Diaspora Investment set to double remittances
13 January 2012, 13:27
Nairobi - London based Kenyan investment mobilization organization has outlined plans to double diaspora investment remittances in the next three years.
With conservative estimates placing the value of Kenyan diaspora remittances at US$500million, the Kenya Diaspora Forum Ltd (KDIF) has unveiled strategies to double such remittances through sustained awareness and direct engagement platforms with Kenyans living abroad.
KDIF is set to hold the 2nd major Kenya Diaspora Forum investment conference in London mid next month to rally Kenyans living in the UK and other European countries to consider local investment options.
Speaking in Nairobi, KDIF Managing Director Julius Kaberere explained that the forum has been jointly organized by the Kenya Diaspora Investment Forum groups, with the support of various government organs.
“Kenyans living abroad are keen in investing locally but are somehow bereft of credible investment options and avenues as they are rarely targeted directly by investment sponsors and such a conference will help to bridge the gap between them and Kenyan investment sponsors such as property developers and banks,” Kaberere explained.
Kaberere went on to add that “by providing a face to face interactive session, Kenyans living abroad will easily manage to access invaluable information to enable them better reach their investment decisions.
Key speakers identified to address the delegates will include: Senior Government officials, and representatives drawn from major investment houses in Kenya, including the Nairobi Stock Exchange, Kenya Investment Authority, and several banks among others.
According to Africa Recruit surveys conducted between 2003 and 2005 commissioned by the DFID, African countries have become more heavily reliant on the stable foreign direct investment and the increasing remittances from its indigenous population abroad as a Source of finance. For Kenya, Kenyan Diaspora remits more than USD$500million every year.