ADDIS ABABA - Ethiopia's government has decided to open up the country's banking sector to foreign investors, the prime minister's office said on Saturday, the latest measure aimed at drawing investment from abroad. In a Facebook post, the prime minister's office said opening up banking to foreign investors would "transform our country's economy by boosting it to have a better link with the international market". Last year, Abiy's government granted a licence to a private telecom operator to break the monopoly of state-owned Ethio Telecom in one of the economy's most lucrative sectors. Foreign investors have long eyed key sectors including banking, telecoms, transportation, aviation and others in Ethiopia, a country of more than a 100 million and one of the biggest economies in sub-Sahara Africa. Abiy's office said in its post that bringing private players into the sector would lead to competition, improve foreign currency inflows and create jobs.

Source: Ethiopian News September 04, 2022 13:10 UTC