The African Diaspora Network (ADN) and the U.S. Department of State hosted a high-level working lunch on the first day of the U.S.-Africa Leaders Summit to discuss the African Diaspora’s contributions to Africa’s growth and development beyond remittances.
The high-level lunch was hosted by government leaders, African Ministers of Economy and Finance, leaders from the private sector, and diaspora leaders. It was sponsored by the Bill & Melinda Gates Foundation.
The goal of the partnership between the U.S. Department of State and the African Diaspora Network (ADN) was to take advantage of the ADN’s expertise in establishing long-term partnerships that will turn remittances from diasporas into profitable investments in Africa.
The meeting was hung on December 13, 2022, and included hearty talk on inventive means for outfitting settlements to help financial turn of events and Coronavirus recuperation on the African landmass.
“The importance of remittances cannot be overstated or ignored,” stated Dorothy McAuliffe, Special Representative for Global Partnerships at the United States Department of State, in her opening remarks. In 2021, the African Diaspora’s remittances increased by 6.2%. In order to make remittances more productive for Africa, it is important for us as stakeholders to look ahead at this session, determine the next steps, and take action.
Almaz Negash, Founder and Executive Director of the African Diaspora Network, was one of the speakers at the high-level lunch that marked the conclusion of the African and Diaspora Young Leaders Forum at the U.S. Africa Leaders Summit. Visiting Professor in Practice at the London School of Economics and Political Science (LSE), Professor Gibril Faal, Director of GK Partners; Head of Diaspora Policy for the Africa, Middle East, and Turkey Public Policy Team Meta, Semhar Araia; Nala’s CEO, Benjamin Fernandes; and the Chief Economist of the African Development Bank (AfDB), Professor Kevin Urama.
Almaz Negash, co-organizer of the lunch and founder of the African Diaspora Network, stated, “The success of Africa will be secured when remittances are no longer required.” We must look beyond remittances and create a platform through which diaspora investors can invest in African nations other than their home nation. Additionally, we must provide the appropriate tax incentives to the diaspora while lowering the high cost of sending money to the continent.
Due to the fact that the African diaspora is the continent’s largest financier, speakers at the event emphasized the need for government and private sector stakeholders to make deliberate efforts to address factors that restrict remittances and open up opportunities for the diaspora to exponentially increase its contribution to sustainable development in Africa. The role of public-private partnerships in enabling diasporans to go beyond remittances, how support for diaspora-owned small and medium-sized businesses in the United States benefits African businesses, and strategies to de-risk African markets were among the topics discussed by attendees.
The 8th African Diaspora Investment Symposium (ADIS), which will be held in Silicon Valley and be hosted by ADN, will continue the discussion on the role of diaspora remittances in the future of Africa from March 22 to 24, 2023.
In Silicon Valley, philanthropists, investors, and entrepreneurs gather at ADIS to inspire and equip attendees to actively contribute to Africa’s and the diaspora’s communities’ development. In 2014, President Obama hosted the first U.S.-Africa Leaders Summit, which gave rise to the concept for ADIS.
About ADN: African Diaspora Network (ADN) is a non-profit organization based in Silicon Valley that was established in 2010 to encourage entrepreneurship and economic growth on the African continent and in the communities where African diaspora people live. To ensure a brighter future for the African continent, we bring together Africans on the continent, in the diaspora, and friends of Africa to realize their full potential, unleash their entrepreneurial spirit, and strategically mobilize financial and intellectual resources.
Source: CISION PRweb