Diaspora conference opens in London next month with remittances expected to double

By Ben Kinyanjui

A London based Kenyan investment mobilization organization has outlined plans to double Diaspora investment remittances in the next three years.Remittances have increased over the years

With conservative estimates placing the value of Kenyan Diaspora remittances at US$500million (Sh50 billion), the Kenya Diaspora Forum Ltd (KDIF) has unveiled strategies to double such remittances through sustained awareness and direct engagement platforms with Kenyans living abroad.

And to kick off the awareness raising events, KDIF has confirmed that a comprehensive investment forum is on the cards.

The second major Kenya Diaspora Forum investment conference which is expected to attract more than 1000 delegates and will be held in London, United Kingdom mid next month to rally Kenyans living in the UK and other European countries to consider local investment options.

Speaking in Nairobi, when he confirmed the organizational details of the conference, Kenya Diaspora Forum Limited 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.

“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 Securities Exchange, Kenya Investment Authority, and several banks.

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.

In 2002 remittances to Africa accounted for 15 per cent ($12bn) of the total remittances to the developing countries ($80bn). For Kenya, Kenyan Diaspora remits more than USD$500million every year.

Majority of the remittances were sent from Europe, North America and Asia reflecting the migration pattern of Africans with those from North Africa migrating to Asian countries such as Saudi Arabia and United Arab Emirates.

Migrants from Sub-Sahara African’s migrate to Europe and North America. Top African receiving countries are Egypt ($3.4bn), Morocco ($2.2bn), Nigeria (1.7bn), and Tunisia (0.8bn).

More than 70,000 or more highly qualified Africans leave their country of origin annually for western capitals. It’s estimated that there is in excess of 150,000 Kenyans living and working in the UK alone.