The National Bank of Ethiopia granted the first financial services license to a foreign-owned company, Ethio Lease, a capital lease provider, as the Ethiopian Government delivers on its promise to gradually liberalize the economy and create jobs.

Ethiopia has taken the first steps towards liberalising its tightly controlled financial sector by granting a business license to a foreign-owned company for the first time.

NAIROBI, Aug 8 (Reuters) - Ethiopia’s central bank granted a financial services licence to a foreign-owned company for the first time on Thursday, as the government begins to open up the economy of Africa’s second most populous nation.

Ethiopia’s central bank granted its first financial services license to a leasing company that plans to bring into the east African country equipment worth $600 million.

Girma Wake, the former CEO of Ethiopian Airlines, along with eight foreign companies and individuals is forming the sixth lease financing company in the country.