The potential to use diaspora investments to finance development in Africa has been encouraged by the World Bank, IMF, African Development Bank and diaspora organisations. This public lecture will formally announce the framework and proposed initiatives for the AU legacy project on diaspora investment.
In September 2018, the African Union Commission (AUC) and German Agency for International Development commissioned a study for the implementation framework for an African Diaspora Investment Fund, as an AU Legacy Project, in accordance with the declaration of the Heads of State and Government at the 2012 Global African Diaspora Summit.
In February 2022, the 40th Session of the African Union Executive Council formally adopted the framework developed by Professor Gibril Faal, for the creation of an African Diaspora Finance Corporation (ADFC) focussed on RemitAid™, Diaspora Bonds, Diaspora Mutual Funds, Perpetual Endowment Legacy Fund, and a Trust Fund that finances diverse development activities in Africa and within the diaspora. ADFC will be set up as an independent, non-AU continental finance institution, operating as a social enterprise and working together with other African and global finance, development, and diaspora institutions.
Meet our speakers and chair
Professor Gibril Faal is visiting professor in practice at the Firoz Lalji Institute for Africa. He is the co-founder and director of GK Partners, specialising in socially responsible business models, sustainable development and programme implementation. He is a member of the advisory council of the Carnegie African Diaspora Fellowship Program; the founder of RemitAid™, a programme to transform remittances into sustainable development finance; and international consultant to several governments and international institutions across the world.
Ms Ndidi Njoku is Chair of African Foundation for Development (AFFORD) Senior Regulatory Advisor, Natwest Group, and Director of Markets4Development. Ms Njoku is a finance and development specialist, with focus on the role of the Diaspora, migration, enterprise development, and regulatory infrastructure. She has participated in specialist discussions and negotiations such as, at the United Nations, World Bank, the International Organisation of Securities Commissions and the European Securities and Markets Authority, the European Commission and European Council.
Ms Angela Naa Afoley Odai is Acting Head of the Diaspora Division, Citizens and Diaspora Division (CIDO) of the African Union Commission in Addis Ababa. Angela is a development expert with 13 years of experience in diaspora engagement and migration and development at both national and continental levels.
Ms Almaz Negash was named as one of the 100 outstanding Silicon Valley Women of Influence for her work in social innovation. In 2010, Almaz founded the African Diaspora Network (ADN) to inform and engage Africans in the diaspora and facilitate direct collaboration with social entrepreneurs, innovators and business leaders to invest and improve the lives of everyone on the continent. She also served on the UNECA High Level Commission on Migration from 2017-2019 and Executive in Residence at the Lucas School of Business, San Jose State University, from 2018-2019.
Dr Tim Nielander has more than fifteen years of experience in the design and operation of development institutions and facilities, including governance design for projects involving multiple countries and private sector parties. He has consulted multilateral development banks regarding regional and global programs, African Union institutions, a sustainable energy initiative in the SDAC region and disaster preparedness facilities in the Caribbean/Central American and the Pacific regions. He established the GP3 Institute to provide a network of experts globally, that can provide technical assistance for projects focused on achieving the SDGs.
Professor David Luke is professor in practice and strategic director at the Firoz Lalji Institute for Africa. Specialising in African trade policy and trade negotiations, Professor Luke has decades of experience in policy advisory services, managing and catalysing research, building partnerships, training and capacity development for private sector and government.
More about the event
The public lecture is an open event and is part of the ongoing ADFC stakeholder and public engagement process. It will be live-streamed and open to all registrants, including students from LSE and other institutions in the UK, Africa and other parts of the world.
The public lecture will run from 18:00 - 19:30, followed by a networking reception from 19:30 - 20:30.
Hosts and Sponsors: The LSE Firoz Lalji Institute for Africa (FLIA) is the co-host and sponsor of the ADFC event. FLIA focuses on engagement with Africa through cutting-edge research, teaching and public events, strengthening LSE’s long-term commitment to placing Africa at the heart of understandings and debates on global issues. The African Union (AU) committed to an African Diaspora Investment Fund in 2012 as a Legacy Project and endorsed the ADFC framework in 2022. Support for ADFC is coordinated by the AU Citizens and Diaspora Directorate (CIDO), under the Office of the Deputy Chairperson. GK Partners (GKP) is the originator of the RemitAid™ Remittance Match Funding (RMF) innovative finance mechanism (together with AFFORD) and developed the ADFC framework. GKP provides consultancy and pro bono services to the African Union.