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The Migration and Development Fund donates € 1.4 million to facilitate diaspora local development financing in Africa

The Migration and Development Fund’s oversight committee recently approved a series of grants amounting to € 1.4 million to six remittances funded local development projects across the African continent.

Six initiatives in Northern and Western Africa including Algeria, Benin, Côte d’Ivoire, Morocco, Togo and Tunisia were funded. Four of these projects are located in the Maghreb and support private investments and implement capacity building supported by the Diaspora. The objective is to develop local entrepreneurship and micro, small and medium enterprises in underprivileged and rural areas to foster access to employment for youth and women. The project in Côte d’Ivoire aims to develop corporate social responsibility. The purpose of the project covering both Benin and Togo is to develop new financial products and e-banking to foster access to financial services in isolated areas.

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Crédits: AK-Project