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Turkish state lender poised to open first foreign-owned bank branch in African state.
World Bulletin / News Desk
One of Turkey’s largest state-owned banks, Ziraat Bank, has proposed opening the first foreign-owned bank branch in Ethiopia, the Turkish Economy Minister has said.
Nihat Zeybekci said at the Turkey-Ethiopia Business Forum in Ankara on Monday Turkish lender Ziraat Bank was awaiting a response from Ethiopia to its proposal.
He said: “Ziraat Bank sent a proposal to open a branch in Ethiopia. First, the bank will open an office in there, then the bank will be the first bank to obtain a banking license in Ethiopia.
“I think that everthing is positive and it will be positive to open until the end of the year.”
Ziraat, Turkey’s largest lender, employs more than 24,000 people in 1,700 branches and has 57 branches in foreign countries including Germany, Bosnia and Herzegovina, Kazakhstan, Russia, the U.K., the U.S., Georgia, Bulgaria and Greece.
- Turkey ‘top foreign investor’ in Ethiopia
Turkey is one of the leading countries in terms of Foreign Direct Investment in Ethiopia along with China and India.
There are more than 350 Turkish companies operating in Ethiopia to date which have created jobs for more than 50,000 Ethiopians.
The Turkish investments are also enabling technology and knowledge transfer to Ethiopia, according to Turkish officials, while Turkish investment in Ethiopia stands at $3 billion.
The trade volume between the two countries was $400 million in 2014, down from $421 million in 2013, according to the Turkish Statistical Institute, exports from Turkey were $329 million and its imports from Ethiopia stood at 67.5 billion in 2014. (World Bulletin)
AS A PROFESSIONAL PERSON HAVING BA DEGREE IN ACCOUNTING FROM ADDIS ABABA UNIVERSITY AND ACCA( THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS ) OF UK MEMBER SINCE MAY 2013,I APPRECIATE ETHIOPIA’S MOVE TOWARDS LIBERALIZING ITS FINANCIAL SECTOR.I HAVE MORE THAN 15 YEARS OF EXPERIENCE IN DIFFERENT SENIOR POSITIONS AT AWASH INTERNATIONAL BANK SC AND AS AN EXTERNAL AUDITOR AT AUDIT SERVICES CORPORATION AND DIFFERENT AUDIT FIRMS FOR MORE THAN 9 YEARS.THUS LIBERALIZING THE FINANCIAL SECTOR KEEPING THE INTERESTS OF OUR COUNTRY ENHANCES OUR EMPLOY-ABILITY CAPACITY IN ORDER TO GAIN INTERNATIONAL EXPERIENCE. FINALLY ,I APPRECIATE FOR THE COMMITMENT OF TURKISH GOVERNMENT TO OPEN BRANCH BANK IN ETHIOPIA AND I AM WILLING TO WORK WITH THEM.
MY TEL ADDRESS IS + 251 911 18 10 96
THANK YOU,
This is something I am waiting to here for many years! If the government of Ethiopia takes this case seriously, it would affect FDI inflow positively and improves the country’s foreign reserve position. Now it is time to move this direction for the country as recent fast and high economic growth will be halted because of foreign reserve shortage and even domestic banking’s capacity to lend sufficient fund is far from what is expected in the growing economy.