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DFID Working with the Diaspora: Investment and Africa Lisa Curtis – Private Sector Adviser, DFID Working with the Diaspora: Investment and Africa Lisa Curtis – Private Sector Adviser, Sierra Leone UK Department for International Development 6 October 2006 1 Palace Street, London SW 1 E 5 HE Abercrombie House, Eaglesham Road, East Kilbride, Glasgow G 75 8 EA

Why DFID works with the Diaspora We will `build on the skills and talents Why DFID works with the Diaspora We will `build on the skills and talents of migrants and other ethnic minorities within the UK to promote the development of their countries of origin’ The 1997 White Paper International Development, Eliminating World Poverty Two main strands to DFID’s work: • Diaspora as a source of funds • Diaspora as investors Page 1

Diaspora as a source of funds Remittances greater than aid flows: Our aims: Remove Diaspora as a source of funds Remittances greater than aid flows: Our aims: Remove policy, legal and funding barriers to remittance flows • Lower costs • Increase transparency • Expand choices • Improve access • Increase impact on development Page 2

www. sendmoneyhome. org Page 3 www. sendmoneyhome. org Page 3

Diaspora as Investors differ from traditional investors Investment Objectives: Risk Assessment: • Commercial objectives Diaspora as Investors differ from traditional investors Investment Objectives: Risk Assessment: • Commercial objectives • Better-informed through social networks • Social investment objectives • Personal commitment • Building a future for family • Know how to access market information • Know how to navigate official processes • Longer investment horizon • Diaspora investors are early risk-takers • Well-placed to invest in SMEs Page 4

Diaspora as Investors: Managing investor perceptions Value Index Investment Flows (Illustrative) High barriers to Diaspora as Investors: Managing investor perceptions Value Index Investment Flows (Illustrative) High barriers to investment Investment climate reforms take effect Diaspora investments Zone of market imbalances: FDI information, access, limited competition. time Page 5

DFID’s work with Diaspora in Sierra Leone In Sierra Leone: In Diaspora: SL Business DFID’s work with Diaspora in Sierra Leone In Sierra Leone: In Diaspora: SL Business Forum Diaspora Activities • Sierra Leone Diaspora Network (UK) • Sierra Leone Network (USA) • Private sector contributing to • Dissemination channels for Technical Committees advising on Admin Barriers reforms and National Private Sector Strategy • Diaspora group formalising and participating in public-private dialogue on policy reforms information on reform programme • Outreach on changing investment climate, investment opportunities, etc. • Participants at International Investment Forum and other events Page 6

DFID’s work with Sierra Leone Diaspora: challenges and next steps • Understanding real drivers DFID’s work with Sierra Leone Diaspora: challenges and next steps • Understanding real drivers of investment decisions: forthcoming study on investor perceptions and criteria • Mobilising human resources as well as funds: PSD Strategy Programme supporting initiatives that assist diaspora entrepreneurs to access domestic finance • Repatriating skills: With Africa Recruit, targeting diaspora for recruitment to international positions in donor-supported intitatives Page 7

Contacts: Xavier Lecacheur, Financial Sector Team X-Lecacheur@dfid. gov. uk Lisa Curtis, Private Sector Adviser, Contacts: Xavier Lecacheur, Financial Sector Team [email protected] gov. uk Lisa Curtis, Private Sector Adviser, Sierra Leone [email protected] gov. uk Page 8