The Ethiopian government will offer shares to foreign investors in its major public enterprises, including Ethiopian Airlines, the ruling Ethiopian People’s Revolutionary Democratic Front said in a statement.
The state will retain the largest stakes in Ethio Telecom, Ethiopian Airlines, Ethiopian Electric Power and Ethiopian Shipping and Logistics Services Enterprise and the rest will be transferred to domestic and foreign investors, it said on its website. The EPRDF Executive Committee also said that investors would be able to buy shares in railway, sugar and industrial park projects.
The move is a significant change to Ethiopia’s economic strategy by the government of new Prime Minister Abiy Ahmed. The EPRDF had always argued that national development was best served by keeping strategic industries and critical infrastructure under public ownership.