Diaspora contribution to development: family remittances Presentation July 13, 2016
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1 Diaspora contribution to development: family remittances Presentation July 13, 2016
2 2
3 Somalia Today - Making Progress Security and Governance are improving Active transition from aid dependence to market driven economy Policy addressing foreign Investment Sominvest/Priority Investments Somaliland showing strong economic growth Commitment to improve regulatory framework AML legislation Addressing a level playing field for Somalia s private sector 2015 GDP estimates $6 billion, that is 6X the pre-war period ( ) Efforts to enter the HIPIC Initiative to relieve sovereign debt Businesses are shifting from traditional to formal operations, gaining sophistication and preparing for stronger due diligence and FDI
4 Somalia Today - Threat to Progress and Role of Remittances Youth unemployment (age 14 29) = 67% Private sector investment for job creation is critical, however capital access is constrained by immature and poorly regulated financial services sector and poor access to credit. Remittances = 25 45% of GDP. Beyond funding consumption, remittances provide capital to invest in micro and small enterprise Globally, diaspora are patriotic investors back home post-conflict and are patient, understanding, and ready to invest Somalis are no exception, however they will benefit from better systems and investment vehicles (est. 2 million Somali Diaspora worldwide) International Financial Institution derisking actions threaten remittance flows to Somalia
5 Innovative Finance Targeting Diaspora Somali AgriFood Fund
6 Somali AgriFood Fund Seed Match to Diaspora, Local and External Investment
7 The Reach to Global Somali Diaspora Somali AgriFood Fund
8 The Impact
9 The Sectors Supported Somali AgriFood Fund
10 SOMALI DIASPORA INVESTMENT SURVEY REPORT Global Migration Group Presentation The Somali diaspora Investment Survey Report was cofunded by Shuraako and IFAD, and conducted by Shuraako Shuraako is a program of the One Earth Future Foundation
11 SDIS Survey: Motivation and Goals Motivation: Convincing evidence that diaspora contributions to Somalia are fundamental for growth and development SDIS GOALS: 1) To better understand the nature of and motivations behind the Somali diaspora s financial contributions to the region 2) Design appropriate investment instruments and interventions for diaspora to successfully engage Somali opportunities
12 Why encourage Diaspora Investment? Worldwide remittances in 2015 were estimated to be $450 billion $1.3 billion flowed into Somali regions (25 45% of GDP) in 2014 If invested, remittance capital could be leveraged to accelerate development Somalis held an estimated $1.8 billion in savings in 2010 Remittances often meet basic needs, but are not a sustainable strategy for long-term development Fragility of transfer system, dependence on remittances as sole source of income Diaspora investment plays a key role in scaling up MSMEs in countries origin Diaspora have unique motivations that make them willing to invest in risky environments
13 Diaspora Connections to Somali Regions: Majority of Somalis left the country in 1991 after political collapse Average respondent reported living outside of the Somali region for 20 years, representing well-established diaspora communities Strongly correlates with the financial stability necessary to remit and invest 90% of respondents still have family living in Somali regions Strong financial ties and interest in the region: 56.6 % of respondents reported owning a home in Somali regions 31.4% of respondents reported owning or partially owning a business in Somali regions
14 SDIS Approach & Respondent Demographics Approach Focus Groups: 8 cities, 11 total groups Individual Interviews Online Survey: 900+ respondents representing 33 countries Demographics Age span: 16-77; Average age: 39 75% married 87% men 24% home owners 89.5% born in Somalia
15 Financial Ties to the Region:
16 Investment Motivations:
17 Investors and Investments: Many respondents identified as Somali investors For those individuals, the most common investment sectors were agriculture, real estate, and education
18 Investment Vehicles:
19 Investment Obstacles:
