Non-profit organisation RemitFund has launched an investment fund for African diaspora-led impact businesses.
RemitFund aims to leverage remittances flows for greater social impact on the continent, by enabling Africans in the diaspora to donate a percentage of their remittances to an investment fund.
The African Diaspora Investment Fund (ADIF) will provide investment for African and African diaspora-led businesses that work for the continent’s advancement in SDG-aligned sectors such as agribusiness and clean energy.
“Remittances in the traditional sense are a form of diaspora-driven development and provide a huge safety net for many families,” said RemitFund’s founder and executive director Grace Camara.
“However, without the prospect of sustainable and growing economies, remittances in their current form will not provide sufficient investment to curb the “brain drain” of skilled Africans who struggle to find employment and so look for opportunities abroad. If we do not start creating employment opportunities for Africa’s youth, dysfunctional migration will reach unprecedented levels. We must act now.”