Ethiopia’s first ever sovereign credit rating will be due in two weeks time, Finance and Economic Development Minister Sufian Ahmed told Reuters. He added this will pave way for the country to international bond markets.

It was in February and March that Moody's, Standard & Poor's and Fitch, the three main rating agencies, visited Ethiopia in order to assess the nation’s economy. And according to Sufian the three agencies will announce their rating in the coming few weeks.

Ethiopia has largely an agrarian economy and it is striving to shift to textiles and other manufacturing sector. Ethiopia does plan "not only a Eurobond but other bonds as well" once it secures a rating, Prime Minister Hailemariam Desalegn told Reuters in an interview in October.

Everybody will see where (Ethiopia)... is now, and why a number of investors from China, India and Europe are coming here," Sufian said during a sidelines of a meeting with the Chinese delegation that where led by Premier Li Keqiang.

The International Monetary Fund expects Ethiopia's economy to grow 7.5 percent in each of the next two fiscal years but says the government needs to encourage more private sector investment to prevent growth rates from falling thereafter.

Source: Reuters