Sep 21 , 2025
The Ethiopian Capital Market Authority (ECMA), led by Director General Hana Tehelku, has stepped up efforts to strengthen the country's financial system through talks with The Currency Exchange Fund (TCX) and a new partnership with Infrastructure Credit Guarantee Company Limited (InfraCredit). In discussions with TCX executives, ECMA explored strategies to use currency risk hedging instruments that would allow Ethiopian issuers to tap foreign capital while limiting exchange rate exposure. Established in 2007 by a consortium of development finance institutions, TCX provides hedging solutions tailored to emerging and frontier markets. ECMA highlighted the potential of such mechanisms to boost investor confidence, diversify financing sources, and attract international investment. Separately, ECMA signed a Memorandum of Understanding with InfraCredit to explore the creation of a Credit Guarantee Facility. Under the agreement, InfraCredit will draft a concept paper assessing feasibility, while ECMA will lead stakeholder engagement. The initiative aims to unlock long-term financing for infrastructure projects and marks a step toward building a stronger capital market.
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