July 19, 2024

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role of ethiopian diaspora in economy

Ethiopia’s Diaspora Surpasses $4 Billion in Remittances

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The Ethiopian government, through the Ethiopian Diaspora Service, is actively engaging with Ethiopia’s diaspora to encourage their participation in the country’s development. According to Mr. Belayneh Aknaw, the deputy director of the service, the diaspora’s contributions have been steadily increasing over time.

In the current fiscal year, the diaspora has sent home $4 billion in remittances. Additionally, they have contributed $6 million to the “Clean Ethiopia” initiative and over $18 million to various charitable causes. The diaspora has also purchased bonds worth more than $750,000 to support the construction of the Grand Ethiopian Renaissance Dam.

In April 2024, the Ethiopian Foreign Ministry spokesperson shared details of Ethiopia’s diaspora contribution to the Ethiopian economy. Nebyu Tedla, the newly appointed FM spokesperson, said that in the last five years, Ethiopians living abroad had sent $20 billion to the country, around $4 billion each year. The diaspora also supported various development projects, as they sent more than $100 million for them. He added that since the beginning of the Great Renaissance Dam, the diaspora’s contribution has contributed $55 million in the form of bonds and gifts. Read More…

The total value of the diaspora’s cash and in-kind contributions, excluding remittances, exceeds $20 million. The government has also been facilitating diaspora investments, with over 273 projects worth 72.48 billion Ethiopian birr being approved in the current fiscal year. These investments are expected to create job opportunities for 3,000 Ethiopian citizens.

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