Zimbabweans living in the diaspora contribute significantly to the country's development through remittances, skills transfer, and philanthropy. In 2020, remittances sent to Zimbabwe reached $1.8 billion, surpassing development aid and foreign direct investment. This financial support plays a vital role in driving the country's economic growth and development [be709150].
President Emmerson Mnangagwa acknowledges the significant impact of financial remittances from Zimbabweans living abroad in revitalizing and stabilizing the country's economy. Financial remittances from the diaspora have become a critical source of foreign currency, second only to mining. Remittances for the year 2024 are on course to surpass the US$1.8 billion received in 2023. Mnangagwa emphasizes the importance of self-reliance and collective development, encouraging Zimbabweans in Korea to contribute to the country's development. The engagement in Korea highlights the administration's ongoing efforts to harness the potential of the diaspora in driving national development and achieving economic resilience [5d283766] [be709150].
The Zimbabwean government recognizes the importance of the diaspora community and is reviewing its Diaspora Policy to include Zimbabweans abroad in the country's economic plans. By embracing the skills and resources of the diaspora, Zimbabwe aims to overcome challenges, drive innovation, and build a prosperous nation [be709150].
Beyond financial contributions, the Zimbabwean diaspora also engages in volunteer activities and advocacy efforts to address social issues. This involvement demonstrates their commitment to making a positive impact on their home country [be709150].
The International Monetary Fund (IMF) acknowledges the unique contributions that diaspora communities can make to their home countries' development. The African Union also emphasizes the important role of the African diaspora in driving the continent's development [be709150].
Zimbabweans living in the diaspora express optimism that the country can achieve its Vision 2030 goals ahead of schedule, with the support and contributions of the diaspora community [be709150].
Diaspora Kapita, an African investment firm, plans to issue diaspora bonds in 2024 to address challenges faced by the diaspora community in securing mortgages in Zimbabwe. The company aims to offer long-term mortgages with a 10% deposit requirement and hopes to support up to 100,000 households with the initiative. Diaspora Kapita is collaborating with local financial institutions and property developers to provide a variety of property options for diaspora clients. The company is also engaging the government and proposing public-private partnerships to boost diaspora-led investments. Diaspora Kapita is focused on investing in various sectors and plans to list on the Victoria Falls Stock Exchange in early 2024 [91281d57].