Bank of Zambia Governor, Dr Caleb Fundanga on Saturday launched Zambia Diaspora Business Group on Zambia Blog Talk Radio an internet Radio run by Zambians in Canada and United States.
Speaking in a speech read on his behalf, Dr Fundanga welcomed the need for such initiatives by Zambians living abroad.
Mr.Fundanga said the launch of the Diaspora Business Group is a welcome development as it will allow Zambians living abroad to pool resources which could be channeled into investments that will be of great benefit to the country. He noted that Zambia is a country with vast economic potential in agriculture, mining, tourism, construction, manufacturing, energy. However, not many Zambians make meaningful investments in these sectors. Mr Fundanga said there is need for indigenous Zambians to pool resources and invest in all these areas while creating employment in order to eradicate poverty.
” Although FDI is important, it needs to be complimented by investments by the locals. This is how other advanced countries managed to develop their economies. Remember investments by local entrepreneurs entail that the majority of the profits earned are spent or re-invested in the local economy. Successful local businesses would also motivate other Zambians to work hard and improve their situations,” Mr Fundanga said.
“There is need for us Zambians to find innovative ways and means of accessing long term finance for us to participate in major projects in mining, energy and other sectors. One way is through the establishment of a Diaspora fund. Once the fund is sufficient and flows predictable, it is then possible to use such a fund as collateral to access long term facilities from multilateral financial institutions like the African Development Bank and the African Export Import Bank.
As Bank of Zambia, we support the launch of the Zambia Diaspora Business Group as we believe that resources from the Diaspora are catalytic to the country’s economic development. Diaspora funds are also counter cyclical and can easily be tapped into for the employment creation and poverty reduction. I wish you well and hope that you succeed in this well meaning initiative,”Mr.Fundanga said
Speaking at the same function, the President of the Group Dr Chibwe Malama of Pennsylvania, United States said “Today, Saturday October 30, 2010, marks an important step, launching Zambia Diaspora Business Group, Inc. An Investment Club for Zambians in the Diaspora whose sole goal is to energize investments in our beloved nation, Zambia. I am personally very pleased to see the warm welcome this initiative has received so far and we have truly been honored to have the Bank of Zambia Governor, Dr. Caleb Fundanga officiate its launch.”
I was very happy when I saw the ZDBG web site. This is a very good thing and I hope it goes a long way. Real progress will only come with real action – when people stop reying on hand outs and begin to do things for themselves. A big salute to Mr. Malama for spearheading this important project and Mr. Fundanga for taking it seriously.
We are neither poor, nor helpless – our country is blessed with plenty resources and we now have a lot of educated Zambians getting around all over the globe. We need to have faith in ourselves, organise, centralise and keep ourselves focussed on our common ambition – to develop Zambia.
correction: I meant..”stop relying on hand outs…”
“The US Fed Chairman Ben Benanke last week officiated at the launch of the American Diaspora Buisness Group……” DO you see how ridiculous this looks. People from different countries have migrated and lived abroad for years, whats the big deal?? We should just get on with it! What a load of tosh!
#1. Nine Chale walikula nomba ayi? I remember we used to comment s.h.i.t. those days. remember abena rashid, Zoe, 3Rq, Jamaco, abena maureen, ka baby c, abena daisy, kaponya, kadobi..the list is endless.
#1 – Nine Chale. Thanks bro, always positive response. Keep it up. Hope you are fine.
Any idea that would augment national value is good but always Zambians’ aversion to risk over their hard earned money to be risked with people who have no trail of business profile, savvy investment portfolio management or element of own breakthrough economically guaranteeing is an issue beyond open discussion. Certainly Fundanga is just a used symbol of association bearing no burden of liability at any level in event of a crisis on people’s funds if any. Its not a mistake that in serious business plan, the profile of directors are inserted to build investor confidence. Could the organizers of this kindly of this initiative post their full traceable business profiles as figure heads considering that UPND has said Zambia is a failed state? What investment security will secure portfolios?
Yeah, these fools will support diaspora as long as y’all in diaspora remain good boys and girls and stay out of politics. The only reason this government is interested in this is a possibility of this being a cash cow for them. This sudden interest in the diaspora if it were genuine would have included encouraging political participation i.e. creating an enabling environment for those interested to take part in the political affairs of the country. Those of you interested in investing, keep in mind that RB and fellow thieves are looking for what deals they can cut out of your investment.
