The Ethiopian government has planned to collect eight billion USD in remittances from its diaspora community in the 2025/2026 fiscal year by enhancing remittance channels and strengthening economic diplomacy.

In a virtual discussion with the President of the Commercial Bank of Ethiopia and diplomats in the Middle East, Ethiopian Diaspora Service Director General Ambassador Fitsum Arega emphasized the government's focus on economic diplomacy to boost remittances and attract foreign investment.

Ambassador Fitsum noted that improved diaspora engagement and streamlined remittance processes will drive increased financial inflows.

Despite collecting 7.17 billion USD in remittances during the 2024/2025 fiscal year, he highlighted the untapped potential for greater contributions from Ethiopians abroad.

The Commercial Bank of Ethiopia, alongside other financial institutions, is expected to announce incentive packages and enhanced services for the diaspora soon, Fitsum added.

He underscored that remittances are a critical financial lifeline, fueling business expansion, enabling market research, supporting product customization for global consumers, and facilitating strategic entry into international markets.