The announcement this week by members of the Rwanda Diaspora Global Network (RDGN), of their intention to set up an annual investment fund, is most welcome if not overdue.
The RDGN hopes to raise a total of Frw 800m annually. The commitment by the Diasporan Community to invest in the country comes at a crucial time in Rwanda’s history.
It comes when the country’s national leadership is making bold statements against over reliance on donor funding; given its unreliability as it comes with strings attached.
Falling out of favour with those who control the purse only means drastic measures against a given country in question. Regardless of the socio-economic impact, the decision will result in, leading to more suffering concerned citizens might then have to endure.
For years, developing countries have sought ways of doing away with donor dependency, given the hash reality of how disempowering it is.
Donor aid only exists to reinforce neo-colonialism, in the process maintaining the unequal relations that exist between rich and poor countries.
The Diasporans are offering a viable alternative, that will not only contribute to the country’s prosperity, but will ensure that she stands on her two feet, able to take on any political challenges with dignity.
The money raised by the patriotic Diasporans is intended for investment in identified development projects as advised by the Central Bank and the Rwanda Development Board.
This effort also shores up what the country is getting in remittances from Rwandans abroad. The latest reported figure is of a total of USD 110m of remittances in the form of investment flows into various development sectors of the economy.
It is also projected that Rwanda’s economy will grow by ten percent next year, a three percent rise from this year. A partnership between government and the Diasporan Community will be essential in ensuring that the efforts of the hard working Diasporans, do not come to waste.
Government has to take full advantage of the opportunities on offer. Likewise the Diasporan Community can only be proud ambassadors, of a prosperous, peaceful Rwanda, in which they have played a part.