Addis to Get First Ethiopian Diaspora Funded Grand Mall

Addis Ababa, February 18, 2016(WIC) – A host of Ethiopian Diaspora members have come up with “Ethio-Diaspora Grand Mall” project unique in its nature and fully funded by the Ethiopian Diaspora.

With its world class attributes, the 2.6 billion birr multipurpose mall meets the development needs of Ethiopia and generates substantial profit to the investors, declared Ambassador Tekleab Kebede, Chairman of the Board of Directors of Ethio-Diaspora Grand Mall S.C.

The grand project will further turn on trade, investment and tourism opportunities in the country, the chairman claimed.

It was indicated at the project launching event that the mall to be erected on 19.7 hectares of land in Addis Ababa will create jobs for 45 thousand citizens.

The mall will have five main components including grand mall, multiplex, office complex, parking garage and landscape. It will take six years to finalize the project, the chairman said.

The “Ethio-Diaspora Grand Moll” project is an opening door to inspire more Diaspora members to invest in Ethiopia, said the Minister of Foreign Affairs Tedros Adhanom through his representative.

The minister also stated government-led initiatives to attract members of the Ethiopian Diaspora to engage in their country’s developmental and image building activities.

However, Dr. Tedros mentioned gaps in Diaspora engagement in nation building, saying so far contributions of Ethiopian Diaspora are not sufficient compared with their huge skill and financial potential.

He called on the Diaspora to engage in joint ventures to utilize ample investment opportunities in their home country. The government is working to create conducive business environment to attract Ethiopian Diaspora, Dr. Tedros added.

Diaspora Policy and the Housing Projects are few of the special treatments accorded to members of the Ethiopian Diaspora, the minister indicated.

Currently, over three thousand Diaspora members have invested more than one billion USD mainly in real estate, hotel and tourism sectors (ENA).

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