August 19

United Nations Development Program Allocates $1 Billion to African Startup Hubs

The African startup ecosystem continues to boom despite ongoing economic crises and long-standing structure issues related to education and training, funding, and infrastructure.

The Regional Bureau for Africa of the United Nations Development Program (UNDP) recently launched its Timbuktoo initiative that aims to boost African entrepreneurship and startup ecosystems for regional development.

The $1 billion initiative was launched in Lagos, Nigeria on August 17, and will be funded by public and private capital over ten years. UNDP Africa noted earlier in a statement that the organization is engaging with a network of private and public actors to establish eight Timbuktoo hubs in Casablanca, Cairo, Accra Nairobi, Cape Town, Lagos, Dakar, and Kigali. The hubs are set to become operational in 2023.

Source: Morocco World News (link opens in a new window)

infrastructure, startups