LocationsBuilding the Future: UNDP’s Engagement with the Private Sector through the timbuktoo Initiative
May 9, 2025
At the Fourth Preparatory Committee Session (4th PrepCom) in the lead-up to the Fourth International Conference on Financing for Development (FfD4) scheduled for 30 June to 3 July 2025 in Seville, Spain, the UNDP Regional Bureau for Africa hosted a high-level session spotlighting its private sector engagement through the timbuktoo Initiative. Recognizing that multi-stakeholder partnerships are critical, the event convened a dynamic mix of leaders, policymakers, and innovators to explore how transformative public-private collaboration can unlock scalable development financing models across Africa
The world stands at a defining moment in the quest to achieve the SDGs. This session served as a timely platform to highlight forward-looking, partnership-driven solutions to bridge the widening SDG financing gap - now estimated at $4.2 trillion annually, up from $ 2.5 trillion before the COVID-19 pandemic.
In her opening remarks, Ms. Ahunna Eziakonwa, Assistant UN Secretary General and Director of UNDP Regional Bureau for Africa called for a bold shift in how development is funded: “Now more than ever, we need a bold shift in development financing rooted in African ingenuity and powered by blended finance. It is time to move beyond traditional aid models toward scalable, sustainable solutions rooted in local innovation. With timbuktoo, startups are being supported to transform lives and unlock Africa’s tech-driven future.”
The timbuktoo Initiative is UNDP’s bold response: a Pan-African platform aiming to mobilize $1 billion over the next decade, support 10,000 startups, scale 1,000 ventures, impact 100 million lives, and create $10 billion in value. Momentum is already building. Four thematic Hubs: FinTech, HealthTech, ManuTech, and GreenTech are now operational with more than 150 startups receiving targeted support. At the session, Ambassador Chola Malimbo, Permanent Representative of the Republic of Zambia to the UN and Ambassador Philip Thigo, Special Envoy on Technology for the Republic of Kenya highlighted how the initiative is fostering real, community-driven transformation through Zambia’s UniPod and MineTech Hub, and Kenya’s GreenTech Hub.
Partnerships as the Engine of Change
A clear takeaway from the session: fragmented efforts are no longer acceptable. To close the SDG financing gap, development and finance partners must work more closely together to reform the global financial architecture, ensuring that the benefits of investment reach those who need them most. UNDP is leading this shift by bringing together governments, financial institutions, the private sector, and civil society in new forms of collaborative action. This was demonstrated by H.E. Minister Mori Takatoshi, Minister, Permanent Mission of Japan, who reaffirmed Japan’s strong support for timbuktoo and its commitment to youth-led innovation.
Private sector engagement was also prominent. Ms. Maureen Harrington (Head, Client Coverage, Standard Bank Group) highlighted the need for reliable infrastructure, especially power, to enable entrepreneurial ecosystems to thrive. Her message was echoed by Ms. Rebecca Enonchong (CEO AppsTech) and Mr. Kevin Valentine (Managing Partner, Syntax Capital), who stressed the importance of risk mitigation, cross-border scalability, and ecosystem integration in unlocking Africa’s full innovation potential.
Now Is the Time
As the world prepares for FfD4 in Sevilla, timbuktoo stands as a real-world prototype of what future-oriented, inclusive development can look like. Through efforts like the 4th PrepCom, we stand prepared to engage at a global level through the Fourth International Conference on Financing for Development, including by submitting the timbuktoo Initiative as a UNDP showcase initiative within the Sevilla Platform for Action. With growing support from member states, investors, academia, and the private sector, timbuktoo is laying the foundation for a Pan-African innovation ecosystem - one that invests in people, powers entrepreneurship, and scales impact.
Most critically, the session concluded with a unified call to action - now is the time to act. UNDP plays a key role in putting finance to work for development. In 2024, for every $1 of core funding, UNDP promoted investments worth $500 in public and private investments for the SDGs. Since 2022, this has translated into more than $870 billion in risk-informed, climate-resilient financing for the SDGs and Nationally Determined Contributions (NDCs).
Through timbuktoo, UNDP is proving that with the right partnerships, innovative financing models, and bold leadership, the SDGs are not out of reach—they are within grasp. As fragmented approaches give way to integrated action, the future of development will be shaped by initiatives like timbuktoo—where local innovation meets global capital to build a more equitable and sustainable world.