Diaspora Kenyans are currently challenged by the $1.5 billion Sovereign Eurobond that American investors offered $5 billion as they looked to invest into Kenya and make a return. The 7 year bond issued at 10.375% interest will have a maturity value of about $2.993 billion. The investor’s can make $1.443 billion in interest.
Diaspora Kenyans as per records kept by Central Bank of Kenya (CBK) from 2004 to 2013 remitted $34 billion. If this money had gone to Bonds, the Diaspora Kenyans would have financed many projects in Kenya and progressed the growth of Kenya GDP. The interest made would likely have been reinvested back to Kenya.
One way the Diaspora Kenyans are looking to be part of making a return in Kenya is through the Diaspora University Town project. In 5 years the Diaspora Kenyans are looking to flow in about $500 million (5%) of the projected $20 billion into the project.
The invested amount will grow in value of about $1 billion through 6,900 properties at DUT and 300 DUT MSMEs that Diaspora Kenyans invest in or open. The amount will create over 20,000 jobs and develop over 10,000 units of housing.
