The African Diaspora Network (ADN) and Myriad USA have launched the African Diaspora Innovation Fund (AfDIF) with the goal of raising $1 million within six months through collective diaspora contribution.
The launch was made during the 10th anniversary of the African Diaspora Investment Symposium (ADIS25) held at the George Washington University, Washington, D.C. recently.
The $1 million will be raised through collective diaspora donations starting from $500: then matching grants of up to $25,000 will be provided to high-impact entrepreneurs. The selection process will be through a transparent, donor-driven process.
The goal of AfDIF is to present a transformative approach, redirecting financial resources towards long-term investments, beyond remittances that fosters wealth creation and drive innovation across Africa.
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To maximise the fund’s impact, ADN is actively pursuing a lead institutional donor to match contributions at a ratio of 2:1, up to $750,000. Additionally, a crowdfunding campaign will be launched to generate a further $250,000 from diaspora communities.
These grants aim to empower businesses driving sustainable change across key sectors such as education, healthcare, youth employment, and climate resilience.
The initiative signals an evolution in diaspora engagement with Africa’s economic development, shifting the focus from traditional remittances to strategic investments in transformative enterprises.
“The African diaspora is an increasingly crucial force in Africa’s development. AfDIF is designed to harness this potential by directing diaspora contributions into scalable, high-impact ventures,”said Almaz Negash, founder and CEO of ADN.
“We are not merely funding businesses; we are creating a legacy of sustainable growth and prosperity for the continent.”
AfDIF broadens access to philanthropy, allowing diaspora members and allies to make tax-deductible contributions of $500 or more directly to African entrepreneurs. The funds will uphold rigorous standards of transparency and regulatory compliance.
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The launch of AfDIF aligns with ADN’s 2024–2028 strategic plan which prioritises knowledge exchange, public-private partnerships, entrepreneurship, social impact, and the move beyond remittances.
According to a report by the diaspora collective titled ‘African Diaspora: A collective global impact’, the African diaspora is estimated to comprise over 170 million people, with the majority residing in Latin America and North America.
While annual remittances exceeds $50 billion, most are allocated to immediate needs.
