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Diaspora Microfinance Bank For Jobs Creation & Housing Development

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Diaspora Kenyans have kicked off the founding process of a Microfinance Bank (MFB) that will implement financial plans for Jobs Creation and Houses development. Jobs creation and Houses development plans have grew the U.S GDP from $57 billion to $21 trillion in 85 years. The Diaspora as beneficiaries of the GDP expansion, look to have the Bank play a role in advancing Kenya GDP that can grow to reach $2 trillion as Kenya population grows to 100 million.

The founders of the MFB are mainly persons who have worked on the systems that have led to the ongoing Diaspora University Town project in Kenya. The project will create jobs and produce houses through the plans of: University, Town, Hospital and Small Medium Enterprises (SMEs). The MFB will be one of the SMEs. 

In coming up with the MFB the Diaspora look to make the Diaspora Money Resource more productive. The Diaspora founding understand that without jobs creation they would never be in the Diaspora. They also understand that without the right systems they would not have extra money to send as remittances.  

In the next five years (2020 – 2024), Diaspora are projected to remit over Kshs 1.5 trillion. The Microfinance Bank founded will guide some of this money to Jobs Creation and Houses development plans that Diaspora have started and will start. 

Currently, the biggest loss in Kenya is the unproductive human resource. Kenya is estimated to lose about 10 billion hours of human resource that if productive could have a value of Kshs 10 trillion every year. The Diaspora through jobs creation and houses development plans, will apply the Diaspora money resource to making the human resource productive.  

The Diaspora through the Bank also look to tap the Global finance. An article in the Kenya Treasury website reads: “1. The Government of Kenya, acting through the National Treasury and Planning, has successfully priced a new US dollar 2.1 billion dual-tranche Eurobond of 7-year and 12-year tenors on 15th May 2019 in London, United Kingdom. 2. The announcement of Kenya issuance triggered an overwhelming response from investors that amounted to an order book of US$ 9.5 billion, an oversubscription of 4.5 times…” 

The Diaspora see the $7.4 billion (Kshs 740 billion) as money that is available and looking for work. Diaspora University Town systems for Jobs creation and houses development being ready; the bank will become the system that gets this money work.    

The Diaspora money resource, Kenya human resource and global finance resource will get the best return through the resources productivity approach. Many of the Diaspora Bank founders are also working on SMEs that will advance these sectors.   

This approach of resource productivity will expand GDP and meet constitution rights of: healthcare, housing, food, clean water, clean environment, social security, education, children rights and other rights/needs

DUT
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