Amid ongoing insecurity, climate change and political instability, Mali faces significant challenges in attracting the investment needed to lift its population out of poverty. In one of the world’s least developed countries, where one in five people lives on less than US$2.15 a day, families look to the Malian diaspora as a crucial source of economic support.
Overseas Malians send back over US$1.1 billion a year – remittances that account for over 5 per cent of the country’s GDP and meet the basic needs of countless rural families.
As new generations of emigrants start sending funds home, their investment preferences are shifting. IFAD research has found that, alongside sending remittances and funding social development, more and more members of the diaspora are exploring ways to invest in businesses that yield both societal impact and financial returns – and agriculture is high on the priority list.
