The Federal Government of Ethiopia plans to open its banks to foreign companies in order to provide a strong economy to recover from the effects of war, the Covid-19 embargo and the severe drought that has crippled the country’s economy
The government of Abiy Ahmed is submitting the plan to the Federal Parliament of Ethiopia and if it finds out there will be open competition among foreign companies to make their selection easier, according to members of his office.
Most of the companies taking advantage of this opportunity are registered in Japan, and Abiy Ahmed’s government plans to make more money when it receives funding from 18 banks.
The Ethiopian government is also interested in investing in telecommunications as it has already licensed companies such as Safaricom Kenya, Vodacom in South Africa, Vodafone in Britain & Sumitomo in Japan.
The war in Ethiopia, which began with the postponement of the country’s elections, has eroded the government’s limited resources following the closure of factories and much-needed agricultural land.
