Latest news with #DawitEndeshaw
Zawya
2 days ago
- Business
- Zawya
Ethiopia agrees $1bln financing deal with World Bank
Ethiopia said on Friday that it had signed a $1 billion financing agreement with the World Bank to support its economic reform programme and boost growth. The money will bolster government efforts to ensure financial sector stability, enhance trade competitiveness and strengthen domestic resource mobilization, Ethiopia's finance ministry said in a post on Facebook. The World Bank said in a statement that the financing comprised a $650 million grant and a $350 million concessional loan. It said that subject to board approval and resource availability, the World Bank Group's International Development Association expects to give Ethiopia roughly $5 billion in new financing over the next three fiscal years. The funding pledges follow the International Monetary Fund's approval this week of the latest review of the East African country's $3.4 billion loan programme, unlocking access to another $262.3 million tranche. Reforms backed by the IMF include last year's floating of the country's birr currency and moves to open up the previously-closed economy to the private sector. The IMF said it was important for Ethiopia to improve foreign exchange market functioning, boost domestic revenues, restore external debt sustainability and enhance fiscal transparency. (Reporting by Dawit Endeshaw; writing by Elias Biryabarema; editing by Alexander Winning and Alexandra Hudson)
Time of India
26-04-2025
- Business
- Time of India
Ethio Telecoms sells just 10.7% of shares in IPO
By Dawit Endeshaw ADDIS ABABA: Ethiopia's state-owned Ethio Telecom sold only 10.7% of the shares in its initial public offering in which the government sought to trim its equity in the firm. The IPO is part of the government of Prime Minister Abiy Ahmed's broader plan to expand private investment in the Horn of Africa economy. During the IPO, which commenced on October 16 and closed on February 14, Ethio Telecom sold 10.7 million shares out of 100 million on offer, Chief Executive Officer Frehiwot Tamiru said at a press conference in the capital Addis Ababa. The sale generated 3.2 billion Ethiopian Birr ($24.50 million) from 47,377 investors who took part in the IPO. Frehiwot said the relatively low uptake was partly because the company restricted the sale to only Ethiopian citizens. Ethiopians who had acquired foreign citizenship were not allowed to participate. "It is because of those restrictions we put on," Frehiwot said, explaining the low uptake. She added some investors were also put off by the 1 million Birr limit of shares that any individual investor could buy.
Zawya
21-03-2025
- Business
- Zawya
Ethiopia reaches agreement in principle with official creditors, state finance minister says
Ethiopia has reached an agreement in principle with its official creditors during debt default negotiations, the country's state finance minister said on Friday. The East African nation opted to restructure its external debt under the G20's Common Framework, before it defaulted on its sole Eurobond in December 2023. It struck a financing deal with the International Monetary Fund last July, enabling it to attempt to jumpstart the stalled debt restructuring process. "AIP (Agreement In Principle) is reached," Eyob Tekalign told Reuters, without providing more details. (Reporting by Dawit Endeshaw; Writing by Hereward Holland and Duncan Miriri; Editing by Tomasz Janowski)
