New plan to tap from diaspora unveiled

Ecobank in partnership with USAID and Western Union have launched a programme to help Africans living abroad start businesses on the continent.

The plan would also provide grant funding to 20 small and medium businesses with the strongest proposals. Proposals must be implemented 18 African countries, among them Kenya, where USAID has both on-the-ground presence and assistance programmes for entrepreneurs.

USAID acting administrator Alonzo Fulgham said that the African diaspora has unique insights into its home countries and the motivation to encourage direct investment into Africa.

“This is an exceptional opportunity for African diaspora in the US to help alleviate the disparities surrounding Africa’s economic situation,” he said in a joint statement released yesterday.

Ecobank Transnational Incorporated group chief executive Arnold Ekpe said that the initiative offers an excellent opportunity for economic development of Africa.

“For us, the African Diaspora marketplace is consistent with our objective of reaching out to the millions of Africans resident abroad,” he said.