Published on People Move

African diaspora is sitting on $50 billion in savings

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Bill Gates wrote yesterday in Washington Post (see article): 

"In my report to the G-20, I’ll make half a dozen recommendations for mobilizing tens of billions of dollars annually from private sources. The African diaspora is sitting on $50 billion in savings that could fund development in their home countries if it were captured through diaspora bonds.

If the transaction costs on remittances worldwide were cut from an average of 10 percent to an average of 5 percent, it would unlock $15 billion a year in poor countries. In addition, there are trillions of dollars in sovereign wealth funds, and a portion could be reserved for key infrastructure projects in poor countries."


Dilip Ratha

Lead Economist and Economic Adviser to the Vice President of Operations, Multilateral Investment Guarantee Agency, World Bank

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