BCN-18Ethiopia to privatise parts of Ethiopian Airlines, telecom

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BCN-18

ETHIOPIA-PRIVATISATION-AVIATION-TELECOM

Ethiopia to privatise parts of Ethiopian Airlines, telecom

ADDIS ABABA, June 6, 2018 (BSS/AFP) – Ethiopia will sell off parts of its
major state-owned industries including Ethiopian Airlines and the country’s
lone telecom company, the ruling party announced on Tuesday.

While the government will continue to hold the largest stake in these
companies, “the rest of the shares will be offered to domestic and foreign
investors,” the Ethiopian People’s Revolutionary Democratic Front (EPRDF)
said in a statement.

The policy is “to enable Ethiopia-born citizens living abroad who’ve long
wished to work on the development of their country, and also to enable
foreigners who have the knowledge and foreign currency, to play a positive
role in our growth,” the ruling party wrote on Facebook.

The move by newly inaugurated Prime Minister Abiy Ahmed comes amid
concerns that foreign exchange shortages will harm the rapid growth of
Ethiopia’s economy, large parts of which are off-limits to outside
investment.

The International Monetary Fund predicts Ethiopia will grow by 8.5 percent
this year, a drop from 2017 when the economy expanded by 10.9 percent.

The ruling party statement added that railways, industrial parks and
factories could be fully privatised.

BSS/AFP/HR/1120