Investment authority to woo diaspora

Kenya Investment Authority is planning to supply information on the newly-created counties to Kenyans in the diaspora, in a bid to increase their investment in the country.

The authority has laid out a strategy to ensure citizens out of the country work closely with Kenyan embassies and also link them with local companies like banks, insurance companies, and investment banks.

With the counties in need of development, the authority has pointed out real estate and the social sector as some of the areas the diaspora can contribute to and profit.

“A lot of investment has been done in Nairobi and other urban places. With the creation of counties, we will be announcing investment opportunities available in those areas,” said Mr Ken Manyala, GM investing marketing and promotion, KenInvest.

He was speaking during the Kenya diaspora investment conference held on Thursday, where he addressed representatives of organised diaspora groups and other service providers.

According to CBK figures, diaspora remittances in July amounted to USD 50.7 million (about Sh4.1 billion) but statistics have shown that most of the money goes towards consumption by relatives rather than investment.

KenInvest says the major hindrance to diaspora investments has been the lack of an effective mode of remitting money and ensuring it goes to a profitable economic activity. “Many people send it through relatives and sometimes end up being deceived,” said Mr Manyala.