Kenya govt seeks to tap more funds from the Diaspora

Nairobi – Barriers that hinder Kenyans living in the Diaspora from investing back home will be eliminated by a new policy that is yet to be approved by the Cabinet, the Kenya’s Ministry of Foreign Affairs and International Trade announced over the weekend.Ambassador Ruth Solitei said the new policy seeks to improve the mechanisms for depositing remittances from abroad to the country.“The new draft policy will also enable the transfer of public information to the diaspora which currently constitutes 10 per cent of our population,” Solitei said at a business investment expo for Kenyans in the Diaspora held in Nairobi.During the forum, a panel representing Kenyan Diaspora said investing in any kind of project while living abroad is hectic because it entails dealing with middlemen to get things done. “Investing home while overseas is a challenge because you have to entrust your money to either friends or family, who in most cases end up enriching themselves with it,” they said.Recent data by the Central Bank indicates that Diaspora remittances constitutes 5 per cent of Kenya’s gross domestic product, with inflows amounting to $112.9m in October 2013. Consequently, the government noted that the positive trend and growth in Diaspora revenue, has made it keen on tapping more direct Diaspora investment to Kenya.

News

Kenya govt seeks to tap more funds from the Diaspora