Ethiopia opens up telecoms, airline to private, foreign investors

Ethiopia said Tuesday it would open its state-run telecoms monopoly and state-owned Ethiopian Airlines to private domestic and foreign investment, a major policy shift that will loosen the state's grip on the economy. The East African nation of 100m people has one of the most closed and controlled economies in Africa. The ruling EPRDF coalition, in power since 1991, has long supported deep state involvement in the economy. But the EPRDF said Tuesday that Ethiopia needed economic reforms to sustain rapid growth and boost its exports. "While majority stakes will be held by the state, shares in Ethio Telecom, Ethiopian Airlines, Ethiopian Power, and the Maritime Transport and Logistics Corporation will be sold to both domestic and foreign investors," it said. <br/>