The 2024 East Africa Finance Summit concluded in Addis Ababa, Ethiopia today. The summit began on Thursday. It focused on on how to move forward in finance and find new ways for countries in East Africa to work together. Entities and people from different parts of the financial sector in East Africa attended the two-day summit. The summit was organized by Addis Ababa University and i-Capital Africa Institute, along with other organizations.
The participants discussed about regional economic integration through cross border trade and investments, harmonizing financial regulations, reinforcing the already operational digital financial systems and inclusive instant payment mechanisms.
Mamo Mihretu, the Ethiopian NBE Bank Chief, addressed the 2024 East Africa Finance Summit on Thursday. He talked about the global and regional dynamics affecting Ethiopia’s financial sector, the policy and regulatory responses by NBE, especially in the context of New Strategy Plan and Ethiopian agenda to prepare for the constantly evolving increasingly digital world of finance. Read More…
Ethiopian government showcased its liberalizations measures to the summit participants. The government is planning to launch its first fully operational Stock Exchange later this year. Several foreign entities have announced to invest in the Ethiopian ESX. Notable foreign investors in Ethiopia stock exchange include Nigerian Stock Exchange, Financial Sector Deepening Africa (FSD Africa), a non-profit financial institution backed by the UK government and focusing on sub-Saharan Africa. The Trade and Development Bank Group (TDB), the financial subsidiary of the Common Market for Eastern and Southern Africa (COMESA) trade bloc, is also a participant.
This week, the Ethiopian Investment Commission (EIC) made an important announcement regarding foreign companies operating within industrial parks in Ethiopia. As per the announcement, companies operating in the industrial parks are now allowed to sell up to 50% of their products to the local Ethiopian market.
Last month, the Ethiopian Investment Commission (EIC) issued a new directive outlining that foreign investors can engage in specific trade investments. The new directive allows foreign Investors’ participation in previously reserved businesses including export, import, wholesale, and retail trade investments.
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