The Council of Ministers in Ethiopia has approved two draft proclamations as an integral part of the National Bank of Ethiopia’s (NBE) economic reform agenda. Under the Banking Business Proclamation, foreign banks can invest in the Ethiopian banking business through opening foreign bank subsidiaries, branches or investing in shares of existing domestic banks. Additionally, the new proclamation seeks to integrate regulation coupled with prompt corrective measures on troubled banks by NBE. Ethiopia has in the last 2 years, opened up its telecommunications sector to foreign investors and companies with Safaricom setting up operations there. By opening up core industries, Ethiopia seeks to create employment, stimulate economic growth while boosting competitiveness in the country with over 129 million people.

Source: Ethiopian News June 18, 2024 11:08 UTC