In a move set to bolster Ethiopia’s capital market, Global Bank SC has announced a strategic investment of 50 million Birr in the Ethiopian Securities Exchange (ESX). This significant injection of capital reaffirms Global Bank’s commitment to Ethiopia’s economic development and underscores its belief in the pivotal role of the capital market.
The investment marks Global Bank as the second private bank to invest in ESX, following in the footsteps of Zeman Bank and Siinqee Bank. With this latest infusion of funds, ESX has secured a total of 147.5 million Birr from the three private banks, complementing the 275 million Birr previously garnered from organizations managed under EIH, the government’s investment arm.
Meaza Wondimu A., Chief Officer of Corporate Strategy and Transformation at Global Bank Ethiopia, emphasized the importance of capital markets in fostering economic growth. She highlighted the role of ESX in facilitating access to capital, supporting effective allocation, and driving overall economic prosperity.
Dr. Tilahun E. Kassahun, CEO of ESX, expressed excitement about the private sector’s support for ESX, emphasizing its potential to revolutionize Ethiopia’s capital market. With ambitions to collect a total of 625 million Birr from companies and institutions, ESX is committed to expanding and growing Ethiopia’s capital market, paving the way for increased investment opportunities and economic development.
This strategic investment by Global Bank signals a promising step forward in strengthening Ethiopia’s capital market infrastructure and creating a conducive environment for sustainable economic growth.
