Akon has secured a $6 billion contract to build his cryptocurrency themed city in Senegal, PRWeb reports.
The Senegalese-American singer entered a contract with the United States-based engineering and consulting firm, KE International, earlier this month.
KE International generated the initial $4 billion from investors and will use it to finish the first and second phases of construction.
The first phase is expected to be completed by the end of 2023. It will include the construction of roads, a Hamptons Hospital campus, Hamptons Mall, a police station, a waste facility, a school, and a power plant.
Phase 2 will end in 2029 and will focus on integrating businesses to run on Akon’s AKOIN cryptocurrency. There will also be parks, a stadium, universities, and an industrial complex in Akon City.
Akon City’s partners include US-based Kenyan entrepreneur and Investor, Julius Mwale. Like Akon, Mwale is working with KE International to create his $2 billion Mwale Medical and Technology City project in Kenya.
Also, President of Senegal, Macky Sall, will earmark Akon City as a special tax zone with tax breaks geared towards encouraging companies to invest.
Through KE International, Akon City will be a Leader in Energy and Environmental Design (LEED) certified city, operation on 100 percent renewable energy.
This will be only the second LEED city in Africa following Mwale’s Mwale Medical and Technology City. The entire construction for Akon City is expected to be completed in 2030.