(Last Updated On: June 4, 2014)
Ethiopia has a population of over 92 million people and is among the fastest growing economies in the world with GDP growth of over 10% year over year. This makes it to be a very lucrative market for international companies. However, the country restricts foreign investors from venturing into telecommunication banking, insurance, retail, electricity and media sectors. These are all the biggest money earners.
Co-operative Bank is planning to venture into the country through joint ventures. This will be assisted by special agreement by Kenya’s former president Mwai Kibaki signed with Ethiopia’s Prime Minister Haile Mariam Desalegn which allows Kenyan banks to set up office within the country.