Agency says Diaspora engagement surges

BY GETAHUN LEGESSE

ADDIS ABABA – The Diaspora contribution to various fundraising campaigns and to the efforts of extending technical and material supports have been showing a remarkable improvements over the last six months, the Ethiopian Diaspora Agency announced.

Ethiopian Diaspora Agency Director- General Selamawit Dawit, on a webinar hosted by the Ethiopian Embassy in U.K., said that the community has raised over 90 million Birr for the GERD through bond purchase and grants.

She said the community’s participation in investment, business and sharing of knowledge and skill have also increased.

Selamawit added that the business and investment interests of the Diaspora community have significantly increased. During the reported period, over 900 business licenses have been issued.

The Ethiopian Diaspora have been playing vital role in utilizing the tourism, business, and investment potential of the country. The community has huge potential of transforming the economy provided that they have already penetrated into the business market, she said.

The community has also the potential to slash imports by investing in selected areas that could save the outflow of hard currency, she said.

The government needs to create enabling environment by providing investors with financial and material subsidiary. She also mentioned the importance of pre-export quality testing and certification by furnishing standard laboratory services.

Lemma Wakeyo, Commercial Bank of Ethiopia Diaspora Branch Manager said that the bank has opened a new branch which provides Diaspora bank services and bond sales.

Lemma disclosed that the National Bank of Ethiopia has formulated directives that could ensure credit access to the diaspora businesses and is awaiting approval from the legislature. Short term directives which allow the investors to secure loan for low credit projects have been put into effect.

The bank is providing a centralized service to provide speedy Diaspora services as it is ready to finance the investors in case of financial deficit.

Ambassadors, government officials, investors and business personnel have participated on the webinar, learnt from the webinar, said Lemma.

It is to be recalled that Ethiopian Customs Commission has been subsidizing the export and manufacturing sectors in a bid to import duty free machineries.

Also the commission has been providing a one-stop-shopping service to simplify the process, and it holds solution-oriented discussion every week to well address the problems witnessed.

The Ethiopian herald February 3/2021

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