USAID Partners with the World Bank to Promote Diaspora Entrepreneurship in Africa
FOR IMMEDIATE RELEASE
October 12, 2008
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WASHINGTON, D.C. - U.S. Agency for International Development (USAID) Administrator and Director of U.S. Foreign Assistance Henrietta Fore participated in consultative discussions at the World Bank's annual meetings today and announced the Agency's commitment to partner with the World Bank to develop ways to better mobilize the African Diaspora in order to strengthen the continent's own development efforts. An initial agreement will involve a business competition, Development Marketplace for the African Diaspora in the Americas (DMADA), which will offer various investment and business development support tools to African Diaspora entrepreneurs. Participating in the discussions were officials from the World Bank, representatives from several African governments, members of the African Union and other donor partners.
The discussion featured an exchange of views and experiences on Diaspora engagement activities and Administrator Fore highlighted USAID's flagship Diaspora Networks Alliance (DNA) framework and its ability to facilitate partnerships between USAID and Diaspora communities around the world and other partners through knowledge development, engagement, and operational work with the purpose of promoting economic and social growth in the countries of origin.
"USAID is very proud to partner with the World Bank on the DMADA competition to promote entrepreneurship in Africa. This Marketplace is a natural extension of our current partnership with the African Development Bank on the African Entrepreneurship Facility," said Fore. "In light of the current global credit crisis, the Marketplace will play a critical role in providing much-needed access to credit, business development support, and other technical assistance to Diaspora entrepreneurs who want to invest in Africa."
USAID and the World Bank are working jointly to design and structure the Marketplace and the competition is scheduled to be launched in early 2009. Other international donors, as well as private sector foundations and businesses, will be invited to contribute to the Marketplace.
For more information about USAID and its programs in Africa, please visit: www.usaid.gov.
The U.S. Agency for International Development has provided economic and humanitarian assistance worldwide for nearly 50 years.
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