In this brochure, you will find examples of how Jersey’s businesses are offering expertise to enable inbound FDI to support African infrastructure and growth, as well as supporting African investors and families with their outbound investment activity. Case studies from Jersey companies such as Accuro, Baker Tilly, Capital Africa, Harwell Capital, JTC Group, Ogier and Standard Bank illustrate how Jersey as a jurisdiction is strengthening relations with the continent. You can also discover more about how Jersey is playing its part in helping Africa realise its potential and shape its future success.
As Africa evolves, it’s clear that Jersey can act as a trusted partner, providing the right expertise and regulatory framework to support high-quality inbound FDI and act as an investment gateway to the UK and Europe.
Jersey’s Relationship with Africa
The relationship between Jersey and Africa is longstanding and is supported by excellent political, commercial and cultural ties.
The Government of Jersey is firmly committed to broadening and deepening Jersey’s political, commercial and cultural relationships with partner governments, as outlined in its Global Markets Strategy. Jersey already enjoys well-established bilateral government-to-government relationships with African governments, and is a regular participant at multilateral forums, such as the World Economic Forum on Africa, Middle East and North America and the Commonwealth Business Forum.
The Government of Jersey is strengthening its position as a partner for Africa to support and deliver sustainable growth, by providing access to capital markets, investor protections and through capacity building in areas of expertise such as tackling financial crime. As a future-focussed jurisdiction, Jersey has already negotiated a range of international agreements with partners in sub-Saharan Africa, including Double Taxation Agreements (DTAs), Asset Recovery Agreements and Memoranda of Understanding (MoUs) on cooperation and knowledge sharing. In 2018, Jersey and Kenya signed a bilateral MoU on financial cooperation and opened negotiations on a DTA the following year.
In 2019, financial intelligence analysts from the Government of Kenya’s Financial Reporting Centre (FRC) spent a week with counterparts from the Jersey Joint Financial Crime Unit (JFCU) as part of the Government of Jersey’s commitment to delivering on the financial cooperation MoU and to helping Kenya tackle financial crime and corruption.
Since the first MoU between Jersey and Rwanda was signed in 2016, we have signed a DTA, overseen the expansion of Jersey Overseas Aid’s (JOA) ‘Girinka’ programme, hosted and trained Gorilla conservationists at Durrell Wildlife Conservation Trust, and supported capacity building and knowledge transfer through an inward secondment to the Jersey Financial Services Commission (JFSC) from the National Bank of Rwanda. In 2019, Jersey signed a new partnership which strengthens cooperation between Jersey and Rwanda before Rwanda’s hosting of the Commonwealth Heads of Government meeting in 2020.
Jersey has also entered into a ground-breaking multilateral framework with the Government of Kenya, the UK and Switzerland as part of international best practice to return confiscated assets from crime and corruption to Kenya. The United Nations recognised the “innovative work” undertaken by Jersey – highlighting the cooperation between Jersey and Kenya as important for strengthening good practices on asset return to foster sustainable development.
Jersey has consistently adopted the position of strong support for international standards for the prevention of tax avoidance and financial crime. The Island was an early adopter of the Common Reporting Standard (CRS) of the Organisation for Economic Cooperation Development (OECD), which provides for tax transparency and exchange of information. Jersey was also a founding member of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), an international set of measures designed to stop multinationals from shifting profits between countries to avoid paying tax. As a BEPS Associate, Jersey is able to contribute to the overall development of the project through policy dialogue and exchange of information – participating on an equal footing with the OECD, G20 and many other countries
Jersey has a small but growing treaty network. The Island is able to negotiate DTAs, Bilateral Investment Treaties, Asset Recovery Agreements and wide-ranging MoUs.
In Africa, Jersey has DTAs that have been ratified and are in force with Mauritius, the Seychelles and Rwanda. The Island is also currently negotiating new DTAs with Nigeria and Kenya.
Founded in Jersey in 1963, the Durrell Wildlife Conservation Trust has been involved in projects across the African region for many years, including vital conservation work on the Islands of Madagascar and Mauritius. Key partners in the region include the African Wildlife Foundation, Asity Madagascar and the Mauritian Wildlife Foundation.
Durrell has also trained a number of conservationists from a variety of African countries such as Rwanda, Kenya and Nigeria as part of the Durrell Endangered Species Management Course (DESMAN).
Jersey companies have been establishing close business ties with Africa over a number of decades and there is an increasingly diversified mix of activity between Jersey and Africa.
Acting as a bridge between capital raising in Europe and investment in Africa, Jersey currently accounts for around £15.5 billion in deployed capital across Kenya, Uganda, South Africa and Egypt.
Several African developing markets including Uganda, Mozambique, Egypt and Senegal benefit directly and indirectly from FDI originating from Jersey to the tune of US$75.8 billion.
A two-year project funded by the JOA, Jersey’s international aid agency, is using the Island’s agricultural expertise and the famous Jersey cow to help around 12,000 Rwandan dairy farmers increase milk yields through revolutionary artificial insemination services. Relatively small, easy to manage and able to withstand hot climates, Jersey cows are renowned for their rich, creamy milk. South Africa has the largest population of Jersey cattle in Africa, but breeding programmes are also firmly established in countries such as Kenya, Mozambique, Nigeria, Rwanda, Tanzania, Zambia and Zimbabwe.
Many individuals, organisations and schools in Jersey have strong ties with African communities. A number of schools on the Island have developed links with counterparts in Africa, raising funds and providing resources such as desks, chairs, textbooks, exercise books and uniforms. Numerous initiatives have also been set up by Jersey churches and charities, including the development of schools and the introduction of feeding programmes in Kenya, Rwanda and Zimbabwe. There is a growing community of African nationals living in Jersey and working in the finance industry. Many are passionate for change and work closely with local charities to provide insight and guidance on how Islanders can help make a positive contribution to the prosperity of their fellow citizens in their home country.
The JOA, has been providing life-changing assistance in developing countries since 1968. Five of JOA’s six target countries are in Africa (Ethiopia, Malawi, Rwanda, Sierra Leone, and Zambia) and through its three core developing themes – Dairy, Financial Services for the Poor,
and Conservation Livelihoods – JOA is transforming the lives of millions of people on the continent.
By focussing on three thematic priorities where Jersey already has considerable expertise and reach, the Island is able to add more value than just the funds it contributes – promoting sustainable economic and human development in some of the poorest
countries on earth. Its financial inclusion programme – run in partnership with Comic Relief – will benefit nearly one million people over four years in Rwanda, Sierra Leone and Zambia. Meanwhile in Rwanda alone, as a result of a single project, a life-changing female Jersey (or Jersey-cross) calf will be born every hour, on average, for the next three years, providing better nutrition and increased economic opportunity for hundreds of thousands of Rwandans.