In what ways can African economies attract the expertise of their diaspora population for national development

Expert Solution

African government is recognizing the importance of their people living abroad known as the African diaspora in their national development The diaspora of developing countries can work for the development of their country of origin through remittances, promotion of trade,investment, research ,innovation as well as knowledge and technology transfer.Remittances have important effect on financial development but diaspora also holds financial assets and the challenge is to mobilize the wealth of the diaspora.Capital markets perform this task of mobilizing savings and using them for productive investment.The diaspora may be involved in building the institutional capacity in the country of origin . The banks harness the contribution of the diaspora and use it for nationalpoverty reduction strategies as well as for other developments.Banks can support technical assistance in using the diaspora for development.The bank can use its investment guarantee instruments to incresae diaspora contribution for growth of private sector.Highly qualified experts could be used to render services through virtual interaction without physicall relocating.

Rahul Sunny answered 9 months ago

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