“The African Diaspora is a key player in the economic and social development of Africa”

HASat the end of the President’s visit of the Republic Emmanuel Macron, Cameroonto Benign and in Guinea-Bissau (from July 25 to 28), visit “in line with the agenda presented in November 2017 in Ouagadougou to renew the Africa-France relationship”one can wonder about the ability of the European Union (EU) to strengthen and sustain its partnership with Africa.

Admittedly, the President of the European Commission, Ursula von der Leyen, recalled, during the closing press conference [le 18 février] the 6th^e Africa-EU Summit, the need for such a partnership, clearly defining the role of the EU, “an economic partner” to which Africa can ” trust ».

Certainly again, the “investment package”Global Gateway“Africa-Europe” to 150 billion euros, which aims to “supporting Africa for a strong, inclusive, green and digital recovery and transformation”illustrates in a remarkable way all European political attention to Africa.

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But European law does not always seem to be in tune with European policy even though, as an instrument, it should serve it.

As an example of this legal inconsistency, we know that the African diaspora is an essential player – more stable than official development assistance and foreign direct investment – ​​in the economic and social development of Africa. We also know that money transfers and “bi-banking” contribute powerfully to the economic link between the two continents.

Read also: Europe and Africa want to believe in a renewed partnership

However, the proposal for a directive of the European Parliament and of the Council, commonly known as the “CRD VI directive” [Capital Requirements Directive VI ] could well, if its current wording were retained, give rise to unfortunate differences of interpretation between the Member States as to the latitude which should be left to banks in third countries – and, therefore, African banks – to offer their services to their diaspora clientele residing in Europe.

Two pernicious consequences

Indeed, article 21 quater of the CRD VI would require African banks to create a branch in each country of the European Union where they wish to exercise a banking activity, which, in itself, is not open to criticism. However, today, some States of the Union prohibit African banks from marketing, on their soil, to the diasporas, the banking services which the latter need in their country of origin, in Africa.

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