Deputy President Rigathi Gachagua, on Saturday, April 22, turned to Kenyans in Diaspora, urging them to increase their savings culture in the country to enable the government to borrow funds on a credit-based loan.
Speaking to Kenyans living in Botswana, Gachagua pointed out that with a good framework, the Kenya-Kwanza administration would cease borrowing loans from China and instead rely on the savings remitted from the diaspora.
He noted that most countries that provided foreign debt to other countries relied on the same strategy.
"I want to ask for your help. We need you to save back home. In other countries where we borrow money, they give us savings from their countrymen.
"If you agree, with a good framework, that is the money the government can borrow at interest instead of going to China. We don't go to China because we like it. There is nowhere else we can borrow money," he pleaded.
The DP also lauded the Kenyans in Diaspora for leading foreign exchange earnings in remittances sent back home.
He added that the government was working on a framework to allow them to safely invest back home without worrying about being duped by their relatives or unscrupulous real-estate developers.
"The remittances you send home lead in terms of foreign exchange earnings. It's ahead of coffee, tea and tourism. As you plan to return home one day, we are aware that you would also want to invest in Kenya.
"Most of you have been conned by relatives and friends, especially relatives. Some have sent money to their relatives to buy plots, and in turn, they take photos of the neighbour's house and send them. Others keep sending photos at every stage, but it's not accurate. upon returning, you feel devastated," Gachagua stated while alluding to creating a Diaspora bond to curb the vice.
He affirmed that an investment forum, which the government guaranteed, would ensure that funds remitted by Kenyans in Diaspora would be put to good use.
"The state department of Diaspora is working on this. A conversation is going on in creating a Diaspora bond. We want to create an investment forum guaranteed by the government for the people in the Diaspora so that you can invest safely and your savings are safe.
"We will map out credible real estate developers to work with the State Department so it can build homes for people abroad," he pointed out.
Gachagua, accompanied by his wife, Dorcas Rigathi, left Kenya for Botswana on Saturday, April 22, to attend the Forbes 30 Under 30 on behalf of President William Ruto.
Principal Secretary for Diaspora Affairs Roseline Njogu, and High Commissioner to Botswana, Mohamed Shidiye, also joined him in the South African country.
“Forbes 30 Under 30 recognizes outstanding young innovative entrepreneurs in Tech, Creative Culture, Sports, Health, and Science among other fields. At least four very outstanding young Kenyans were awarded in 2022," Gachagua stated.
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