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· Ethiopia, according to Director General of the Ethiopian Diaspora Agency Ms Selamawit Dawit has mobilized US$1.4 billion remittances from Diaspora in the first five months of fiscal 2020-21
· Agency’s target was to mobilize US$4 billion as remittances during the 2020-21 fiscal year
· By way of this exhortation, at least 2,637 non residents have opened bank accounts in Ethiopia and deposited US$3.5 million in the first half of the Ethiopian fiscal year which started in July 2020
· Thirty-five Diasporas have now obtained licenses to channelize investment activities through official route
Ethiopia, according to Director General of the Ethiopian Diaspora Agency Ms Selamawit Dawit has mobilized US$1.4 billion remittances from Diaspora in the first five months of fiscal 2020-21. She said that by giving attractive incentives and fine tuning legal hurdles, this source of remittances have considerable potential in promoting development works in the country.
The Agency’s target was to mobilize US$4 billion as remittances during the 2020-21 fiscal year (fiscal year in Ethiopia starts in July). The increase in remittances was despite the coronavirus pandemic. Going by this trend, the agency feels that the target can be achieved, of course by putting more efforts. Importantly, this target has been set for achieving remittances through legal means. It is a fact that considerable remittances are happening through informal channels, which can be routed through legal means by extending incentives and legal procedures.
The government was encouraging Diaspora to send remittances legally. By way of this exhortation, at least 2,637 non residents have opened bank accounts in Ethiopia and deposited US$3.5 million in the first half of the Ethiopian fiscal year which started in July 2020. Thirty-five Diasporas have now obtained licenses to channelize investment activities through official route.
