Business
African diaspora to boost investment
Foreign investments to African markets are expected to go up this year as the US finalizes plans to fund entrepreneurs.
The US hopes to use the second African Diaspora Marketplace (ADM) to boost funding from the diaspora. The ADM is an initiative that encourages economic growth and employment by supporting US-based diaspora entrepreneurs with ideas for start-ups and established businesses in Africa.
The first African Diaspora Marketplace was held in 2010 and focused on grants towards agribusiness, renewable energy, and information and communications technology.
The number of grants awarded this year will be determined by the grant pool and programme need. The grant per entrepreneur is expected to be about US$50,000 with an additional supplement of US$25,000 to US$50,000 in technical assistance.
