Ethiopia Investment Holdings, nation’s sovereign wealth fund formed earlier this year, announced Wednesday that it has been tasked with establishing the Ethiopian securities exchange (ESX), taking over the responsibility from the National Bank of Ethiopia (NBE).
It has been two years since NBE establishing Ethiopia’s first capital market. The regulatory body introduced a proclamation to govern the stock market in 2020 and it was later legislated by Parliament.
The announcement is made as the Holding Company signed a cooperation agreement with FSD Africa; an institution aims to build ambitious financial sector development programs, today at Hyatt Regency Hotel. The Holding Group was also recently delegated to oversee the privatization of Ethio Telecom, which was being handled by the Ministry of Finance and Public Enterprises Holding Agency.