Ethiopia’s economic reform creates environment for investment in financial sector: VISA Country Manager

Addis Ababa, August 25, 2024 (FBC) – The comprehensive economic reform of Ethiopia will create an enabling environment for investment in the financial sector in the country, VISA Company Country Manager Yared Endale said.

The country manager stated that the economic reform would encourage foreign investors to invest in the financial markets of Ethiopia.

The reform creates more confidence for foreign investors to be able to come and operate in the market and increase the volume of foreign currency flow to the country, he added.

Above all, Yared noted that it transforms the landscape of the financial sector in Ethiopia, ENA reported.

“It is really amazing, especially for the financial sector where I am working. The opening up of the market and the foreign direct investment is really encouraging a lot of investors outside of the country to able to have more confidence to come and operate in the market.”

According to him, all this transformation is really changing the landscape of the financial sector in Ethiopia.

Moreover, the country manager explained that the economic reform would further bring opportunities for domestic banks and financial institutions to grow their technological capabilities as the opening up of the market inspires and attracts foreign competitors who come with a lot of experience to invest in Ethiopia.

“Now the market is opening up. The competitors are coming with a lot of experiences which create opportunity for our banks to grow their technological capabilities… This will really increase the appetite for the banks to be able to transform,” Yared said.

Ethiopia’s macroeconomic reform targets a range of issues, including foreign exchange distortions, financial sector strengthening, inflation control, tax revenue mobilization, and improving the business climate.