Global Bank has announced an investment of ETB 50 million in the Ethiopian Securities Exchange (ESX), becoming the third financial backer of the growing bourse.
Meaza Wondimu, Global Bank's Chief Officer of Corporate Strategy and Transformation, highlighted the crucial role capital markets play in fostering development.
The investment comes as ESX works to raise a total capital target of ETB 625 million. So far, a quarter of this goal has been secured from corporate and institutional investors excluding ETB 275 million from four state-owned enterprises.
Zemen Bank led the way for financial institutions in January, obtaining a five percent stake worth approximately ETB 47.5 million. Mid-tier lender Siinqee Bank followed suit last month with an investment valuation ETB 50 million for a slightly over five percent share.
Tilahun E. Kassahun (Ph.D.), CEO of ESX, welcomed Global Bank's participation and said such support from private sector players will aid ESX's objective of revolutionizing Ethiopia's financial system.
