Ethiopia's banking sector, which is closed to foreign investment and is still one of the most tightly state-controlled in Africa, is dominated by the two oldest and most profitable institutions, Awash Bank and Dashen. "We can finally invest in the financial sector," said Addis Alemayehou, a businessman who returned to Addis years ago but has been restricted in the sectors where he can invest. "The financial sector is one of the most lucrative and well managed, it's a safe investment outside real estate." Abiy's government is also opening up other key sectors of the economy to foreign investment. (The story corrects throughout to show Ethiopia does not allow dual-nationality)(Additional reporting by Maggie Fick; Writing by Duncan Miriri and Mark Potter)

Source: Ethiopian News May 05, 2024 11:55 UTC