Diaspora community to invest in local stock market

Rwandans in the Diaspora, under their umbrella organisation, Rwanda Diaspora Global Network (RDGN), plan to open investment accounts with Rwanda Stock Exchange next year through which they will make investments back home. The decision, reached following a homecoming forum earlier this month, is aimed at jointly increasing their investments in the country. The Diaspora associations, made up of more than 37,000 members, aims at going beyond individual remittances made in support of their families to having impactful ventures that would contribute to the government’s goal of reducing poverty and further transform the economy. Speaking to The New Times, Nobert Haguma, the vice chairperson of RDGN, said they would capitalise on the existing cohesion of the various Diaspora chapters to jointly make impactful investments in the country. He said, previously, the majority of investments by Rwandans abroad were made individually. Part of the reason for this, he noted, was lack of adequate information on investment opportunities and incentives for Diaspora-based Rwandans. However, following a meeting with officials from Rwanda Stock Exchange (RSE) and Rwanda Development Board (RDB), the Diaspora community was made aware of opportunities and incentives available for them and were moving forth to seize them, Haguma said. Access to information about safe, reliable and profitable investments has previously been a challenge, but this is to be eased following interactions with officials from RSE and RDB, Haguma said. Investments Having indentified opportunities, RDGN is mobilising its members to open investment accounts with RSE to pursue the opportunities. Haguma said the Diaspora is now in a better position to make investments in the country as they increasingly have influence abroad, and more disposable incomes. “This is part of our efforts to catch up with the ongoing efforts to develop the country. We aim to put together whatever efforts we can to complement the government’s efforts of ending poverty and improving quality of life in Rwanda,” he added. Celestin Rwabukumba, the RSE chief executive, said the agency would support the group in their quest. Rwandans in the Diaspora have in the past implemented high cost projects such as the One Dollar Campaign, which saw the construction of a hostel for orphans of the 1994 Genocide against the Tutsi. Located in Kinyinya, Gasabo District, the four storey, Rwf1.7 billion hostel is home to about 190 vulnerable orphans of the Genocide. Beyond entrepreneurial ventures, the Diaspora group is expected to launch an initiative to mobilise members to undertake charitable activities back home. One of the initiatives, “Diaspora No Rwandan Left Behind,” which is set to kick off in the coming days, seeks to support existing government programmes such as One Cow Per Family, Mutuelle de Sante, among others. Figures from the central bank indicate that remittances from the Diaspora in 2014 amounted to $174 million, second to tourism in foreign exchange earning.

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Diaspora community to invest in local stock market