Amhara Bank has emerged as a major player in the development of the stock exchange, acquiring a significant stake worth 90.6 million Br. This investment marks the largest holding among commercial banks, surpassing Awash Bank's 70 million Br. Chanyalew Demisse, Amhara Bank's interim president inked the agreement last week with Tilahun Kassahun, CEO of ESX, joining Zemen, Siinqee, Global Ethiopia, Awash, and Hibret banks. The government established the ESX to raise a total of 625 million Br from the private sector. The ESX has secured a substantial portion of its target funding with 275 million Br sourced from four state-owned enterprises under Ethiopia's Investment Holdings and FSD Africa. It is expected to launch next year and is positioned to play a transformative role in Ethiopia's economy.
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