ShiMine, you do raise very valid points. I am surprised at how excited some of these people get because they interviewed a high profile political appointee. You will probably be vilified on here for asking for verification of the credentials and track records of those involved. You will be accused of being jealous of those spearheading this initiative.
It is not clear how this business group is going to function. Is it like a group of Zambians abroad forming investment projects collectively or individually and will the government have a controlling hand in all of this? Has the bank of Zambia governor ever taken interest in supporting our Zambian subsistance farmers and small scale businesses? From face value the idea sounds ‘good’ but somewhat seems to have some concealed small print in it.
I would rather put my own resources together and invest in any way I deem workable.
Theres a reluctance i have towards joining such groups and because theres an incompetence in Zambian institutions that bothers me. So called ‘pooled investments’ may just be money making schemes to pocket peoples money like the passport drive, before you know some managing partner will run off with all the money.The idea seems good and sensible but most con schemes always do seem that way/I willwait to see how it fares then might join later on.
With due repect i think Caleb is full of rhetoric,its about time he faced competition for that position especially that he is the longest serving Governor todate.Last time i came to that part of the world,it was the usual rhetoric.An appointment is as hard as meeting the POPE yet those are public institutions
Sceptics sceptics. The idea is to find a way of making it work
zambiabg website has to improve before it gets my approval. for now it looks like a briefcase arrangement or a front for money laundering. :-?
@12. Free enterprise with an investment enabling and environment is is what is required. Developing the Financial sector and facilitating credit to SME’s and individuals. Investment in Infrastructure, education, health etc. Give people in Shanti’s property rights so they can borrow money.
Strengthen democratic and regulatory institutions, increase transparency in business and reduce red tape. The list is endless. Do this, and people will invest and keep their money be they Zambian or otherwise. As long as there is a competent, responsible and benevolent govt in place the benefits will filter through to the populace and benefit generations to come.
Setting up websites and asking for people to invest in you is not the way to do it.
This so call “Diaspora Business Group” bears the halmark of a “ponzee scheme”. It’s essentially a blind trust with a few self annointed custodians playing Russian roulette with blind followers hard earned cash. They insist the minimum investment is $1000, what mechanisms do they have against default. if I have my $1000 in a bank, CD, or annuity, I sleep well knowing such institutions in the US are insured by the FDIC. The second concern is, what credibility & track record do these chaps have in investment/fund management? Its easy to play with other peoples money & undertake risky ventures. The third concern is, what is the moral background of these folks? What happens if one decides to skip town w/the loot? Or use the “FUND” as piggy account. Just a few things to consider. Good…
Apologies for the typo’s. The point i am trying to make is that entreprenuralship should be nurtured wherever it is. Before one can start asking for money form others to enter into venture unknown, one has to demonstrate a track record of doing the same with their own money and generating returns above what, say, GRZ bonds or investment in commercial property will pay back. Alternatively, a serious group of individuals would present a business case to financial institutions ( in the so called “diaspora”, or indeed in Zambia).
To base ones investment strategy on the fact that you are investing with fellow Zambians is most illogical and is a recipe for bankruptcy.
Another piece of advice, academics make terrible business people.
First it was the so called diaspora desk at state house which some people in the diaspora tried to use but were very disappointed, it never worked. Now it is the diaspora business group and this too seems dodgy.
All i can get from people in diaspora is noise!! can you please keep quite and allow me to sleep, at
least for a minute!! sheeeeee!!!
#4 Fashion Police natukula boyi – nomba ni internet maturity, blogging responsibly… gone are those days when our comments used to be held “waiting for moderation”. Lol!
#5 Tionge, thanks a lot, am fine. Blessings to you.
those of u who live in the developed countries undersand how pension funds are managed,in short hedging monies into investment funds with the potential of lossing monies.how do u suppose these MMD dimwits would invest.monies will end up in someones pocket.
It might be a risk worth taking as the chinese are pretty much doing the same. Only a few drinking monies. Anyone know the url for this site?
This is great news.
Website is so amateurish! Don’t tell you can not find a good web design for such an important project. I also hate the mention of “Ba” when business is involved. Need young minds to push this through. PS – Anyone can start an investment fund, but this is good as people have local free knowledge. Will invest anyway.
