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How bonds aimed at the diaspora can raise crucial funds for Africa - African Arguments
If structured the right way and linked to clear goals, diaspora bonds have huge potential to raise much-needed development finance. Nigeria’s first diaspora bond, issued in 2017, was a resounding success. It raised $300 million for investment in infrastructure from Nigerians overseas and was oversubscribed by 130%. The government is now reportedly planning a second similar offering. As many African countries attempt to raise development finance, diaspora bonds – which resemble other kinds of bonds but are targeted at citizens abroad – are highly appealing. The African diaspora is massive and has significant accumulated wealth. Moreover, diaspora investors are typically …