governments, investors, corporates, and universities, to support the African startup ecosystem.

 

The initiative aims at mobilizing and investing 1 billion USD of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs.

Ethiopia has officially joined the initiative in a ceremony organized in Addis Ababa in the presence of stakeholders.  

On the occasion, Minister of Innovation and Technology, Belete Mola highlighted the contribution of the initiative to boost startups in Ethiopia.  

He also pointed out that the initiative is instrumental to enhance the innovation space among African countries. 

“This initiative is the largest in the world dedicated to support the innovation eco-system in Africa. Today marks a significant step forward our commitment to the mission of 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.

Belete said that in today’s rapidly evolving world, innovation is no longer a luxury but it is a necessity. 

He highlighted the important of timbuktu initiative as it recognizes the capacity to close gaps between creating values and impact as it also lays the foundation for credibility and legitimacy providing a pathway to access and skills and fostering sustainability through multilevel coalition and partnership. 

The minister expressed 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.  

 

Representative of UNDP in Ethiopia, Samuel Gbaydee Doe for his part stated that the efforts being taken by the government of Ethiopia to in building digitalization is encouraging indicating that the Timbuktu Initiative is instrumental to help African work together. 

 

“Ethiopia stands at a pivotal moment in its journey towards economic prosperity and as a strategic leader of the horn of Africa region and across the continent of Africa.”

The representative also hailed Ethiopia’s readiness to embrace the digital age and harness the power of technology to drive the socioeconomic development.