Ethiopia Begins Fundraising for First-Ever Securities Exchange
The Horn of Africa nation’s economy was one of the world’s fastest growing before it was disrupted by a civil war and the coronavirus pandemic.
Photographer: Amanuel Sileshi/BloombergThis article is for subscribers only.
Ethiopia began selling shares to raise funds required to set up its first-ever securities exchange as Prime Minister Abiy Ahmed pushes to modernize eastern Africa’s largest economy.
The sale, which kicked off in the capital, Addis Ababa, on Tuesday aims to mobilize 75% of the required funding, said Michael Habte, a project manager for the planned Ethiopia Securities Exchange, or ESX. The remaining 25% of the shares will be held by Ethiopian Investment Holdings, the nation’s sovereign wealth fund.