Financial Sector Set for Transformation with Launch of New Facilitating Agency
ADDIS ABABA – Financial Sector Deepening Ethiopia (FSD Ethiopia), a newly established non-government development agency, has been launched today.
Funded by UK Aid and the Bill & Melinda Gates Foundation, FSD Ethiopia is expected to provide financial and technical assistance for both public and private sector domains.
“FSD Ethiopia will work with stakeholders in the financial sector – government, the private sector, civil society organizations, and other development partners supporting the development of inclusive and robust financial markets,” in the country, said Ermias Eshetu, CEO of newly launched agency.
It’s specialized programs include capital markets, credit markets, insurance, and digital financial services.
The agency was officially unveiled in the presence of Minister of Finance Ahmed Shide, Governor of the National Bank of Ethiopia Yinager Dessie (PhD).
The launching event also brought together representatives from the financial sector ecosystem in Ethiopia, the Bill & Melinda Gates Foundation, and the UK government’s Foreign, Commonwealth & Development Office (FCDO), among others.
Central Bank governor Yinager, said the NBE has already collaborated with FSD on key financial sector reform priorities, including the National Financial Inclusion Strategy and the National Digital Payments Strategy.
It “has proven itself to be a reliable and resilient development partner,” Yineger said. “We look forward to working even closer with FSD Ethiopia.”
FDS Ethiopia’s unveiling comes a day after the government signed a cooperation agreement with FSD Africa to establish the Ethiopian Securities Exchange. as a fundraising platform for SMEs and to mobilize the privatization of state-owned enterprises.
At least fifty companies, including banks and insurance companies, are expected to list at the launch of the exchange.
“There are huge opportunities in Ethiopia’s financial sector reforms but also challenges ahead,” said Mark Napier, CEO of FSD Africa. “Decision makers in both the public and private sectors will benefit from access to the neutral, technically informed advice and strong regional networks that FSD Ethiopia will be able to contribute.”
