01 March 2024
Addis Ababa, Ethiopia – Awash Bank has purchased 70 million birr worth of shares in the Ethiopian Capital Market,
following the government’s initiative to offer shareholding opportunities to financial institutions.
Sunya Shiferaw, CEO of Awash Bank, stated that the bank established a project office dedicated to the capital market, highlighting the bank’s commitment to participating in this new market. He emphasized the significance of a well-developed capital market in attracting investment and fostering economic growth.
Shiferaw acknowledged Ethiopia’s favorable investment climate, including its resource wealth and young workforce, but pointed out the challenge of limited capital hindering economic progress.
Tilahun Ismail (Dr.), manager of the Ethiopian Securities Investment Market, mentioned the possibility of establishing a bond investment system in the future. However, to encourage participation from Ethiopian financial institutions and foreign investors, the government opted to start with a shareholding system.
The Ethiopian Documentary Investment Market, established as a stock company, prioritized offering membership to Ethiopian financial institutions. Dr. Ismail stated that Awash Bank’s share purchase allows them to maintain ownership and participate in the market’s registered investments
