- says World Bank report
February 15, 2016 By Victoria Saffa
A new report by the World Bank Group indicates that 85 percent of Sierra Leoneans living in the Diaspora at least hold a bachelor’s degree.
The Sierra Leone Diaspora Investment and Trade Study was launched this month after it was put together by the World Bank, with the survey carried out to know what role the members of the Diaspora community could play in the country’s post-Ebola recovery period.
According World Bank Country Director, Parmindar P.S. Brar, the study was conducted to gauge the perceptions of Sierra Leoneans in the Diaspora on the challenges and opportunities of investing in the country.
He revealed that over 600 Sierra Leoneans living abroad took part and completed the survey, adding that beyond public and private institutions, Diasporans are becoming recognised as key players, not only in remitting large amount of cash home but also in fostering trade, investment and skills transfer for economic development in the country.
“As of September last year, the World Bank has mobilized over US$1.6 billion in financing for Ebola response and recovery effort, and this country is set to benefit around US$320 million from that fund,” said Mr. Brar
The World Bank Country Director said that the decision to put out the report was finalised last year at the Sierra Leone Diaspora Investment and Trade Forum, which took place in Washington D.C, noting that the new report would be used to inform the development of new investment models in the nation, provide technical assistance and policy changes leading to deeper Diaspora engagement, the restoration of investor confidence, and the building of strong public-private partnerships for the country’s post-Ebola development.
An interesting finding in the report shows that almost half of Sierra Leoneans living abroad have less than US$50,000 as net investable wealth, while around 40 percent have invested money in the country, mostly in the area of real estate, direct investment and other portfolio investments.