29, November 2018
African Development Bank approves €17.96 million loan to finance North West Ring-Road 0
The African Development Bank has approved a €17.96 million loan to the Republic of Cameroon to finance the construction of a Ring-Road Project in the North-West Province of the country.
The Ring Road project, which falls under phase three of the country’s Transport Sector Support Programme, aims to improve the movement of goods and people. It will also strengthen the foundations for strong and sustainable growth by promoting domestic and regional trade.
The loan for the 365 km Ring Road is the Bank’s third intervention in the implementation of this important road network rehabilitation and upgrading project. The loop road crosses five of Cameroon’s seven divisions of the North West Region and includes several links to the Nigerian border.
The project will also include institutional support for the transport sector and related works such as the development of rural roads, the rehabilitation of socio-economic infrastructure for improving women and youth living conditions.
The road project is line with the government’s Growth and Employment Strategy Paper (GESP) 2010-2020, to build an integrated and efficient transport network at low-cost that covers the entire country opening the country to neighbouring countries to effectively enhance economic growth and reduce poverty.
The Transport Sector Support programme under which the project falls is also consistent with Pillar I of the Country Strategy Paper (CSP) 2016-2020 for Cameroon, which focuses on strengthening infrastructure to support agricultural value chains for inclusive growth and aligns with the Bank’s High 5 priorities.
Cameroon’s northwestern region has enormous economic potential, particularly in agriculture, which stands to benefit from the road. Other lucrative sectors include livestock and fisheries; tourism, particularly the spectacular natural landscapes such as the Menchum Falls, Lakes Awing, Oku and Nyos, the Mbengwi Caves.
The project is also expected to have a positive impact on transportation – greatly reducing travel time ; increase in traffic of passenger and goods; foster job creation for women and lead to work for 30,000 youths. The road will result in savings on vehicle operating costs; increase in household income and reduction in post-harvest losses.
The total cost of phase one of the Transport Sector Support Programme is estimated at €255 million (XAF 167.270 billion). It will be implemented from December 2018 to June 2024, with the Bank’s co-financing loan of €179.60 million, an Africa Growing Together Fund (AGTF) loan of €42 million and the Government’s counterpart funding of €32.84 million.
At the end of August 2018, the Bank’s portfolio in Cameroon comprised 24 operations (18 national and five multinational operations) for total net commitments of €1,369.02 million. The public sector accounts for €1,218.03 million for 19 operations, while the private sector accounts for four projects valued at €150.99 million. (Transport and ICT sectors account for 63% of the portfolio).
Since 1972, when the Bank started operations in Cameroon, it has participated in financing 28 transport sector operations.
13, December 2018
Ambazonians have created their own cryptocurrency 0
Increasingly determined and bold separatists seeking the international recognition of the self-proclaimed “Federal Republic of Ambazonia” (Southern Cameroons) have created a crypto-currency which they claim is the first to be fully nation-backed.
Known as AmbaCoin, 20,082 of the Ambazonian crypto bond had already been bought, out of 100,000,000 on pre-sale as of Nov. 10. One AmbaCoin sells for 25 cents (circa 140 CFA franc) and the main initial coin offering of the crypto-currency is scheduled for Dec. 24. It is said to be backed by the “rich natural resources” of the breakaway region.
The AmbaCoin was conceived and built by a group of anonymous Anglophone separatist scholars, technocrats and developers. But it has gained the support of frontline secessionists and separatist movements. When news of the crypto-currency was made public last month, Chris Anu, who has the title secretary of state for communications & IT for the “Federal Republic of Ambazonia”, posted a sample of the crypto-currency bond on his Facebook page and said: “We are getting there folks.”
In the last five decades in Africa, especially in areas where people want to create a country of their own out of another, people have been opting to put their faith in a form of exchange other than a currency which is globally accepted. During the Nigerian civil war (1966-1970), the then self-declared Republic of Biafra adopted the Biafran pound as legal tender, abandoning the Nigerian pound it had been using before ‘independence’.
There is also a plethora of unrecognized countries in the past which came up with currencies in their efforts to be independent. The Katangas in DR Congo came up with their own franc currency in the 1960s, while the Rhodesian pound was the currency of Southern Rhodesia (now Zimbabwe) from 1964 to 1970.
A statement on the website of AmbaCoin indicates that plans are already underway for the creation of a traditional fiat currency for “Ambazonia” that will be used to peg the future price of AmbaCoin. The English-speaking separatists will be keen to dissociate themselves from the Central African franc (CFA) which Cameroon uses. Both the Central and West African CFA are linked to France’s national treasury.
There’s also the practical advantage that using a cryptocurrency for now will be out of reach of the Cameroon government.
According to the developers, the biggest challenge faced by the breakaway region is that most of the resources and wealth in the area are controlled by the Francophone-led government of Cameroon, which stifles access to its assets.
“Numerous Ambazonians in the diaspora and other stakeholders who want to see a prosperous Ambazonia, are unable to help provide foreign direct investment to the Governing Council,” Amba Coin developers said. As such, they thought the best way out will be to create a bond, which will be used to raise capital to kick-start the ‘Ambazonian’ economy.
AmbaCoin, with tailored-made features, is an ERC20 crypto-currency which relies on Ethereum as the parent chain. The developers boost of the crypto’s transparency, confidentially and low transaction cost.
The crypto-currency is the latest effort by Cameroon’s Anglophone secessionists to cement the Oct. 1, 2017 symbolic declaration of independence of the “Federal Republic of Ambazonia”. The separatists have in recent times carried arms against the state of Cameroon, enforced a school boycott since October 2016 and a civil disobedience action known as ‘ghost towns’ every Monday.
In addition to the new crypto-currency, ‘Ambazonia’ has an anthem, flag and an interim government, but is yet to be recognized as a nation by any country in the world, unlike the Republic of Biafra which had a short-lived existence but was at one point was formally recognized by Côte d’Ivoire, Gabon, Haiti, Tanzania and Zambia.
Culled from Quartz Africa