Diaspora Marketplace' Moves To Drive Foreign Direct Investment In Africa

THE trio of the Western Union, a leader in global payment services, the United States Agency for International Development (USAID) and The Tony Elumelu Foundation, during the week, launched the second African Diaspora Marketplace (ADM), a project that seeks to tap the economic potential of the 1.4 million Africans living in the United States and bring more direct investment to the continent.The new move was disclosed during an international online press conference with journalists from major African media organisations, including The Guardian, BBC Afrique, Channel Africa and Radio Kitara, among others. The conferencing featured Vice President, Public Relations at the Western Union from Washington DC, Ms Barbara Span, Senior Private Sector Advisor, Africa Bureau at the USAID, also from Washington DC, Jeff Jackson, and Chief Executive Officer of The Tony Elumelu Foundation, Dr. Wiebe Boer, from Lagos, Nigeria.According to the organisers, the African Diaspora Marketplace will strengthen and help satisfy demand for locally-produced products and services by 'leveraging Diaspora capital and resources.'An initiative that encourages sustainable economic growth and employment by supporting U.S-based African Diaspora entrepreneurs with innovative and high-impact ideas for start-up and established businesses in Sub-Saharan Africa, the ADM had, in 2010, awarded more than a dozen matching grants of $100,000 each to winning business entries in seven countries.The launch of the ADM II coincides with Global Entrepreneurship Week events in Washington, D.C and kicks off a month-long series of small business workshops in six other U.S cities.The second phase of ADM will incorporate key 'lessons' from the first African Diaspora Marketplace: focusing grants toward high priority, high-impact sectors in Africa, including agribusiness, renewable energy, and information and communication technology (ICT).Following the resolve to expand upon ADM's previous success, the Western Union and the USAID urged all small business investment funds and technical assistance mentors to participate in the effort to engage Diaspora entrepreneurs.This comes as, The Tony Elumelu Foundation, an African-funded foundation that promotes the competitiveness of the African private sector, through the instrument of the launch and online conference, joined the ADM II partnership during the week.According to Boer, its chief executive, The Tony Elumelu Foundation will participate through the hosting of an annual event in Lagos, starting in late 2012, where ADM grantees would have the chance to pitch to a group of select impact investors for second round equity and debt financing.Also joining USAID and Western Union, as funders thus far, are the Western Union Foundation and Irv Barr Management through Western Union Agent Giving Circles.
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