Ethiopia Approves the Setting up of Its Capital Market Structure

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Tuesday, December 22, 2020   /10:08 PM / By Maggie Fick of Reuters/ Header Image Credit: @AbiyAhmedAli

 

Ethiopia's cabinet on Tuesday endorsed the establishment of a stock market, Prime Minister Abiy Ahmed tweeted.

 

The finance ministry said in June it had drafted a bill to create a stock market authority. It was not immediately clear if this was the bill passed on Tuesday.

 

Abiy's office tweeted a statement saying that a capital market would ease Ethiopia's dependency on foreign finance.

 

Since Abiy took office in 2018, the government has slowly begun introducing economic reforms, including preparing to open state-controlled sectors such as telecommunications to foreign investors.

 

Ethiopia is Africa's second-most populous nation and its economy has in the past decade been one of the world's fastest-growing, due mainly to heavy state spending on infrastructure.

 

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The post Ethiopia's Cabinet Endorses Establishment of a Stock Market was first published in the Reuters on December 22, 2020


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