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    Ethiopia

    Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world’s fastest economies in the past 10 years.

    32 companies’ mineral exploration and production license has been revoked by Ministry of Mines, Petroleum and Natural Gas (MMPNG) of Ethiopia. The licenses are revoked for lack of financial capacity and for failing to fulfill duties.

    This April Ethiopian Parliament relaxed restrictions on foreign financial institutions. They made amendments to the stringent rules as it paved way for the nation to join the African Trade Insurance (ATI) after the signing of a treaty with the continental body. Experts say Ethiopia represents a major opportunity for Kenyan banks keen on regional expansion primarily due to several factors. The country has a large addressable market, with a population of 96 million. Despite majority being low income, on going economic transformation of the country largely driven by State-led investment in infrastructure and industrialization has spread the benefits of economic growth to the majority of the population, making them more bankable.

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