FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

The squad at the helm of public and regulatory economic institutions attended a conference inside the meeting hall of the Commercial Bank of Ethiopia’s (CBE) new headquarters last week. It included, right to left, Girma Wake, board chairperson of the Ethiopian Airlines Group; Frehiwot Tamiru, CEO of Ethio telecom; Yinager Dessie (PhD), governor of the central; Eyob Tekalign (PhD), a state minister for Finance; and, Finance Minister Ahmed Shide. They showed up at the invitation of the recently established Ethiopian Investment Holdings, a sovereign wealth fund headed by Mamo Mihretu (farthest left).


The summit was held to bring on-board several state enterprises under Investment Holdings, which has a paid up capital of 25 billion Br and is chaired by the Prime Minister, and officially launch its operations. Many of the bigwigs in attendance are members of the fund's board. The meetings, held on Thursday and Friday last week, also included discussions on public assets and national wealth, portfolio management, and integration of procedures with the state enterprises.


The enterprises coming under the wing of Investment Holdings are the biggest in the country, and taken from nearly every economic sector. The largest ones are, by revenue, Ethiopian Airlines, the CBE, Ethio telecom, the Ethiopian Shipping & Logistics Services Enterprise, and the Ethiopian Insurance Corporation. These public enterprises and two dozen others will hereon serve as subsidiaries to Investment Holdings, which is structured as a parent company. The sovereign fund’s ambition is to consolidate assets, mobilise funds and serve as the primary investment arm of the government.


State enterprises have been as much a blessing to the government as they have been a thorn in its side. The likes of Ethio telecom are cash cows while CBE’s deposits are exhausted to serve development objectives. At the same time, the likes of the Ethiopian Sugar Corporation have been ticking time bombs, at least until their debt was soaked up, that have created a sovereign debt burden and placed the CBE in a precarious situation. Investment Holdings wants to turn the second part around and more.


PUBLISHED ON Jun 25,2022 [ VOL 23 , NO 1156]

[ratemypost]


Related Posts

Editors' Pick

Exclusive Interviews

State Enterprises from Oracles to Apprentices

Dec 22 , 2024 . By TIZITA SHEWAFERAW

Charged with transforming colossal state-owned enterprises into modern and competitiv...

Agenda

Rising Costs, Inflation Threaten Insurance Industry

Aug 18 , 2024 . By AKSAH ITALO

Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...

Agenda

BREWING DISCONTENT

Jul 28 , 2024 . By TIZITA SHEWAFERAW

Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...

Fortune News

Electric Vehicle Push Leaves Investors in the Lurch

Jul 13 , 2024 . By AKSAH ITALO

Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...

Commentaries

Sorghums Silent Struggle in Battles for Relevance

Long recognised as a cradle of crop biodiversity, Ethiopia has historically ranked so...

Virtual Migration Could Revive Growth

While technological advances have fueled prosperity for centuries, their benefits rem...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

A Country Governed by Guesswork, While Millions Lost in the Shadows

Mar 16 , 2025

Ask anyone about the population of Addis Abeba, and a straightforward answer proves e...

The GMO Experiment Can Be Harvest of Hope, Not Seed of Trouble

Mar 9 , 2025

Five years ago, 11 non-governmental organisations (NGOs), together with 40 allies acr...

Mismanaged, Trade Liberalisation Could Pour Cold Water on Local Hopes

Mar 2 , 2025

The domestic economy has endured a punishing half-decade. A global pandemic throttled...

Africa Wants to Mark Own Homework with Homegrown Credit Agency

Feb 23 , 2025

Africa is a place where the frustrations of its elites run high due to what they feel...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Opening Up: A Risk Worth Taking

A friend once shared her family's struggles with a group of people who had admired her life. They used to say they envied her. But after she...

The Power of Persistence in the Face of Pain

Pain is often seen as a roadblock, but for some, it becomes a catalyst for transformation. When faced wit...

Life Matters

Scrolling for Symptoms: The Pitfalls of Online Self-Diagnosis

It is striking how much social media has threaded itself into the fabric of our lives. Beyond connecting...

About Pringles, Wrestling with Luxury in a Land of Need

The other day, after lunch, my family and I wandered into a supermarket. The children had finished their...