Diaspora Kenyans in Europe are joining Diaspora University Town (DUT) project to participate in the DUT jobs creation and house development project in Taita Taveta, Kenya. Data based on the Central Bank of Kenya (CBK) for remittances from May – October 2020 shows North America sent about 57% of the remittances, Europe (16%) and the rest of the World 27%.
With the remittances now surpassing the $3 billion (Kshs 300 Billion) mark; Kenyans in Europe are expected to send about $600 million dollars (Kshs 60 billion) every year. Part of this money has already started flowing to create jobs through the DUT jobs creation plan.
Dan Kamau the DUT Executive Trustees and Project Director of DUT says that the DUT Jobs creation and Houses development plan was started with the goal of having Diaspora Remittances flow to Kenya to create Jobs. He also says that when the thinking started, about 15 years ago, the Diaspora in the year (2004) had remitted $338 million (about Kshs 25 billion in 2004). The remittances have since grown to over Kshs 300 billion per year. The remittances in 2020 were $3.37 billion (Kshs 340 billion).
The total remittances as recorded by CBK from 2004 to 2020 (17 years) stands at $22,430,534.36. This is about Kshs 2.3 trillion based on the current exchange. The expectation is that the Diaspora Kenyans will remit about the same amount of $22 billion they remitted in 17 years in about 6 years or by the end of 2026.
The Diaspora Kenyans in Europe joining DUT project are doing so with the understanding that the jobs creation in Europe is what led to Kenyans migrating and settling in Europe. Dan says, “Without a job that gives one income, an immigrant cannot survive abroad.”
In a recent video the Deputy President Dr. William Ruto when addressing Kenyans said that the greatest challenge is to find a formula to create jobs. The Deputy President went ahead to state that there are 16 million unemployed Kenyans. Dan says, “The DUT jobs creation and houses development plan is a formula to create jobs and grow the wealth of the job creators”.
Those in Europe who are joining DUT say they are happy that the Diaspora Kenyans in the U.S created the formula to create jobs in Kenya. They are also happy that when creating jobs using the DUT formula they will be creating wealth for themselves.
The DUT formula for jobs creation is currently being applied in creating 20,000 jobs in the DUT project in Taita Taveta in the next 5 years. The Diaspora are investing in the Town House Development, Medicine and Vaccines Plant and in DUT Credit, a finance company that is implementing the DUT Finance plan for jobs creation and houses development.
Dan says, “These jobs creation and investment plans are put into place using GDP growth systems similar to those that grew the U.S GDP from $57 billion in 1933 to the current $21 trillion in 2020.”