To date, the NRBs have been contributing to economic development, mainly by sending remittance and often though informal philanthropy and investment. It is now evident that the diaspora community has the potential to contribute for upward mobility of the economic status of a country. Countries including Mexico, China, and India have institutionalized their strategic steps to engage the diaspora effectively in a multifarious way. Taking lessons from these successful initiatives, it was suggested to engage NRBs for institutionalized philanthropy in order to entrench it as an effective tool for local development. The challenges faced are:Policy level challenges: As of ow, there is no concrete policy framework to engage the NRBs in development activities at the local level in Bangladesh.

Source: Dhaka Tribune May 21, 2019 12:56 UTC