From Abroad, With Love

Welcome to this week’s edition of ፍራንክ Digest!

Your weekly brief on all things Finance and Investing. Quick, enjoyable reads for busy professionals in 5 minutes or less.

Topics this week:

• 🌎 Global Citizens, Local Impact: Ethiopian diaspora’s billion-dollar investments

• ✈️ Travel Smart: Ethiopia’s prepaid travel cards have landed!

Thanks for reading!

UPDATED June 19, 2024

Beyond Borders: The Role Of The Diaspora in Investment

Funding

The Ethiopian diaspora is a vital source of investment and economic development, serving as a bridge between the homeland and the global economy.

With an estimated population of over 2 million Ethiopians living abroad, their remittances and investment contributions play a significant role in Ethiopia's economic landscape.

• According to the World Bank, Ethiopia received approximately $6B in remittances in 2022, making it one of the largest recipients of remittances in Africa 

• These funds serve as a lifeline for many families, supporting basic needs such as education, healthcare, and housing - በተለይ ለናረው የኪራይ ወጪ!

However, the potential of the Ethiopian diaspora goes beyond remittances – it extends to investment, entrepreneurship and philanthropy.

Various initiatives to mobilize diaspora funds for economic and social development have been implemented. 

One such initiative is the Ethiopian Diaspora Trust Fund (EDTF) >>>

• Established in 2018 to harness the financial resources and expertise of the diaspora community 

• As of 2022, the EDTF has mobilized over 40 million Birr in contributions from Ethiopians living abroad

• Supported projects in healthcare, infrastructure and education such as the construction of 20 schools in rural areas and a new hospital in Addis