Unlocking $1bn green capital for techies under Timbuktoo initative

African entrepreneurs are on the precipice of accessing significant funding through the UN Development Program's (UNDP) Timbuktu Initiative, aimed at disbursing $1 billion to empower 10,000 youth innovators across the continent. In an exclusive interview with CNBC Africa, Ahunna Eziakonwa, Director of the Africa Bureau at UNDP, shed light on the intricacies of this groundbreaking venture and its potential to transform key sectors in Africa's economy. Eziakonwa emphasized the crucial role young people play in driving innovation and development, highlighting the necessity of investing in their ideas and talents for Africa to surmount its developmental challenges. The Timbuktu Initiative is structured around three primary objectives. Firstly, it seeks to enhance access to capital, addressing the current deficit in funding that impedes the growth of ambitious and talented entrepreneurs. Secondly, the initiative aims to streamline the fragmented ecosystem of support services available to innovators, fostering a cohesive environment that nurtures their ventures. Lastly, it focuses on linking entrepreneurs to broader markets, leveraging initiatives like the African Continental Free Trade Area to broaden their reach and impact. Over the next decade, the ambitious goal is to raise additional funds to support 10,000 startups, propelling at least 1,000 of them to become flourishing enterprises that create employment opportunities for up to 100 million individuals and generate a value of $10 billion. Eziakonwa emphasized that Timbuktu is not merely about financial investments but about catalyzing a wave of transformation across the continent. The Timbuktu Initiative is poised to revolutionize Africa's green tech sector, utilizing investments to nurture environmentally sustainable solutions. The recent launch of the green tech hub in Nairobi marked a significant milestone, bringing together 43 startups dedicated to developing innovative, accessible, and affordable technologies. These solutions, ranging from renewable energy to waste management, emphasize the dual purpose of addressing climate challenges while creating job opportunities. Through the green tech hub, UNDP is supporting entrepreneurs who prioritize sustainability and inclusivity, aiming to drive economic growth by leveraging homegrown innovations tailored to Africa's unique challenges. Despite the dominance of foreign venture capital in Africa, Eziakonwa outlined a strategy to scale the Timbuktu Initiative by mobilizing African investors and stakeholders. By engaging angel investors, patient capital providers, governments, Africa's billionaires, and philanthropists, the initiative aims to cultivate a network of support that transcends financial backing and extends to mentorship, technical expertise, and market connections. Furthermore, the establishment of 'Unipods' in each African country seeks to integrate academia into the innovation ecosystem, fostering research and development collaborations that are essential for nurturing knowledge economies. The overarching objective is to harness Africa's resources and talents to address its development challenges internally, ensuring that the continent's wealth stays within its borders and fuels the growth of innovative enterprises led by determined youth. The Timbuktu Initiative's pan-African approach and alignment with the continent's vision for economic integration through initiatives like the Africa Continental Free Trade Area underscore its commitment to reshaping Africa's entrepreneurial landscape and driving sustainable development through tech innovation.