Samuel Gebre

Ethiopia has set the minimum spend by solo foreign investors in local businesses and infrastructure projects at $200,000 as Africa’s second most populous country pushes ahead with a privatization drive next year.

For those planning a joint investment with a domestic operator, the requirement drops to $150,000, according to a new draft proposal presented to parliament. The amount is lower still for architectural or engineering initiatives, the document shows.

The government plans to sell a minority stake in phone monopoly Ethiopia Telecommunications Corp. in 2020, alongside two new licenses to create competition. Six sugar plants are also due to be sold by the end of March.

The International Monetary Fund this month approved a $2.9 billion loan to support Ethiopia’s plans for economic reform, which are being overseen by Prime Minister Abiy Ahmed.

Source: Bloomberg