Ethiopia’s annual remittance surpassed 6 billion USD

Addis Ababa, July 13, 2024 (FBC) – Ethiopia has secured over 6 billion US dollars in remittance during the concluded fiscal year, Ethiopian Diaspora Service disclosed.

The remittances to Ethiopia have reached an unprecedented level, exceeding six billion USD in the 2023/24 fiscal year and marking a substantial increase in foreign currency inflows to the country, Ethiopian Diaspora Service according to.

Deputy Director General of the service, Belayneh Atnaw revealed that this figure represents a 50 percent increase compared to the previous budget year.

“Over the past five years, we’ve seen an average of about 4 billion USD annually in remittances. This year’s surge to over six billion USD is a promising trend for future remittance collection,” Belayneh stated.

Noting that rise in remittances is not the only positive development, the deputy director said Ethiopian Diaspora Service has also been actively engaging diaspora members in the country’s economic growth.

Belayneh pointed out that 273 diaspora members have been engaged in various investment sectors. Of these, 50 have already launched their ventures, creating employment opportunities for approximately 3,000 Ethiopian citizens.

Moreover, the diaspora community has been instrumental in supporting major national projects, including the Grand Ethiopian Renaissance Dam (GERD).

“Through these actions, the diaspora is actively demonstrating its role as a key player in Ethiopia’s journey towards prosperity,” Belayneh emphasized.

Looking ahead, the Ethiopian Diaspora Service plans to intensify its efforts to strengthen and expand the comprehensive participation of diaspora members across various sectors of the country’s economy, as per ENA.

This surge in remittances and diaspora engagement could play a crucial role in Ethiopia’s economic development, potentially boosting foreign exchange reserves, supporting household incomes, and contributing to overall economic growth, it was learned.