VenturesNow

Akon to release cryptocurrency, build ‘crypto city’ in Senegal

Published

6 years ago

June 22, 2018

Akon, the Senegalese top act, is toying with ideas that could shake the country’s financial system. He says he’s planning to release a new cryptocurrency named after himself – called Akoin.

Speaking at the Cannes Lions Festival on Monday, the Locked Up singer said he believed cryptocurrency could be “the saviour of Africa”.

AKoin’s official website says the singer wants the app “on every mobile phone” between now and December.
And Akon says he’s also planning to build a “crypto city” in Senegal which he calls “a real-life Wakanda”.

AKoin’s offical website details the plans for the new currency
Just like the fictional land of Wakanda in Marvel’s Black Panther, Akon promises says his city will be a “futuristic environment”.

The website says Akon has been “gifted” 2,000 acres of land by the President of Senegal to build the city – which is also named after himself.

Akon Crypto City will apparently be “a short drive” from Dakar, the capital of Senegal.

He calls it “the first 100% crypto-based city with AKoin at the centre of transactional life”.

Under the “Akoin Ecosystem”, consumers will be able to buy, hold and spend cryptocurrency straight from their smartphones.

“It brings the power back to the people and brings the security back into the currency system,” Akon explained.

“It also allows the people to utilise it in ways where they can advance themselves and not allow government to do those things that are keeping them down.”

However, Akon admitted he didn’t know all the technical aspects of his new venture.

“I come with the concepts and let the geeks figure it out,” he said.

Click to comment

VenturesNow

IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

VenturesNow

Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.