Ethiopia postpones partial privatization of Ethio Telecom

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Published Mar 22, 2022

Ethiopia has announced the postponement of the partial privatisation of state-owned firm, Ethio Telecom. The government says it made the decision in light of "recent developments and fast-moving macroeconomic changes" both at home and globally. It hoped that opening up Ethio Telecom would make the behemoth carrier - which has 44 million subscribers - more competitive and efficient. It launched the process for the sale of a 40% stake in the telco last June and a few months later invited proposals from interested parties. One license was awarded to a consortium led by Kenya's Safaricom in late May, which offered $850 million and promised to invest $8.5 million over 10 years