Doing a context analysis of this article reveals that the headline and message are explicitly misleading maybe intentionally hope not so. Does it mean Dr. Fundanga has started a diaspora Business Group or he was just officiating its launch? Who bears the investment risks, liabilities and legal recourse in advent of failure, exposure Global anti money laundering screening? Is it Dr. Fundanga or these unmentioned Zambians in Canada and USA? Who are they, their backgrounds and capacity as portfolio managers?
If not just a typical Zambian power of association spirit designed to booster missing credibility and business prowess profile, what happens in event Dr. Fundanga is retired since his Group is non statutory binding? Who takes the knife if the idea turns ponzee of illegal funds undeclared to uncle Sam? Is it Fundanga or the invisible Zambians in the Diaspora using power of association to unsuspecting Fundanga until chicken start roasting?
Ideal and practical investment initiatives are those done in small groups that mobilize resources with skills and effective business control. I stand to be vindicated this idea is flawed and lacks basic confidence building measures.
When i receved a phone cal from one of the founder members i thought he was just making up stories. will try to join and contribute. My follow zambians, let us try and see how far we can go with this investment, ati kwesha be sha- twipota bane- only 100 members are needed to start with.
I wish Ba Vetaran could review himself, but where ever you are please no sour grapes. Just initiate something and we will support you if we can.
Wow, I actually find myself sharing the same concerns as Veteran. True true and almost true old man. I may not entirely agree with your assertion that it is a ponzee scheme in the making, but I definately do have concerns over how the media is reporting on it. Bottom line is some Zambians in the diaspora happen to be among the most innovative and knowledgable Zambians there are. That this potential has not translated to tangible contribution to the Zambian economy is a reflection on how lack of policy, lack of transparency and Zambian Government’s continued view on Zambian’s educated abroad as a threat to their hold on power hinders our nation’s growth. So the idea that sharing the ‘diaspora status’ means collectively we can invest together sounds like an idea that won’t go the…
Hats off abena Malama! That is thte way to go Zambian child. May the Lord bless this initiative.
I also keep hoping that there will a ‘house scheme’ managed by a group of local contractors and architects on behalf of us in the Diaspora.
At least i wont be part of this nonsense, ba fundanga pay yo citizens in asia before yu can bring this rhetoric, yo BC has not lived up to expectations now you leave all thoz intelligent brains to risk, i hope you cud think before you gain political mileage, we all know yo intentions, just be real, yo idea is very much apreciated but unless it is accompanied by serious commitments it will not get anywhere. I hav seen this also on statehouse fimo fimo, wat crap.
This is a great idea borne out of Zambians. I am in it. Zambia will be built by Zambians where ever they may be. It is time we started investing back home. Let us not go back home like A Phiri Anabwera kuchoka ku Harare song by Nashil Pitchen Kazembe in the 1970s. This is a great opportunity to make real ivestment and start a business. Congrats.
Can they give full details on how this will work. Lets not just praising without giving proper information on the scheme.
Thought he was a regualtor this Bank Guv
Too much talking and less action is what Zambians are known for. I think i like this idea and i hope more level headed Zambians will rally behind and support this program. big up Mr director!
I would not blame those who still have some doubts about this initiative. Once hit twice shy. Most of us indiaspora have lost thousands of dollars trying things and pyramids that did notwork. Back home we know from past experience that no such partnership involving so many peoples money ever worked. One people ora couple will emerge out it as winners, and rest will just forgive and try to forget. This is a fact. In order to change this trend, what measures are we taking to prevent the obvious from happening so we can prove wrong the skeptics. Until such a mechanism is in place this drive runs a risk of being another bottomless pit.
Here are my suggestions: 1. Collect the fund from high risk takers, as guine pigs and insure it.
Next……………
The next point;
2. Put this money socks or CDs for a short period to double. If you dont one person with access to it will do that and make profit out of it.
3. Let all skate holders know we know how to make this money double or tripple before we send it to Zambia to work.
4. We need to minute this information
I meant to say stocks
In zambia with the current regime? I doubt it . land is no where.
Zambia Diaspora Business Group is real. This story appeared in November 2010. A lot has been achieved so far. Thank you Zambians. At least you are achieving something finally.