Cameroon: Douala Courts Diaspora Investment with New Platform

By : Frédéric Nonos

Date : vendredi, 28 juin 2024 12:56

The initiative aims to facilitate investments from members of the Cameroonian diaspora in their hometown and encourage economic contributions from Cameroonians living abroad, fostering development and growth in Douala

The Urban Community of Douala (CUD), the Douala's municipal government, unveiled its digital platform, icud-diaspora, on Wednesday, June 26, following the establishment of a framework for exchanges with the diaspora in December 2022. This initiative aims to encourage Cameroonians living abroad to invest in the country's economic capital.

"We took the time to analyze key insights, such as the unanimously expressed demand from our diaspora to establish digital bridges to better harness opportunities in Cameroon. Through this platform, we want to offer skills, networks, and relationships that will enable our diaspora to invest in Douala and help us meet the city's social demands," explained Douala's mayor, Roger Mbassa Ndine.

The icud-diaspora platform allows Cameroonian migrants to declare their projects for Douala with just a few clicks and propose their expertise. In return, the city government promises to offer public-private partnerships (PPP), a dedicated remote contact person, project assistance, online services, a network of approved providers, and land availability.

According to a diaspora consultation conducted by the CUD between June and August 2023, 72% of the 445 respondents are willing to invest if conditions are met, 49% desire a dedicated intermediary to facilitate their projects, and 81% prioritize the quality and reliability of information. The consultation identified main barriers to diaspora engagement, including economic, social, and political conditions, bureaucracy, lack of incentives, and a deficit of trust and knowledge about opportunities.

Currently, the CUD offers a dozen opportunities to the diaspora in infrastructure and urban planning, such as developing residential or commercial real estate projects, constructing and operating supermarkets, among others. Roger Mbassa Ndine emphasized, "It's about co-constructing Douala's development with Cameroonians abroad who are a strength for our country."

Remittances from the diaspora are significant for the national economy. According to the World Bank, remittances from Cameroonian migrants to their home country amounted to $365 million in 2022, an increase of about 5% compared to $350 million in 2021. Douala aims to leverage these funds to drive its development.

Frédéric Nonos

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