Business, Senegal

Senegal: 690 billion FCFA sent every year by the diaspora

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During a meeting with the Senegalese national press, the managing staff of the investment support fund from the Senegalese abroad (FAISE), indicated that the amount of funds sent by the Diaspora every year to Senegal is estimated at 690 billion FCFA.

We should note that this figure takes into account sending by formal circuit. Optimism then shown by Sory Kaba (photo), administrator of the FAISE by considering that if his country manages well these funds, there will not be debt any more.

With the 690 billion sent every year by the Senegalese from abroad, the country will not need to get into debt before financing its development“, supported Mr. Kaba.

And he added that “in this case, Snenegal does not need to directly lean on the development aid or the international cooperation for its development“.

Sory Kaba underlined that in the regions of Senegal at strong emigration rate as the North, “this amount of money is used to help families and participate in the sanitary, social and school infrastructures building“.

For him, 690 billion are only the sending which pass by formal circuits while the Central Bank of West African States (BCEAO) estimates the amount of money that passes by informal circuits likely at the same amount.

What makes practically more than the budget of Senegal“, he underlined.

The administrator of the FAISE nevertheless regretted that the money sent by the Senegalese from the Diaspora does not serve much apart from helping families.

 

Original text by: Blaise AKAME

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