Diaspora with 35b Br in Capital Receive Licenses in First Quarter

Nov 23 , 2019


[ssba-buttons]

More than 1,032 diaspora investors with a registered cumulative capital investment of over 35 billion Br received investment licenses in the first quarter of the current fiscal year. "The participation of the diaspora business community has become increasingly notable in such sectors as tourism and investment, which have benefited from the transfer of knowledge and technology," according to Awlachew Masre, the Ethiopian Diaspora Agency’s engagement coordination director. The director also noted that more than 4,000 accounts have been opened by the diaspora community at various local banks in the country with deposits of more than 7.9 million dollars. The Agency conducted a consultative forum from November 16–17, 2019, involving federal and regional stakeholders, including representatives from the regional Diaspora Coordination Offices and Diaspora Associations who presented their performance reports for the first quarter of the fiscal year.


Radar

New Directive Tightens Rules for Foreign Employment Agencies

The Ministry of Labour & Skills has issued a directive under the Ethiopian foreign employment framework, setting clear standards for agency size, capital, and operations. Depending on their level, newly established agencies can serve between 10 and over 100 workers a day. Office space requirements range from 100sqm to 700sqm, tied to operational scale. Level-one agencies must hold a paid-up capital of 20 million Br and place a security deposit of 250,000 dollars or its birr equivalent...


Radar

Audit Findings Expose Deepening Gaps in Accountability

A new study reveals that audit irregularities in Ethiopia have continued to rise year after year, driven by weak enforcement and unresolved legacy problems. The finding, commissioned by the Office of the Federal Auditor General (OFAG) and conducted by independent researchers from Addis Abeba University, examined audit reports covering 2009–2023. The study attributes the persistent irregularities to limited accountability, poor follow-up, and reduced audit coverage during political transitio...


Radar

Africa Maritime Conference Sets Sights on Seafaring Innovation

The Ministry of Transport & Logistics has launched the first-ever Africa Maritime Conference, marking a bold move to position landlocked Ethiopia as a continental hub for seafaring innovation at a time of global talent shortages. At a pre-conference briefing, Frans Joubert, CEO of YCF Manning Ltd, underscored Africa's untapped potential in the maritime sector. Of the 1.9 million seafarers worldwide, only four percent are African—despite the continent hosting around 150 maritime academie...