Germany’s platform for remittances to Africa’s entrepreneurs

Herve Tcheumeleu has lived in Germany for almost 20 years. He was caught off guard two years ago when his aunt back home in Cameroon asked him to help her buy a refrigerator so that she could start a small ice cream and water vending business. Her start-up budget was almost €1,000 ($1,186).
“I did not have that amount of money to give away,” Tcheumeleu says. After he turned to — a platform developed by the German government and the African diaspora to support small businesses in their countries of origin — he was able to help his aunt with a contribution of €250.
The initiative requires 25% of the funding requested by an entrepreneur or small businesses in Africa to come from within the diaspora. The other 25% has to come from the entrepreneur themselves, and the government of Germany provides the remaining 50%. The support for could range between €500 and €5,000.
Pilot to expand for Africa
The World Bank estimates that Africans living in Germany send a total of some €1,2 billion to their home countries each year.
The German government had asked organizations representing the diaspora how best Africa could be supported.
Günter Nooke, the personal advisor on Africa to German Chancellor Angela Merkel, says a common wish was to have remittances used “in promoting economic growth, job creation and employment.”
Germany agreed and established as a platform for those within the diaspora who are interested in developing the small business sector in Africa. Germany’s Federal Ministry of Economic Cooperation and Development (BMZ) provides its share of the finaning through the German development agency, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
Continue reading at: Die Deutsche Welle

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