Ethiopia’s Remittances Inflow Hits $4.2 Billion

ADDIS ABABA – Ethiopians living abroad sent 4.2 billion US dollars in remittance in the just concluded fiscal year, the Ethiopian Diaspora Service (EDS) announced on Friday.

The annual remittance figure has shown a significant increase from the amount Ethiopia received in the previous year which was $3.6 billion.

Speaking to reporters today, the EDS Deputy Director Mohamed Idris announced that the remittance secured in the past twelve months has also exceeded the plan.

Following various measures taken to support remittance inflow, Mohamed said Ethiopians living abroad were able to remit $4.2 billion remittance in the budget year, surpassing the target set at $4 billion.

The deputy director also said the participation of the Ethiopian Diaspora community has shown encouraging participation in many areas ranging from investment and development projects to supporting issues of national interest.

The Diaspora also made 1.5 billion birr worth of contributions both in finance and in-kind to ongoing national projects and people in need of support.

These contributions include a total of 126 million birr support to the Grand Ethiopian Renaissance Dam (GERD) project both in the form of Bond Purchase or Donation, according to the Diaspora Service office.

In the same period, about 1,889 members of the diaspora, with a combined total of 99.6 billion birr capital, also started to invest in various sectors, according to the EDS.

During the press conference, the deputy director has praised the Diaspora community for their firm and unwavering support to their country.

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