Zimbabwea approves gold-backed digital tokens. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Zimbabwea approves gold-backed digital tokens

Zimbabwean residents and institutions have received approval to utilize gold-backed digital tokens for domestic transactions.

This is according to an announcement from the Reserve Bank of Zimbabwe (RBZ) as seen by Ripples Nigeria on Monday, October 9, 2023.

The RBZ governor, John Mangudya, revealed that external auditors have been enlisted to ensure the availability and sufficiency of gold backing the tokens, known as ZIG tokens.

These gold-backed digital tokens, now officially recognized by the Reserve Bank of Zimbabwe, can be used to pay or settle domestic transactions.

According to the Governor, the ZIG tokens will also serve as a means of preserving value.

Ripples Nigeria gathered that RBZ has been developing the infrastructure to support these tokens, which were initially designed to protect holders against inflation and currency depreciation.

Prior to the launch of digital tokens, physical coins with similar purposes were introduced by the RBZ.

Mangudya explained that the value of the ZIG tokens will be equivalent to that of the physical Mosi-au-Tunya gold coin and will be determined by international gold prices.

Banks will manage dedicated ZIG accounts and handle transactions in ZIG similarly to local and foreign currencies.

Tech Trivia: Which video interface is able to transmit both analog and digital video signals?
A.DVI
B.DisplayPort
C.VGA
D.S-Video
Find answer below.

2. ADF, ECOWAS Bank to enhance food security

The African Development Bank Group and the ECOWAS Bank for Investment and Development (EBID) have signed an agreement for a dual currency line of credit comprising $50 million and €50 million to support local agricultural businesses in West Africa.

Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Solomon Quaynor, African Development Bank Vice President for Private Sector, Infrastructure, and industrialisation, formalised the agreement during a signing ceremony at the African Development Bank’s Abidjan headquarters.

Dr. Donkor said: “This credit facility illustrates EBID’s continued efforts to mobilise adequate resources to honour its commitment to the region’s transformation agenda through supporting and investing in key sectors, in this case, the agribusiness industry.”

The African Development Bank’s board of directors approved the dual currency line of credit for EBID early in 2023.

The Africa Growing Together Fund, managed by the African Development Bank, will provide an additional $30 million in co-financing. AGTF is sponsored by the People’s Bank of China.

The three-and-a-half-year facility will enable EBID to offer direct financing to commercial banks and local businesses operating in the agriculture and soft commodity sector within its member states.

The partnership between EBID and the African Development Bank demonstrates the increasing cooperation among African Development Finance Institutions to bridge trade finance gaps and direct much-needed funds to economically challenged countries and sectors.

3. Green Energy Africa Summit to open investment window for startups

The Green Energy Africa Summit is gearing up for its high-stakes Energy Investment Village, providing a platform for ten leading African clean-tech start-ups to pitch their innovative solutions to a panel of judges and potential international investors.

Scheduled for Wednesday, October 11, 2023, at Cape Town’s Freeport Saldanha’s Innovation Campus, the event highlights the growing global interest in African clean-tech ventures and their potential to drive sustainable energy solutions.

Western Cape Premier Alan Winde will inaugurate the Energy Investment Village, underscoring the province’s commitment to clean energy innovation.

The development marks the second year of the initiative, organized in collaboration with the Research Institute for Innovation and Sustainability, Anza Capital, and Freeport Saldanha’s Innovation Campus.

The Energy Investment Village enjoys support from a consortium of organizations, including the Africa Scotland Business Network, JSE, Oceanhub-Africa, Savant, Firecracker, CHIETA, and Sasol.

According to the International Energy Agency, the continent must double its energy investment to over $200 billion per year by 2030 to achieve its development goals.

Premier Winde stressed the importance of clean energy, stating, “Our energy demands are currently outstripping supply.”

The 10 clean-tech finalists are Therm, AET Africa, Ceneco Green Power, Energy Cubes, Powerstove, Revive Earth, Green Share, Think Bikes, Flx, Impact-free Water.

Trivia Answer: DVI

DVI Stands for “Digital Visual Interface.” DVI is a video interface used to connect monitors, projectors, and other display devices to a computer. It supports both analog and digital video signals over a single connector, although some variant connectors only supply one or the other.

DVI was a common display interface in the 2000s and 2010s. It replaced the older analog-only VGA interface and was itself replaced in the mid-2010s by HDMI and DisplayPort.

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