In a historic financial development, Awash Bank secured a notable 70 million Br investment in the inaugural securities exchange last week. Awash's significant stake acquisition is the highest among commercial banks and reflects a robust investor appetite for the Ethiopian Securities Exchange (ESX), which is poised to raise a total of 900 million Br.

This follows previous stake acquisitions by Global, Siinqee and Zemen banks, contributing to ESX's objective of achieving a 75pc ownership stake by the private sector for an anticipated launch early next year. As Ethiopia positions itself as one of the few African economies projected for substantial growth, ESX sets ambitious goals, aiming to list up to 100 companies over the next decade.

Under the leadership of inaugural CEO Tilahun E. Kasshun (PhD), ESX has garnered considerable investor interest since the announcement of its capital raise a few months ago. The exchange aims to generate 625 million Br from the private sector, encompassing banks, insurance companies, and microfinance entities. The remaining 275 million Br has already been secured from four state-owned enterprises under Ethiopia’s Investment Holdings and FSD Africa.