AFFORD Diaspora Finance
AFFORD Diaspora Finance (ADF) aims to expand, diversify and structure diaspora investment into Africa. It contains a number of programmes: AFFORD Business Club -UK, providing matched grants and business development support to diaspora businesses to stimulate economic activity, creating wealth and jobs in targeted countries of Nigeria, Rwanda, Sierra Leone and Zimbabwe; structuring and launching a diaspora bond; and developing a diaspora philanthropy and investment platform.
ADF builds on the economic opportunities of the target countries and the diaspora’s potential to contribute to the development of their countries of origin, while simultaneously addressing the barriers to economic development, job creation and diaspora investment.
ADF offers diaspora investors a holistic package: it builds their capacity, provides resources and incentives for structured investment therefore transforming aspirational investors into actual ones. The programme provides grants and ongoing support in the UK and country where investments are taking place to labour intensive and innovative enterprises that have the potential of addressing problems in the social economy. The programme also advocates to remove barriers to investment and SMEs’ growth, including legislation and high costs of remittance transmission. In this way, the economic, social, intellectual, political and cultural potential of diaspora is being more effectively tapped into and channelled into Africa’s development.
As a result of diaspora investment, new, decent and sustainable jobs will be created; this will result in an improvement of the quality of living, contributing to lowering unemployment and poverty rates and improved socio-economic indicators in target countries.