DIASDEV – Diaspora and Development

Diaspora remittances play a crucial role in the financing of African countries. Indeed, remittances are an important source of foreign currencies for these countries through the funds sent by migrants working abroad. They contribute to strengthening foreign exchange reserves and stabilising the balance of payments. Remittances also have a direct effect on poverty reduction, and can act as an economic stimulus by directly injecting funds into local communities.

There has been a rapid increase in remittances to Africa in recent years. Yet, less than one tenth of this financial windfall ($54 billion) goes to Sub-Saharan Africa, while it has huge financing needs, as is the case in some North African countries. It is therefore important for Sub-Saharan African countries to set up mechanisms to enable them to increase diaspora remittances and thereby derive the maximum possible benefit from them.

Under this project, Expertise France is providing technical assistance to the relevant CDCs, depending on the level of maturity of each institution, the national context, and the priorities of their respective national development plans.

The DIASDEV project is based on sharing peer-to-peer experience, co-constructing and promoting the CDC model and their expertise.

The project benefits from support of the CDC Forum and CDC France.

The DIASDEV project is based on various complementary activites:

1. Developing new savings products for the CDCs of the Economic and Monetary Community of Central Africa (CEMAC): this includes two feasibility studies on the creation of a diaspora savings product for the CDCs in Cameroon and Gabon.
2. Conducting studies to operationalise a diaspora financial service for the diaspora for the CDCs in Benin and Mauritania.
3. Revitalising the ‘CDC Épargne Diaspora’ product for the CDC of Côte d'Ivoire, in order to enhance its attractiveness and accessibility to the Ivorian diaspora.
4. Supporting the creation of the DIASDEV platform, led by the CDC of Tunisia and dedicated to mobilising the savings of Tunisians living abroad.
5. Providing a legal study on Community law governing savings products in the CEMAC zone and on Cameroonian and Gabonese national law.