Wednesday, June 04, 2014

Body formed to boost investment by Kenyans in the diaspora

By RAWLINGS OTINI The government plans to establish a body that will make it easy for Kenyans in the diaspora to do business and help them harness more gains from their earnings abroad. The director for diaspora and consular affairs at the Ministry of Foreign Affairs Zachary Muburi-Muita disclosed that plans are at an advanced stage to establish the National Diaspora Council of Kenya (NADICOK). The body will help to champion policies that will help the Kenyan diaspora to do business more efficiently by providing advisory information and devising relevant investment vehicles. The Kenyan embassy in France promised to negotiate special terms with commercial banks and facilitate business transactions for the Kenyan diaspora in France and countries such as Serbia and Portugal.
Left to right: Mr Tom Ndalo, Head of Retail Bank of Africa Kenya, Mr Anis Kaddouri -Deputy Managing Director - Bank of Africa Kenya, Mr. Mohamed Bennani - Group CEO Bank of Africa Ambassador Salma Ahmed, Kenya’s ambassador to France said that Kenyans in the diaspora need to focus more keenly and seriously on business. They were speaking during the second Kenya Diaspora Trade and Investment Conference on 31st May 2014 organized by the embassy of Kenya in France and Bank of Africa. Kenyans in the diaspora normally send home more than Sh100 billion annually. The government has been working to help them realize more returns from the money and also invest in government projects. Some of the policies include the floating of the diaspora bond, investment in infrastructure bonds among others. World Bank findings shows that a large percentage of the remittances go towards buying basic needs and paying school fees for family and relatives.

No comments: