In Diourbel, Macky Sall put forward another economic promise: he revealed “to study the conditions for creating a bank dedicated to our fellow citizens abroad.

“I will see the conditions for creating a bank for the diaspora for the financing of their habitat and their return activities in Senegal,” he said during a meeting at the Ely Manel Fall Stadium in Diourbel .

The outgoing president has reaffirmed his willingness to offer, if he is re-elected, better conditions to Senegalese from abroad.

“My engagement with the diaspora is just beginning and my next term will also be theirs,” said Sall, recalling the financial contribution of Senegalese expatriates in the national economy.

The Senegalese diaspora in numbers:

The International Organization for Migration (IOM) estimates that today more than three million Senegalese live and work abroad in countries such as France, Spain and Italy. They represent a very powerful social movement and send, towards Senegal on average, an annual sum estimated at nine hundred million CFA francs. At present, most of this financial windfall is used as a source of relief for the consumption needs of families left behind.

However, if Senegalese migrants unite on a global scale to pool and manage their resources in a common, transparent way and continue, this same financial windfall could be transformed into a financial platform allowing to reduce transaction costs while improving savings and investment options.

In addition to the fourteen other regions of the country, this diaspora is considered to be its fifteenth administrative entity.

The Senegalese Diaspora: A potential for development

According to the World Bank, Senegal is the second largest recipient country of remittances in sub-Saharan Africa, with 2.2 billion dollars transferred in 2017, ie 1201 billion 201 million CFA francs.
The report released on the sidelines of the World Bank Group and IMF Spring Meetings also emphasizes that remittances represent a particularly important share of GDP, 14% in Senegal.


Keywords : Africa, News, Economy, Senegal, World Bank, IOM, Diaspora

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