20 Summary of the 9 Recommendations from the SDIS: Local Capacity Building: Institutions & Businesses 1. Strengthen capacity of local actors to provide demand-driven business development services 2. Support development of effective chambers of commerce & business associations Data & Information Sharing 3. Encouraging formal data collection & commission relevant market research in partnership with local entities 4. Encourage information-sharing through diaspora investor networks and encourage diaspora investor meet-ups Financial Products & Assurances 5. Partner with SFIs to champion savings-toinvestment campaigns 6. Support credit products that leverage locked-up real estate value 7. Provide tangible assurances to diaspora investors 8. Develop mutual funds that offer varied risk profiles, target key sectors, and produce a double bottom line 9. Promote community development finance
21 LOCAL CAPACITY BUILDING DATA & INFORMATION SHARING FINANCIAL PRODUCTS 1 Strengthen Capacity of Local Actors to Provide Demand- Driven Business Development Services (BDS) Improved access to BDS will formalize the operations of Somali firms, increasing investor confidence
22 LOCAL CAPACITY BUILDING DATA & INFORMATION SHARING FINANCIAL PRODUCTS 2 Supporting Development of Effective Chambers of Commerce & Business Associations Chambers and business associations have the potential to be advocates for Somali enterprises, and source information for diaspora investors Currently diaspora investors report highest trust in those they know personally, which limits their access to potential investments
23 DATA & INFORMATION LOCAL CAPACITY BUILDING SHARING DATA & INFORMATION RECOMMENDATION #3 SHARING FINANCIAL PRODUCTS 3 Encourage Formal Data Collection and Market Research in Partnership with Local Chambers and Ministries Develop local capacity to produce reliable, industry specific research
24 LOCAL CAPACITY BUILDING DATA & INFORMATION SHARING FINANCIAL PRODUCTS 4 Encourage Information Sharing Through Diaspora Investor Networks & Meet- Ups that are Built Around Investors Profiles Since diaspora investors rely largely on personal networks for information, diaspora investor meet-ups & networks provide an opportunity for investors to leverage these networks and broaden access to investment information
25 LOCAL CAPACITY BUILDING DATA & INFORMATION SHARING FINANCIAL PRODUCTS 5 Partnering with Somali Financial Institutions (SFI) to Champion Savings-to-Investment Campaigns Savings-to-investment schemes can play a unique role in identifying and leveraging Somali remittances, already being sent to the Somali regions, by increasing local capital reserves available to microcredit Among respondents, remitters outnumbered active investors by more than 4 to 1 Local savings and credit products should harness the power & volume of remitters The core objectives of the IDFR strengthen the ability for funds to flow, and in the case of Somalia, for Diaspora Investment to increase
26 LOCAL CAPACITY BUILDING DATA & INFORMATION SHARING FINANCIAL PRODUCTS 6 Support Credit Products that Leverage Locked-Up Real Estate Value (Hybrid Mortgage Products) Hybrid mortgage products allow valuable real assets to become collateral to secure loans, unlocking a pool of capital otherwise captive, which can be used for investment
27 FINANCIAL PRODUCTS RECOMMENDATION #7-#8 7 Provide Tangible Assurances to Diaspora Investors, Such as Credit Guarantee Schemes (CGS) CSGs catalyze investment into high risk markets while building local financial capacity by ensuring capital is locally held and managed
28 FINANCIAL PRODUCTS RECOMMENDATION #7-#8 8 Develop Mutual Funds that Offer Varied Risk Profiles, Target Key Sectors, and produce a Double Bottom Line Mutual funds address the preferences of respondents by providing a coinvestment product with various risk profiles that achieve both financial & social impact
29 FINANCIAL PRODUCTS RECOMMENDATION #9 9 Promote Community Development Finance including Infrastructure Bonds and Risk Insurance Infrastructure bonds provide a means for diaspora investors to contribute to the community development that supports their friends and family Providing risk insurance helps mitigate concerns over continued insecurity and political instability, which respondents identified as the most difficult obstacles to investment
30 International Day of Family Remittances Promote the development impact of remittances worldwide: Public-private partnerships to create a more favorable regulatory and market environment for remittance flows, reaching the last mile, or rural communities through financial access and inclusion Private-sector initiatives to contribute to increased competition, lower transactional costs and provide innovative financial products to meet the needs of low income families Civil society collaboration to identify a broader range of economic opportunities and share knowledge resulting in more options to improve the living standards of remittance families
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