On the International Day of Family Remittances it was organised an  online meeting "Remittances - a guide to development", by the World Bank supporting the Greenback 2 Project, in partnership with Germin NGO working on Diaspora. Mr. Fatos Çoçoli, IOM Diaspora Programme  Consultant, Communication Expert seconded in  State Minister for Diaspora was one of the panelists and contributed to this meeting.  

More than 30 Albanian Diaspora representatives attended the meeting, as well as Albanian isititutions responsible for the remittances such as Ministry of Finance and Economy,  Bank of Albania, and other important actors to promote an active exchange of ideas between the Albanian Diaspora across the globe and the financial sector in Albania. Participants in the meeting discussssed also the impact of remittances during COVID-19 pandemic and the opportunities to use Diaspora savings for Albania’s economic development.

Mr. Çoçoli presented three opportunities of using Diaspora savings for country’s economic development. Firstly, in the form of opening, with the Albanian Government providing initial guarantees, an investment bank or development bank. Such approach was chosen by Northern Macedonia for its Diaspora. Secondly, the Albanian Government may trigger and initially support the establishment of investment funds that can attract Diaspora savings. Last but not least, the Albanian Government may look for opportunities to issue Diaspora bonds, securities for Diaspora savings.

He also presented Connect Albania, as an innovative mechanism to engage Albanian Diaspora to the home country’s develpment.  Connect Albania engages the Diaspora members as Development Agents, aiming to boost and facilitate the investment to the home country. This program will reward the Development Agents/connectors with a bonus of 1,000 EUR per each employee in the case that they have contributed to the establishment of a successful business in Albania, based on the Regulation of Connect Albania mechanism.

The Albanian Diaspora members who participated in this event shared  their  positive experiences in attracting foreign investors such as in construction,  solar energy, digital remitances, etc.

Mr. Çoçoli is one of 16 consultants seconded at the Diaspora engagement institutions to support the Government of Albania to implement a comprehensive approach towards Diaspora engagement for sustainable development, in line with the overall policy framework. The IOM Albania Programme, “Engage the Albanian Diaspora to the Social and Economic Development of Albania” is funded from the Italian Ministry of Foreign Affairs and International Cooperation and implemented in partnership with the Minister of State for Diaspora, the Ministry for Europe and Foreign Affairs, Ministry of Finance and Economy and the Italian Agency for Development Cooperation (AICS) in Tirana.