Ethiopia has witnessed a significant surge in remittances, with over USD 6 billion flowing into the country during the past fiscal year. This represents a 50% increase compared to the previous year, according to the Ethiopian Diaspora Service.

Deputy Director General Belayneh Atnaw revealed that this unprecedented level of remittance has provided a much-needed boost to Ethiopia’s foreign currency reserves. “Over the past five years, we've averaged around USD 4 billion annually in remittances. This year's surge to over $6 billion is a very positive trend,” Belayneh stated.

Beyond the financial influx, the Ethiopian Diaspora Service has been actively engaging diaspora members in the country's economic development. To date, 273 diaspora members have invested in various sectors, with 50 already establishing businesses that have created jobs for approximately 3,000 Ethiopians. The diaspora's contribution extends to supporting major national projects, such as the Grand Ethiopian Renaissance Dam. The Ethiopian Diaspora Service is committed to further expanding the diaspora's involvement in the country's economy.

Source: Ethiopian News Agency