Browsing: Diaspora

• Tanzania Investment Centre (TIC) targets to register 1,000 investment projects in 2024
• The government of Tanzania is also revising the immigration law to draw diaspora investors.

Tanzania Investment Centre (TIC)

From changing harsh taxing practices to revising the foreign direct investment environment – the Tanzania Investment Centre (TIC) is significantly making notable efforts to make the East African nation investor-friendly.

On Tuesday, July 16, TIC displayed its ambitious goal of attracting nearly $10 billion in capital investments in 2024.

The new target comes seven months later after the government of Tanzania introduced a new campaign to increase investment to around $14 billion attributed by locals.

Tanzania’s investment trajectory took an uplift witnessing 504 projects worth $5.2 billion in 2023 an increase from $3 billion previously.

According to TIC executive director, Gilead Teri, the ambition eyes building impressive growth in foreign and domestic investments for five consecutive years, factored by favourable …

• Uganda’s diaspora remittances have seen 13.4% jump, reaching $1.42 billion.
• Remittances continue to outshine foreign direct investment and official development assistance as the primary source of external finance for low and middle-income countries.
• Economies are leveraging diaspora remittances through innovative financial instruments such as diaspora bonds and policies aimed at financial inclusion to enhance their impact on development.

Diaspora remittances from Ugandans living and working abroad increased by 13.4 per cent in the 12 months ending January 2024. This surge, as reported by the Bank of Uganda’s Executive Director of Research, Mr. Adam Mugume, highlights the increasing role of diaspora inflows in the nation’s economy, reaching $1.42 billion, up from the previous $1.25 billion.

Such growth underscores the essential contribution of the Uganda’s diaspora remittances amidst a challenging global financial landscape.

Globally, remittances have emerged as a critical source of external finance for low- and middle-income countries (LMICs), overshadowing foreign …

• Remittance flows to developing regions were shaped by several factors in 2022 including reopening of host economies as the COVID-19 pandemic receded.
• Remittances as a share of GDP are significant in the Gambia (28%), Lesotho (21%), and Comoros (20%).
• Industry data shows most of the funds go towards supporting families in purchase of food and household goods

Remittances to Sub-Saharan Africa grew by 5.2 percent to $53 billion in 2022 defying the effects of the global crisis.

World Bank’s report on Migration and Development however noted that the growth slowed from the 16.4 percent  that was recorded in 2021.

“Remittances in 2023 are projected to soften to 3.9 percent growth as adverse conditions in the global environment and regional source countries persist,” noted the report.

Flows to Nigeria and Kenya have continued to dominate remittances to Sub-Saharan Africa although the region remains highly exposed to the effects of the global …

The Covid-19 pandemic continues to rage. African countries have so far recorded fewer cases than most other continents. However, a new, more infectious variant of the virus has surfaced in South Africa. This new strain is a significant threat to continental health. Given that the bulk of African countries’ health systems leave a lot to be desired, this is a heavy blow. 

That said, the effects of Covid-19 on African economies extend beyond the immediate impact on health. It goes to the effects of lockdown measures, interference with external trade as well as interruption of foreign inflows particularly, remittances from the diaspora, that have a considerable effect on most economies. 

Diaspora remittances to Africa

Driven by economic and other challenges, a sizeable number of Africans are living and working in different countries across the world. According to research by the Pew Research Center, over 25 million sub-Saharan Africans were living …