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Ethiopia has moved a step close to getting its long-awaited Ethiopian Securities Exchange (ESX).
The ESX was first announced in 2020. The Ethiopian Ministry of Finance, the Ethiopian Investment Holdings, and FSD Africa have signed an agreement on Wednesday to establish the ESX, according to a report on financial website Finbold.
ESX will be launched with the first 50 firms already on the list.
Development agency FSD Africa will fund almost all aspects to ensure a functioning exchange, Finbold reported citing Ato Ahmed Shide, Minister in the Ministry of Finance.
Ethiopia is among the biggest five economies in sub-Saharan Africa. However, the country does not have a stock exchange. In the late 1950s, there were attempts to re-establish a capital market, but the efforts didn’t last, Finbold reported.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
