Ethiopia secures $2.3bn remittance in 8 months

Addis Ababa, May 7, 2021 (FBC) – Ethiopia has secured $2.3 billion in remittance from the diaspora over the past eight months, according to the Ethiopian Diaspora Agency.

Agency’s Director-General, Selamawit Dawit told ENA that the nation planned to obtain $4 billion in remittance during the current Ethiopian fiscal year and managed to secure $2.3 billion in 8 months.

She expressed her hope that the remaining revenue will be achieved during the coming four months of the fiscal year.

Most of the remittance was obtained from the Ethiopian Diaspora residing in North America, Europe, Middle East, Asia and Africa, Selamawit revealed.

The impact of COVID-19 on remittance is very negligible, according to the director-general who urged members of the diaspora to use the legal system in sending money home legally since it is advantageous to the national economy.

According to her, the huge difference in exchange rate between the legal and black markets has been one of the challenges in the efforts to improve the nation’s remittance.

The director-general also disclosed that 39 members of the Ethiopian Diaspora have secured investment licenses during the current Ethiopia budget year and engaged in various economic sectors.

Agriculture, industry, finance, and tourism are among the sectors that the Ethiopian Diaspora have been investing, it was learned.