Ethiopia gets $ 3.6 billion. Discount usd
Diasporas launch Birr 37.8 billion investment projects
BY TSEGAYE TILAHUN
ADDIS ABABA – Ethiopia has secured $ 3.6 billion in remittances in the past fiscal year, which is equivalent to the amount of foreign exchange it has drawn from international trade, revealed the Ethiopian Diaspora Agency (EDA).
EDA Director General Selamawit Dawit told the Ethiopian Herald that the agency has carried out meticulous tasks to encourage the diaspora to send foreign currency through legal channels, thereby supporting the development of the country and mitigating the forex crisis. The huge diaspora remittance over the past fiscal year has attested to the success of the agency’s interventions.
The managing director further said that the diasporas should replicate the overwhelming participation they have shown in financing the construction of the Grand Ethiopian Renaissance Dam (GERD) by sending hard currency through banks and avoiding the parallel market. “We encourage the diaspora to use technology-based money transfer mechanisms and to participate in business, real estate and other multi-stakeholder projects to channel more hard currency through the legal channel.”
Noting that the amount of money transferred in the previous fiscal year showed a significant improvement over previous periods, Selamawit said foreign exchange earnings are still unsatisfactory compared to large Ethiopian diaspora communities across the country. world.
“The situation needs viable interventions, including the one we employed in the # This is my dam campaign, and expanding the accessibility of diaspora investment projects, local bank transfer accounts and related activities is also something that deserves equal consideration ”.
Meanwhile, the Director General pointed out that businessmen in the diaspora have launched investment and business projects with a total capital of 37.8 billion birr during the reporting period and are contributing to the job creation and the promotion of innovation, among others. As a result, 84 operational projects with a total capital of 3.9 billion Birr became operational in Addis Ababa, Amhara, Oromia and other states and provided 13,000 jobs for young people.
Likewise, the growing number of diaspora bank accounts has played a constructive role in alleviating the forex crisis and there is a strong desire within government to strengthen diaspora engagement in international trade. , she noted.