🇨🇲 Interministerial study tour for the creation of a support fund to finance entrepreneurship by the entrepreneurial diaspora in Cameroon.
BACKGROUND
At the request of MINREX and the interministerial commission (MINREX, MINFI, MINPMEESA, MINEPAT), Expertise France organized a benchmark trip to Côte d'Ivoire, Senegal and Morocco in July 2023.
The Cameroonian delegation, made up of representatives from four ministries - Ministry of External Relations (MINREX), Ministry of Finance (MINFI), Ministry of Small and Medium-sized Enterprises, Social Economy and Artisans (MINPMEESA) and Ministry of the Economy, de la Planification et de l'Aménagement du Territoire (MINEPAT) - was accompanied by Olivia MUKAM (MEET AFRICA 2 Cameroon expert), Christian CARABALLO (MEET Africa - Animation des écosystèmes entrepreneuriaux expert) and Lou BACHELIER-DEGRAS (MEET Africa 2 deputy project manager).
These countries were chosen because of the political tools and mechanisms developed and implemented by public authorities to facilitate and encourage the settlement of their diasporas wishing to invest in their countries of origin.
The study took place over 3 to 5 days in each country, enabling the delegation to meet their ministerial counterparts, as well as financial and non-financial players involved in diaspora support issues. This enabled them to discuss the diaspora financing schemes in place and the government funds available to promote diaspora investment and entrepreneurship in each country.
IMPACTS
This trip enabled the Cameroonian delegation to :
- Gain a better understanding of the various diaspora financing structures and mechanisms in place in Côte d'Ivoire, Senegal and Morocco.
For example, in Côte d'Ivoire, CDC-CI has opted for a savings mechanism, enabling the diaspora to save statically (within a bank) or productively (by saving to buy land or build in Côte d'Ivoire). This method has established an initial basis of trust between a government agency and the country's diaspora.
- Identify best practices and challenges in each country.
In Morocco, for example, the Director in charge of African Affairs in Morocco (MAE) has focused on consular offices. They have adopted a customer-centric approach to make Moroccans living abroad feel valued, welcomed and wanted. This transformation of their service has helped restore trust between the diaspora and public institutions.
- Analyze the government funds available to support the diaspora and its entrepreneurship.
In Senegal, for example, there are some 7 different funds available to the diaspora.
- Gather valuable information for the development of specifications for the design, implementation and monitoring-evaluation of the structuring and financing mechanisms of the future support fund for financing entrepreneurship in the Cameroonian diaspora.
1. Don't limit a fund to young people, make it comprehensive for members of the diaspora, whatever their age = reflection on the Cameroon support fund template.
2. The fact that in Senegal and Morocco, a native of the country never loses his or her nationality, helps maintain national/cultural ties even with members of the diaspora = reflection on dual nationality.
3. The need to engage its diaspora, starting by rebuilding trust, to encourage them to invest in their country of origin = reflection on the consular offer and a communication strategy.
4. consider a broader economic mechanism than entrepreneurship. For example: Morocco has three priority targets for its diaspora: investors, entrepreneurs and referrers who can bring large companies from other countries to Morocco (which create jobs and stimulate the Moroccan economy).
OUTLOOK
This comparative analysis trip enabled the Cameroonian delegation to benefit from the successful experiences of other African countries in the field of diaspora financing.
The lessons learned will serve as a basis for drawing up a concrete action plan for the creation of a national fund in Cameroon, designed to support and encourage the entrepreneurship of its diaspora and thus contribute to the country's economic development.
💡For more information, contact the MEET Africa 2 Cameroon expert: Olivia MUKAM WANDJI 🇨🇲
