Foreign-Owned Finance Group Exits Ethiopia Due to Foreign Exchange Limitations – The Financial Times

Hana Belay

The only foreign-owned financial services company operating in Ethiopia is pulling out of east Africa’s largest economy because of foreign exchange constraints, in a blow to efforts by Prime Minister Abiy Ahmed to attract investors.

Ethio Lease, a unit of New York-based African Asset Finance Company, is the first and only foreign group to secure a financial services licence to operate in Ethiopia. It is also the first company to lease imported equipment, including farm machinery and medical products, in the country of 120mn people.

“This is a huge loss for Ethiopia,” said Girma Wake, Ethio Lease’s Addis Ababa-based chair. […] CONTINUE READING

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