In the past five years, Ethiopians and foreign nationals of Ethiopian descent have sent an average of USD 4.5 billion back to Ethiopia annually. This significant financial contribution highlights the growing engagement of the diaspora.

During a recent government evaluation session, Fitsum Assefa, Minister of Planning and Development, reported that remittances reached USD 4.2 billion in the most recent fiscal year alone.

"The remittance from the diaspora has been on a steady rise," stated Belayneh Aknaw, Deputy Director General of the Ethiopian Diaspora Service. He credits reforms promoting diaspora participation in the economy for this growth. Initiatives to streamline legal money transfer systems have also played a role.

The diaspora's financial impact extends beyond remittances. Over 1,745 members have opened domestic bank accounts, depositing over USD 2.2 million in the past eight months. Additionally, the diaspora has also invested Birr 17 billion in development projects, creating over 1,000 jobs.

Source: Ethiopian News Agency