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Diaspora remittances topped Sh130 billion in 2017

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Kenyans in Diaspora have this year alone pumped Ksh 130 billion into the Kenyan economy as remittances, Capital Markets Authority Chief Executive Officer(CEO) Paul Muthaura has said.

He said despite the long political campaigns this year, the diaspora has shown positive feedback in the business sector by investing heavily in the capital markets. He noted that the growing recognition of Capital markets will make Nairobi an international economic centre by the year 2030.

Muthaura, who was speaking during the Kenya Diaspora Homecoming Convention at Strathmore University, said capital markets have grown tremendously over the three years ranking position five in Africa.

The Kenya Film Classification Board (KFCB) Chief Executive Officer Ezekiel Mutua urged Kenyans living in diaspora to invest in local film content arguing that gesture will build the industry.

He said his board will engage the diaspora in rolling out an initiative dubbed ‘Sinema Mashinani’ early next year that will facilitate and promote creative talent countrywide among the youth.

Mutua said that the KFCB will collaborate with the online App Viusasa, which enables communities to create films in local languages, using local people and ensure a sustainable film culture.

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Republic of Ireland Ambassador Vincent O’Neill said Kenya can learn from Ireland on matters of good diaspora policies in terms of supporting, facilitating and connecting its diaspora population.

“Ireland has a population of 4.5million people residing in the country, but has a population of 70 million people worldwide who trace their roots in the country, being the most dynamic diaspora in Europe,” he explained.

The three-day event that is in the fourth edition  intends to engage local, political and economic actors on areas of mutual interest to foster development in Kenya in strengthening bilateral and multilateral relations in development growth among locals and those living in the diaspora.

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