Sovereign Fund Takes Control of Colossal Enterprises

June 23 , 2022

The country's biggest public enterprises have come under the wing of the newly-formed Ethiopian Investment Holdings (EIH).

The Ethiopian Airlines Group, the Commercial Bank of Ethiopia, Ethio telecom, the Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Utility are among the 28 state-owned entities under the purview of the sovereign wealth fund.

EIH was established earlier this year with an authorised capital of 100 billion Br, of which 25 billion Br is to be paid up. Prime Minister Abiy Ahmed (PhD) chairs its board of directors of six. Board members include Finance Minister Ahmed Shide, Frehiwot Tamiru, CEO of Ethio telecom, and Berhanu Nega (Prof.), minister of Education.

Mamo Mihretu, former policy advisor to the Prime Minister, was chosen to lead the wealth fund as CEO in February.

Last month, EIH was approved as an associate member of the International Forum of Sovereign Wealth Funds, a global network of sovereign wealth funds from over 40 countries.

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