UNDP's "Timbuktoo" Initiative Nears Launch in Ethiopia

Apr 30 , 2024


[ssba-buttons]

A United Nations Development Program (UNDP) initiative, 'Timbuktoo,' which aims to mobilise one billion dollars and invest in Africa's start-up ecosystem, has moved closer to establishing its ninth hub in Ethiopia. A pre-launch event was held at the Science Museum, attended by Belete Mola, minister of Innovation; Brook Taye (PhD), director general of the Ethiopian Capital Market Authority and Ahunna Eziakonwa, assistant secretary-general and director of UNDP Africa Bureau; last week. Brook said the government is willing to remove bottlenecks for startups, like office requirements for business permits, tax incentives, and customs exemptions. A five-year-in-the-making startup proclamation is also being pushed through the legislative grill, giving startups an actual business category under which to be treated. Ethiopia's current start-up ecosystem comprises around 350 companies valued at around 83 million dollars and highly concentrated in the capital. Named after the historic city in the heart of Mali known for its opulence and prestige, the project looks to become a catalytic force in a flourishing continental startup economy which can create 10 million jobs in 10 years. Ahunna highlighted the importance of wealth creation, which can serve communities just as much as it has historically benefited individuals by creating supply chains across the continent that serve each other.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...