Virginia Diaspora Leader Backs U.S Bill Boosting Afro-Caribbean biz

Princess Philomena Desmond-Ogugua, Chair of the Virginia African Diaspora Committee, is calling for a new chapter in diaspora engagement.
“This legislation has the power to unlock the full potential of diaspora contributions, turning individual acts of support into sustainable community development,” she said, reflecting on the daily realities of families and entrepreneurs who send money and invest across Africa and the Caribbean.
Her endorsement comes as Representatives Sheila Cherfilus-McCormick and Jonathan Jackson introduce the African Diaspora Investment and Development Act, or AIDA—a bold effort to shift U.S. development strategy from traditional aid toward empowering diaspora-led investment.
“African and Caribbean diasporas are economic engines that deserve recognition and support,” Cherfilus-McCormick said, highlighting the role of diasporas in fueling local economies through remittances, businesses, and community projects.
AIDA is designed to tackle the barriers diaspora investors face: high remittance costs, limited access to formal investment opportunities, and gaps in institutional support. By offering practical solutions—lowering fees, providing tax incentives, and encouraging fintech innovation—the legislation aims to transform what has traditionally been individual generosity into structured, sustainable economic growth.
The Act also proposes backing from the U.S. International Development Finance Corporation to match diaspora-led investments and support diaspora-founded fintech platforms, amplifying the impact of every dollar sent abroad.
The African Diaspora Network praised AIDA as a “bold game-changer,” emphasizing that it aligns policy with the lived experiences of diaspora communities, who are active builders of education, healthcare, and business initiatives in their countries of origin. For instance, the Tanzanian diaspora alone sent over $600 million home in 2023, yet the high cost of sending money and the lack of formal investment pathways have often limited the reach of these funds.
Through AIDA, remittances are no longer just a lifeline—they become a catalyst for structured investment, strengthening both the sending communities and the countries they support. Desmond-Ogugua’s perspective highlights a deeper truth: diasporas are not just contributors—they are innovators, investors, and essential partners in shaping resilient economies.
By recognizing this dual role, AIDA signals a new willingness from the U.S. to engage strategically with diaspora communities, fostering stronger economic ties and ensuring that global development reflects the voices and experiences of those it most directly impacts.
Credit :Panafricanvisions.com
Oral Ofori is Founder and Publisher at www.TheAfricanDream.net, a digital storyteller and producer, and also an information and research consultant.