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Opinion / Editorial

Money with love

Money with love

A few days ago, 30 representatives of our new Diaspora in Germany (this country has hosted 48 thousand citizens from Albania in the three years 2017-2019) held an online meeting with representatives of projects of the World Bank and German GIZ in Albania, but also with the Diaspora Development Fund, set up by our government, on the initiative and under the auspices of the Minister of State for Diaspora Pandeli Majko. The meeting aimed to help remittances have an even greater impact on our economy. Remittances of representatives of our New Diaspora from Germany are in first place in terms of the amount of money they send per representative, with over 960 euros per year. Gresa Latifi, an immigrant from Kosovo in Dusseldorf, shared her experience at the meeting. She had contributed to a kindergarten in her Gjilan. "I want to give money with love to Albania as well. We are very much wanting to give to the Albanian community in Dusseldorf. But we do not know how. We think that bureaucracies should be so obstructive that you no longer want to give. "With the garden of Gjilan, the bureaucracies were numerous", she said. Kozeta Kokalari, legal consultant in Frankfurt, emigrant from Albania, said that the representatives of the New Diaspora are very interested in investing in their home country. "There are 56 thousand Albanians from Albania living and working in Germany now. The vast majority are active, employed and in very good jobs. They keep their savings in German banks, with a return of 1.8-2 percent per year. They are ready to bring their savings to Albania, if a transparent investment fund would be set up with clear projects to invest in education, in the public health of Albania and in the economy, especially in the rural economy and in tourism. If the fund offered a return rate of 3-4 percent, each of the Albanians in Germany could immediately give with a lot of confidence a thousand euros, if such a fund were set up. Think about it, 56 million euros collected immediately! Not to mention the entire Albanian community in Germany and from Kosovo and Northern Macedonia, which reaches 320 thousand people. The state structures of the Diaspora in Albania, which support entrepreneurship in the Diaspora, are considering such opportunities. They aim to work intensively on three key priorities for the effective use of remittances: (1) identifying best practices to channel remittances through formal channels; (2) expanding opportunities to send and receive remittances to reduce costs and make transactions more efficient; and (3) facilitating remittances as an introduction to financial inclusion. Despite the problems of the New Diaspora (concentrated in Italy and Greece) with employment and income during the period of the coronavirus pandemic March-December 2020, data from the Bank of Albania show that remittances have not decreased over the past year, reaching in a figure of 1.4 billion dollars, according to the specialists of the World Bank (https://diasporashqiptare.al/2020/12/18/bb-nis-takimet-per-remitancat-majko-faktor-zhvillimi-i-qendrueshem-per-vendin /) .Sustainable growth of the map and number of the New Diaspora and a new influx of emigrants to Germany in the last four years, has made it possible for the Diaspora in European Union countries to increase from 1.2 million in 2017 (a figure confirmed by a study by the Bank of Albania), to 1.64 million inhabitants in 2020 (a figure confirmed by an INSTAT study). The high number of Diaspora representatives has produced significant remittance flows over the years. New Diaspora money is an extraordinary and irreplaceable source of funding for our economy. They have often shown that they are able to withstand situations of economic crisis, including the current one, the COVID-19 Pandemic crisis. Seeing the growing trend of remittances during this year and in the years 2022-2024, the structures created by the Minister of State for Diaspora, especially the Diaspora Development Fund and the Diaspora Chamber of Commerce think that there is considerable room for maximizing the benefits of remittances for the sustainable economic development of the country. A comprehensive program of key actors is needed, such as the Bank of Albania, the Ministry of Finance and Economy, AIDA, entrepreneurial associations in the Diaspora and other 206 such associations, especially in EU countries, the Chamber of Commerce and Diaspora, Connect Albania Program, Network of Diaspora Professionals, World Bank and GIZ projects, etc. Expectations for remittances are for even higher contributions in the coming years, influenced by the forecasts for improved economic activity in the main host countries of the New Diaspora, such as Italy and Greece. Money that "comes with love", expecting only a serious offer from our state, is ready to invest in us, we are creating the right conditions. It is at levels over 2 billion euros, distributed in the savings of over 460 thousand representatives of the Diaspora in the banks of the host countries. She expects our state to become active and know how to attract this money in investments. A lot even bigger than that of public-private partnerships. She expects the "loving" partnership of the mother country. A lot even bigger than that of public-private partnerships. She expects the "loving" partnership of the mother country. A lot even bigger than that of public-private partnerships. She expects the "loving" partnership of the mother country.