Ethiopia plans to allow foreigners to buy real estate and liberalize the retail sector. Until now, Ethiopia has prohibited foreigners from owning real estate. As the second most populous country in Africa with around 120 million people, facing heavy external debt with little foreign currency reserves, it now intends to open up this market, with legislation « in the final stages ».
Prime Minister Abiy Ahmed unveiled plans for this new regulation to allow foreign nationals to buy real estate and open retail to international companies.
« We will enact a law allowing foreigners to own real estate, » Abiy said during a meeting of business leaders broadcast by local media.
Prime Minister Abiy Ahmed, facing mounting external debt and limited foreign currency reserves, announces reforms to boost the economy.
