African Diaspora Key to the Continent s Development: World Bank meets with Diaspora groups in Washington to discuss increased engagement, cooperation

WASHINGTON, DC, November 29, 2007 — African Diaspora — defined as peoples of African descent/origin living outside the continent —play an increasingly important role in the continent's development, both through the financial resources they send back to their home countries and through their professional expertise. According to a 2005 World Bank report, remittances flows from the African Diaspora are in excess of $4-6 billion per year and a significant number of professionals from the continent are currently living outside of Africa.

In order to engage with these groups and support the African Union's ongoing effort to work with the African Diaspora, the World Bank held an African Diaspora Open House today in Washington with over 200 representatives from groups based in the United States and Canada to discuss opportunities for closer collaboration.

Among other initiatives, the World Bank announced that it will collaborate with the African Union in exploring the possibilities for the development of a Diaspora Remittances Investment Fund, which will be based on global experiences that exploit the benefits of and leverage remittances to finance Diaspora-led development activities, in a manner similar to existing mechanisms in Latin America.

The World Bank is also exploring multiple approaches for working with the African Diaspora, including through:

Engagement of the Diaspora —in collaboration with African member countries in the design and implementation of the ongoing portfolio of World Bank-assisted projects, and in the planned pipeline of proposed new World Bank-assisted projects over the FY08 - FY10 period ·

Partnerships with private sector organizations, notably multi-national corporations with strong business interests in Africa;

Support for Diaspora to build on ongoing efforts through a blended strategy of "virtual" participation; short, medium and long term placements; return and retention; and institutional networks;

Dialogue with donors to contribute to a proposed African Diaspora Engagement and Facilitation Fund to support program activities;

Within the Western European, grouping, Luxembourg seems to have topped Norway which in 1997 marked in the number one slot. In SSA, Seychelles also seems to have steadily held top slot since 1997, the reports says.Facilitation of policy-relevant networks on topical issues such as sub/regional integrated infrastructure, energy, transportation, and research on diverse topics;

Support to African governments in creating the enabling policy and institutional environment to harness Diaspora potential; strengthening Africa’s response to globalization, among others.

"The World Bank is in a very strategic position to assist in the mobilization of the African Diaspora in support of economic development on the ground in Africa" says Melvin P. Foote, President of the Constituency for Africa (CFA) a 16 year-old Washington, D.C. based network of organizations, groups and individuals committed to the progress and empowerment of Africa and African people worldwide. "Engaging the Diaspora in providing technical assistance in Africa may well create the necessary synergy to transform how development will be pursued on the continent in the future."

With support from African governments, the World Bank hopes to use its engagement with the African Diaspora to strengthen the performance of its extensive portfolio of investment and development policy loans in the region (about US$22 billion) by better engaging the African Diaspora with government support, in the over US$6 billion of technical assistance which is financed by this portfolio.

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For more information about the work of the World Bank in Africa, visit: www.worldbank.org/afr