Douala, Cameroon – Douala’s city government has launched a new digital platform aimed at attracting investments in a bid to tap into the expertise and resources of its vast diaspora community. The “icud-diaspora” platform, unveiled on June 26th, 2024, seeks to bridge the gap between Cameroonian migrants abroad and investment opportunities in their home city.
“We’ve listened to our diaspora,” said Douala Mayor Roger Mbassa Ndine. “Their desire for user-friendly online tools to explore investment opportunities in Cameroon was clear. Through icud-diaspora, we aim to connect them with the skills, networks, and support needed to make their mark on Douala’s development, while addressing the city’s social needs.”
The platform simplifies the process for Cameroonian migrants to propose projects and offer their expertise. In return, the city offers a range of incentives, including dedicated remote support personnel, access to public-private partnerships, project assistance, online services, a network of pre-approved service providers, and even assistance with securing land.
This initiative comes on the heels of a 2023 diaspora consultation conducted by the city. The survey, involving 445 respondents, revealed a strong interest in investing back home: a full 72% expressed willingness to do so under the right conditions. However, the survey also highlighted key concerns – 49% desired a dedicated intermediary to navigate the process, and reliable information was paramount for 81%. The consultation also identified broader challenges like economic and political instability, bureaucratic hurdles, a lack of incentives, and a general need to build trust and awareness of opportunities.
Douala is initially offering a dozen investment options across infrastructure and urban development. These include commercial and residential real estate projects, alongside opportunities in supermarket construction and management.
“We envision co-building Douala’s future alongside our diaspora,” emphasized Mayor Ndine. “Their contributions, both financial and through expertise, are a powerful force for our nation.” Remittances from Cameroonian migrants already play a vital role in the country’s economy. A recent World Bank report highlighted a 5% increase in 2022, with remittances reaching $365 million (over CFA 221 billion). Douala’s icud-diaspora platform aims to transform these financial flows into tangible investments that drive the city’s progress.
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