Ethiopian Investment Holdings (EIH) was ranked as the 34th biggest sovereign wealth fund in the world, with nearly 45 billion dollars of assets. The Sovereign Wealth Fund Institute’s (SWFI) latest ranking places EIH as the biggest sovereign wealth fund in Africa, beating out the Libyan Investment Authority for the top spot on the continent. The Norway Government Pension Fund Global is by far the biggest sovereign wealth fund in the world, with over 1.7 trillion dollars in assets
EIH has a portfolio of 40 state-owned enterprises that span everything from aviation to financial services, telecom, and hospitality. The Fund was established nearly four years ago with 28 SOEs under its portfolio and 100 billion birr capital. Its founding CEO was the current governor of the National Bank of Ethiopia, Mamo Mihretu. EIH absorbed around eight SOEs last December into its portfolio, formerly managed by the Public Enterprise Holdings & Administration (PEHA).
Under Brook Taye (PhD), the former Director General of the Ethiopian Capital Market Authority (ECMA) and EIH’s current CEO, a series of reforms have been kick-started to sharpen the Fund’s competitive edge and reverse years of precarious management. Several executive positions have been replaced by new talent while contemporary accounting standards have been rolled out across the board.
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