Ethiopia plans to issue 900 billion birr ($7.4 billion) of bonds to settle debts owed by several government-owned enterprises that have hobbled the East African nation’s biggest lender. It will raise the funds via 10-year government bonds, according to a proclamation sent to parliament on Tuesday. Around 846 billion birr of the proceeds will be used to repay loans issued by Commercial Bank of Ethiopia and the remainder will boost the lender’s capital.

Source: Ethiopian News November 05, 2024 14:05 UTC