Turkey state owned public lender Ziraat Bank is going to establish an office in Ethiopia reports the country’s Daily Sabah.
Turkey’s Economy Minister Nihat Zeybekci told reporters on Monday that the bank has “applied to open an office in Ethiopia” adding that Ziraat wishes to obtain a banking license in Ethiopia.
In December 2014 when the country’s President Recep Tyyip Erdoğan and his delegation visited Ethiopia Zeybekci had stated that a public lender will start operating in Ethiopia.
One of the leading banks in Turkey, Ziraat is headquartered in Ankara and has more than 1430 offices.
The government in Ethiopia has identified the financial sector as one among others that are closed to foreign investors. It has based its argument on the fact that the financial institutions in the country are not firmly grounded yet, and exposure to global giants will have a significant effect on the health of their endeavors. Daily Sabah did not mention the conditions under which Ziraat Bank is opening a branch in Ethiopia.