Zimbabwe to Seek $1 Billion From Its Citizens Living Abroad

Zimbabwe’s government will send teams to developed nations in an attempt to get the country’s diaspora to invest about $1 billion in its ailing economy this year.

Officials will visit the U.S., U.K., Canada, Australia and South Africa seeking funds in addition to the $500 million Zimbabweans typically send home each year to family and friends, Obert Mpofu, minister of macro-economic planning, said Tuesday in an interview.

“Zimbabweans in the diaspora have expressed interest in investing back home, that’s why we’re doing this,” Mpofu said. “We think $1 billion is a conservative estimate.”

About three million Zimbabweans out of a population of 14 million live outside the country, according to the United Nations, and many of those residing in developed nations are professionals. Zimbabwe’s economy is enduring sustained deflation and company closures after 16 years of economic and political crises. It has halved in size since 2000.

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