Zemen Bank has become the first private entity to secure an agreement with the Ethiopian Securities Exchange (ESX) by investing Birr 47.5 million to acquire a 5% ownership share. Zemen Bank joins Ethiopian Investment Holdings (EIH) as one of the initial financial backers of ESX, with other investors expected to follow suit. ESX CEO Tilahun Kassahun welcomed Zemen Bank's investment, emphasizing its importance for acquiring trading solutions and preparing for operational launch. Foreign and domestic investors can purchase 75% of the shares of ESX while the rest of the ownership goes to the Ethiopian Government through Ethiopian Investment Holdings. Financial Deepening Africa (FSD Africa) has already signed an agreement to become a shareholder in the securities exchange.

Source: Ethiopian News January 17, 2024 13:44 UTC