Fortune News | Dec 11,2021
May 18 , 2022
Federal officials have tasked Ethiopian Investment Holdings, a sovereign wealth fund formed earlier this year with 100 billion Br in capital, with the formation of the Ethiopian Securities Exchange.
Earlier today, representatives of the holding group, led by Chief Executive Officer (CEO) Mamo Mihretu and Ahmed Shide, minister of Finance, signed an agreement with Financial Sector Deepening (FSD) Africa, an UK Aid affiliated NGO based in Kenya.
The two are partnering to facilitate the establishment of the capital market, which has been in the making for two years with regulators at the National Bank of Ethiopia (NBE) spearheading the process.
Though something resembling a stock exchange existed during the Imperial Era, efforts to form a full-fledged capital market screeched to a halt when the Dergue came to power.
A bill tabled to lawmakers last year proposes the formation of a Capital Market Authority tasked with regulating the primary and secondary markets. It will also supervise the listing and delisting of securities.
The Authority is to report to the Prime Minister, who also chairs the Holding Group's board of directors of six.
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