Ethiopians in Diaspora Sent home $3.6 billion in 2020/21FY

ADDIS ABABA – Ethiopian Diaspora Agency (EDA) revealed Ethiopians living abroad sent home a total of 3.6 billion US Dollars during the 2020/21 fiscal year which ended on July 7, 2021.

DEA’s top official said its interventions, carried out by the agency to encourage Ethiopians abroad to send the foreign currency through legal channels, paid off.

The figure, however, is still lower than the 4bln target the Agency set for the period. Authorities too believe that the amount is unsatisfactory considering Ethiopia’s large Diaspora communities abroad.

“We are encouraging the Diaspora to use technology-based money transfer mechanisms and participate in business, real estate and other multi-stakeholder projects so as to channel more hard currency to the legal route,” said Selamawit Dawit, EDA’s Director-General, in an interview with The Ethiopian Herald newspaper, on Saturday.

The Director-General urged the Diasporas to shun the use of the parallel market and should replicate the participation they demonstrated in financing the construction of the Grand Ethiopian Renaissance Dam (GERD) in sending the hard currency through formal channels.

“The situation needs viable interventions including the one we employed in #ItisMyDam campaign and expanding the accessibility of Diaspora investment projects, local bank remittance accounts and related activities is also something worth equal consideration.”

Meanwhile, the director-general highlighted that Diaspora business persons launched investment and business projects with a total capital of 37.8 billion Birr in the reported period.

She said at least 84 investments with aggregate capital of 3.9 billion Birr have become operational in Addis Ababa, Amhara, Oromia and other states and provided 13,000 jobs for the youth.

 

Featured Image: EDA’s Director-General Selamawit Dawit [Photo File]