Senegal has scrapped R&B singer Akon’s $6 billion Akon City project, a futuristic smart city inspired by Marvel’s Wakanda, due to insufficient progress and financial issues.
The government has reclaimed most of the land allocated for the project in Mbodiène and is now pursuing a $1.2 billion tourism resort to boost the local economy and create 15,000 jobs.
The ambitious Akon City, announced in 2018, promised a renewable-energy-powered metropolis with its own cryptocurrency, Akoin.
However, after years of delays, only an incomplete reception building stands on the 800-hectare site. Issues with Akoin’s mismanagement and legal concerns over its use in Senegal, which relies on the CFA franc, further stalled the project
Senegal’s tourism agency, Sapco, has reached an agreement with Akon to develop a more realistic project on the remaining eight hectares he retains.
The new resort, already underway with $116 million in public funds, aims to attract $1.07 billion in private investment, aligning with Senegal’s economic needs amid a debt crisis.
Source: Bloomberg
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