Diaspora Trust Fund Denies Misuse of Funds, Says There're No Financial Irregularities

Addis Ababa, May 21/2020(ENA) The Ethiopian Diaspora Trust Fund (EDTF) stated that no money have been misused from the funds raised from donors.

In a press release it sent to ENA, EDTF said it is deeply concerned and saddened by the information reported by few media outlets regarding the Trust's funds.

“We can confirm that no funds have been misused,” EDTF pointed out, adding that it has put in place appropriate internal controls to safeguard the funds in order to ensure the highest standards of accountability.

The Trust Fund also said it will continue to closely and routinely monitor all financial transactions.

Stressing that EDTF funds will always be used appropriately and transparently, it further assured donors and supporters that there are no financial irregularities or misuse of EDTF funds.

Out of the total amount raised to date 6.360 million USD from over 25,000 donors, 1.173 million USD has been recently disbursed to support the COVID response effort. No other donations have been disbursed to project recipients yet, the Trust Fund elaborated.

Thanking donors, the Fund further elaborated that five projects are approved for funding and seventeen are pending.

“There has been full agreement on funding the five projects that have undergone multiple reviews and approved by the Board of Directors,” it added.

The seventeen pending projects have yet to receive board consensus and will be further reviewed to determine if they are able to fulfill the various predefined criteria identified for EDTF funding.

The Fund has committed 1.173 million USD for COVID 19 Mitigation and it is very pleased to report the Personal Protective Equipment (PPE) listed on May 4, 2020 press release has been purchased, the presser revealed.

“Thanks to our donors, EDTF has made an incredible donation of medical supplies that will be sent to combat the spread of COVID-19 in Ethiopia,” it stated.

EDTF said it is pleased to be one of the first modern-day mechanisms formalizing remittances for development of this magnitude by the Ethiopian diaspora. “While the current global pandemic has challenged our health, safety, and everyday life, we know our collective effort to help Ethiopia prevail.”

The presser stressed that “our combined effort to fund raise for projects aimed at socio-economic development and our additional fundraising effort to provide necessary medical equipment in the country will ultimately help Ethiopia and her people.”

The Ethiopian Diaspora Trust Fund was established on August 8, 2018.