Gikera & Vadgama Advocates’ Post

Diaspora remittances are a significant income source for many individuals and an essential source of foreign exchange for the country. Our article by Munyiva Mbevi explores various international agreements that support the transfer of diaspora remittances to Kenya. #diaspora #internationalagreements #diasporaremittances

Any advice from local nationals leaving Ethiopia in the recent week or so please... I have heard that the Ethiopian Gov have brought in new restrictions/controlling measures in Immigration, for any LN leaving Ethiopia on business/holiday? 1. To leave the country you need to have at least $300 to depart with? 2. With this $300, it needs a bank receipt to say the $ was obtained via legal and not black market means. 3. That said, there is a shortage of $ within the country and the bank is reluctant to give you it via legal exchange. So.... How does a traveller achieve this????

From a legal perspective, the significant rise in dollar inflows from countries like Australia and Canada underscores the increasing global mobility of Kenyan labor. This trend reflects the broader diversification of Kenya's diaspora remittance sources, which traditionally relied heavily on the US and the UK. As Kenyans seek opportunities in varied international markets, the legal frameworks governing labor migration, remittances, and foreign exchange will need to adapt to ensure robust support and regulation of these growing financial streams. #GlobalLaborMobility #DiasporaRemittances #LegalFrameworkAdaptation

Personal remittances are funds that migrants send back to their home countries, typically to support their families and communities. These transfers include personal transfers (cash or goods sent by individuals working abroad to their home economies) as well as earnings of employees working in foreign countries (seasonal, short-term and cross-border workers).   In the Balkan region, remittances play an important role as they provide a source of external finance and significantly contribute to local economies. In 2023 alone, more than $20 billion has been received in the form of personal remittances in the Balkans. This inflow contributes hugely to our economies, accounting for up to 17% of the GDP in the case of Kosovo.   In contrast, Western European countries have a much lower dependence on remittances due to their developed and diversified economies as well as lower emigration rates.   #balkan #remittances #economy #personalremittances #balkans

There is a need to develop more structured instruments in Africa (diaspora bonds for example) to better harness these types of fund flows. Needless to say the diaspora (aka family living abroad) is definitely helping economic development in Africa (and elsewhere)...transfer by transfer to family members "back at home"...

In 2023, Egypt's personal remittance inflow is valued at $24 billion, while Nigeria receives $20 billion. These remittances are driven by immigrants, foreign workers, and diaspora members. When will we discuss the goal of reducing the need for remittances to zero?

The largest share of diaspora remittances to Kenya comes from North America. In 2024, North America contributed 56% of all remittances sent to Kenya.

Europe has indeed changes its position

#WhyEthiopia is an attractive destination for #investment? Ethiopia is the second most populous nation in Africa. With 120 million plus people, Ethiopia offers access to an enormous #marketplace and young workforce. Its fast growing economy, massive economic potential and political influence are among the factors that let Ethiopia join the #BRICS – the intergovernmental organisation comprising Brazil, Russia, India, China, South Africa, Egypt, Iran and the United Arab Emirates. Along with the recent market liberation measures, here are some appealing #incentives that make Ethiopia an attractive target for investment:- #Guarantee against expropriation and #guarantee for repatriation of funds; #Duty-free privilege for exporters; #Up to 15 years income-tax holiday for industrial parks developers; #Up to 10 years income-tax holiday for enterprises setting up their production inside industrial parks; #Exemption from duties and other taxes on imports of machinery, equipment, construction material, spare parts, raw materials, and vehicles; #Expedited visa procedure for securing entry, work permits and certificate of residency.

16th of June Marks International Family remittances Day. In Central Asia, countries of Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan have some of the highest remittance rates in the world and are historically dependent on labour migration to the Russian Federation. Money transfers from migrant workers in the Russian Federation to communities in Central Asia hit a record high of 79 billion USD in 20221 according to the World Bank, and have long served as a lifeline for migrant families, whilst also contributing considerably to Central Asian economies. Read More: https://lnkd.in/dRZjyaKh