Diaspora remittances rise by 12%

Money sent by Rwandans living abroad increased by 12.5 percent, from Rwf 320 billion in 2010 to Rwf 360 billion in 201,1 indicating more involvement by the Diaspora in the country’s economic sector. More economic input from abroad is also expected when the Diaspora Mutual Fund begins to operate properly, according to leaders of the Diaspora.

Friday, December 23, 2011
Members of the Diaspora who attended the Dialogue Meeting last week. They have vowed to increase their remittances to the country. The New Times / File.

Money sent by Rwandans living abroad increased by 12.5 percent, from Rwf 320 billion in 2010 to Rwf 360 billion in 201,1 indicating more involvement by the Diaspora in the country’s economic sector.

More economic input from abroad is also expected when the Diaspora Mutual Fund begins to operate properly, according to leaders of the Diaspora.

Through the mutual fund, members create a common basket through which their respective investments back home are channeled.

Brought together under the Rwanda Diaspora Global Network (RDGN), the Diaspora met yesterday to discuss how to finally implement the fund and sensitize other members about its functions.

"When the mutual fund becomes operational, Rwandans abroad will be able to deposit on a single account, mainly for collective investment into the country,” Gustave Karara, the president of RDGN said in an interview.

"The fund will also be used by members to acquire loans from Rwandan banks, but most importantly, the government will be able to borrow money from the fund instead of borrowing from foreign donors.”

The Executive Secretary of RDGN, Aimable Rwamucyo, said that disseminating information to members worldwide was one of the association’s main challenges which would be tackled during the retreat.

"The Diaspora is clearly a partner in development. What needs to be done is devising means of utilizing these resources,” Rwamucyo said.

Eustache Ndayisaba who lives in Mozambique, urged the Diaspora to finalize its action plan for 2011 in order to move into the New Year with new defined objectives.

"We have many targets which are yet to be realized. For example, investment in real estate, the mutual fund and development of women and youth forums,” Ndayisaba said in an interview with The New Times.

ivan.mugisha@newtimes.co.rw