Ethiopia opens its banks to foreign investors

Foreign banks will soon be able to hold up to 30% shares in Ethiopian commercial banks. The initiative taken by the Ethiopian government should help encourage investment in the country. According to Bloomberg, an Ethiopian cabinet draft distributed to domestic banks on October 5 stipulates the amount of equity foreigners can buy. The move comes after the government last month announced plans to ease restrictions on bank ownership and honor Prime Minister Abiy Ahmed’s pledge to open the economy to foreign investors. The Prime Minister’s Office then said

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