The creation of the Diaspora Guarantee Fund (FONGAD-INVEST) was motivated by the following observation and analysis:
A global economic and financial situation at the start of the 21st century characterized by a recession with harmful consequences for developing countries and particularly African countries.
- The unprecedented scarcity of resources for financing and supporting development policies.
- International trade based on unfair competition and unparalleled competitiveness.
- The degradation of natural resources (fishery, forestry, etc.) and global warming which are a severe blow to the development efforts of our states.
- The continuous (and possibly dangerous) immigration of African youth to the so-called rich countries in search of well-being.
- The strong presence of the African Diaspora around the world which transfers more than $ 30 billion (15,000 billion FCFA) per year to their countries of origin; including 1.500 billion FCFA to Senegal, only for current consumption expenses (to the basket of the housewife).
- The strategic position of the African continent which presents real development opportunities with considerable resources (cultivable land, mineral resources, oil, etc.) and a significant workforce. The World Bank has also shown that the growth rates of African countries, varying from 5% to 12%, are much higher than those of industrialized countries (0% to 2%).
- The need to put in place a strategy to create solid capital in order to facilitate the transfer of excess technology from industrialized countries to emerging countries, in particular in West Africa, where several Financial Institutions have understood the interest of set up their branches there to finance profitable projects.
These data are therefore interesting and expressive signs to sound the alarm, but this time, in a good way, that it is time to mobilize and organize to position yourself on the chessboard. these major international issues.
It is with all this that the Diaspora has decided to set up the FONGAD-INVEST (Diaspora Guarantee Fund) which is a secure mechanism for collecting “Funds” with the objective of financing profitable SMEs. guaranteeing 100% profitable and job-creating projects, primarily in the agro-industrial sector, to contribute to food self-sufficiency, through the modernization of agriculture, before investing in the secondary and tertiary sectors.
So through this innovative and revolutionary financing mechanism, the African Diaspora can easily collect the funds necessary to finance the development projects that the continent needs. This will undoubtedly allow Africans to better control the levers of development and to be the real actors in order to derive the maximum benefit from it.