Indaba to discuss Zim Diasporas investment opportunities
The International Organisation for Migration (IOM) is scheduled to convene a consultative meeting to discuss potential Diaspora project proposals for Zimbabwe and invite the country to submit proposals for funding consideration by the African Development Bank (AfDB).
The meeting will help the AfDB to harness the financial capital and human skills of the Diaspora to enhance economic development and social resilience in Zimbabwe and other designated African Transition States.
The project is titled, “Streamlining Diaspora Engagement to Catalyse Private Investments and Entrepreneurship for Enhanced Resilience),” according to the invitation letter to the diaspora community by Secretary for Foreign Affairs and International Trade, Sienzeni Mateta.
Zimbabwe is estimated to have over three million citizens living abroad, whose remittances constitute a significant portion of the country’s foreign currency receipts.
While their remittances have been instrumental in supporting the local economy, concerns have arisen regarding their limited involvement in capital projects. This contrasts with the substantial contributions made by diaspora communities to development projects in other African countries.
One of the most prominent examples of projects supported by the diaspora is the construction of the Grand Ethiopian Renaissance Dam (GERD), a massive hydroelectric power project on the Blue Nile River which represents a symbol of Ethiopia’s ambition for energy independence.
The AfDB project is structured around several key components, each designed to foster effective Diaspora engagement and align with national development priorities.
The first component aims to create a conducive environment for Diaspora participation in local investment and private sector development.
This involves reviewing and upgrading existing business environment frameworks, with a focus on gender responsiveness, conflict sensitivity, and climate resilience.
In addition, it entails developing and implementing inclusive policies for Diaspora engagement and strengthening domestic platforms to enhance coordination among local stakeholders, international partners, and Diaspora associations.
The second component focuses on channelling the financial capital and human skills of the Diaspora to reduce vulnerability among Zimbabwe’s most vulnerable populations, including micro, small, and medium enterprises (MSMEs), women, youth, and internally displaced persons (IDPs).
This involves establishing and strengthening Diaspora networks for humanitarian and resilience support, with a particular focus on gender-based violence and climate resilience.
The consultative meetings with the Zimbabwean Diaspora Community in the Africa and Europe Region are scheduled for Saturday, September 2, 2024, at 11:30 AM.
For the Diaspora Community in the Americas Region, the meeting is scheduled for Sunday, September 22, 2024.
