Turkish state owned agricultural bank, Ziraat Bank, approached the Ethiopian government and tabled its proposal to open a branch here in Ethiopia. However, this is regardless of the strict prohibition of the government foreign nationals and companies owning entering the financial sector.

Ziraat, which is said to be one of the top two banks in Turkey, is going to send a team of delegates to Ethiopia in the near future. During its visit, the team is expected to visit relevant offices to talk on the matter of forming the bank in Ethiopia.

Turkey is one of the top three major FDI promoters in Ethiopia. In almost a decade Turkish investment in the East African country has reached USD Three Billion. This figure is expected to grow this year.

Turkish Ambassador to Ethiopia, Osman R. Yavuzalp, admitted Ziraat sent a proposal to the Ethiopian government. The Ambassador furthered officials from the bank will come to Ethiopia to hold talks.

“We will negotiate this from our side but it will depend on the talks with Ethiopian officials,” he explained. “Ethiopia has the final say because the establishment will be based on the rules and regulations of the country.”

Source: Capital