Ethiopia Opens Banking Industry to Foreign Investors

The Council of Ministers has passed decision to open up the banking sector to foreign investors today, the Office of the Prime Minister said.

Opening up the banking industry to foreign investors supports the sector’s services with knowledge and technology and move the country’s economy to a higher level of connection with the international market, the statement noted.

The policy will also help to increase competitiveness and efficiency of the financial sector, to have sufficient financial supply, to facilitate the supply of foreign currency, to increase job opportunities, and to ensure continuous economic growth by ensuring economic efficiency and global competitiveness, the council observed.

Therefore, the Council of Ministers has extensively discussed, enriched, and passed the draft policy to be implemented.

Source: Ethiopia News Agency