New Bill Seeks to Encourage Kenyans in Diaspora to Invest Back Home

A new bill seeking to encourage Kenyans in the diaspora to invest back home has been tabled in the Senate.

The Kenya Citizenship and Immigration (Amendment) Bill, 2020, is sponsored by Murang’a Senator Irungu Kang’ata, who is also the Senate Majority Whip.

If passed into law, Kenyans living and working abroad will get special incentives, including wealth protection, to encourage them to invest in Kenya. 

The bill, which seeks to amend the Kenya Citizenship and Immigration Act, requires the Cabinet Secretary in Charge of the Foreign Affairs Ministry to create a voluntary savings scheme for Kenyans in the diaspora.

The proposed law will pave the way for Kenyans abroad to form associations and voluntarily contribute to a saving scheme.

“The Cabinet Secretary may liaise with financial institutions in Kenya to negotiate favorable terms on the investments of any contributions that may be made,” the bill states.

It further requires Foreign Affairs CS, in consultation with Kenya’s missions abroad, to oversee the establishment of a voluntary savings scheme for Kenyans abroad.

“The Cabinet Secretary, may in consultations with the Cabinet Secretary for Treasury and the governor of Central Bank, develop policies and programs offering incentives to Kenyans living abroad to invest in Kenya,” the bill adds.

The bill also requires Foreign Affairs CS, their Treasury counterpart, and CBK governor to establish a database giving information on projects in Kenya that Kenyans in the diaspora can invest in.

The three are further required to institute measures for the prevention of fraudulent practices that prevent Kenyans abroad from investing back home.