Addis Ababa - Ethiopia has recorded a significant surge in remittances, crossing $6 billion in the last fiscal year, as reported by the Ethiopian Diaspora Service.

According to Ethiopian News Agency, the total remittances received during the 2023/24 fiscal year have not only surpassed previous records but also marked a considerable 50% increase compared to the prior year. Belayneh Atnaw, Deputy Director General of the service, detailed to the Ethiopian News Agency (ENA) that this substantial growth in remittances, from an average of $4 billion over the past five years to over $6 billion this year, indicates a robust upward trend in foreign currency inflow to Ethiopia.

The Deputy Director highlighted that the increase in remittances is a part of a broader positive trend in diaspora engagement with the country's economic development. Notably, 273 diaspora members have been involved in various investment sectors, with 50 launching ventures that have created job opportunities for approximately 3,000 Ethiopian citizens. The diaspora community has also played a significant role in supporting major national projects, such as the Grand Ethiopian Renaissance Dam (GERD).

"Through these actions, the diaspora is actively demonstrating its role as a key player in Ethiopia's journey towards prosperity," Belayneh emphasized. Moving forward, the Ethiopian Diaspora Service plans to further intensify efforts to engage diaspora members in different sectors of the country's economy.

This surge in remittances and increased diaspora involvement are expected to significantly contribute to Ethiopia’s economic development, potentially enhancing foreign exchange reserves, supporting household incomes, and fostering overall economic growth.