Ethiopian Investment Holdings

የኢትዮጵያ ኢንቨስትመንት ሆልዲንግስ · Ethiopia · Africa · Founded 2021 · State holding company · IFSWF associate member

Focus

Ethiopian Investment Holdings: what it invests in

Transport and logisticsFinancial servicesTelecoms and mediaInfrastructure and utilitiesAgriculture and food securityIndustrials and manufacturing

Strategic state holdingsPrivate equityInfrastructure

Geography Mainly domestic

Scale

Ethiopian Investment Holdings: how big it is, and on what basis

About USD 45B Estimate

Published estimateAs of 2025-09-04

In US dollars: about USD 45B. Press estimate reported by Ethiopian Monitor; EIH publishes no total.

Transparency

Ethiopian Investment Holdings: what it publishes

5.5 of 10 Band 3 of 5

Published 3 · Partly 5 · Not published 2

Our 10 item score. It measures what is public, not how well a fund is run.

Portfolio value (reported)S5: About USD 45B; As of 2025-09-04
Portfolio companiesS5: About 40; As of 2025-09-04
Profit before tax, 2024/25S5: ETB 262.7B (up 88%); As of 2025-09-04
Profit target, 2025/26S5: ETB 412B; As of 2025-09-04
Gode fertiliser stakeS7: 40% (USD 2.5B project); As of 2025-08-29
Stock exchange stakeS2: 25%; As of 2026-06-15
Transparency scoreS1: 5.5 of 10

At a glance. EIH is Ethiopia's sovereign wealth fund and state holding company, set up in December 2021. It owns about 40 state companies, including Ethiopian Airlines Group, Ethio Telecom and Commercial Bank of Ethiopia, across nine sectors. Media reports put the portfolio at about USD 45B; EIH does not publish a total. Portfolio companies earned ETB 262.7B before tax in 2024/25. S5 S1

Key points

Portfolio revenue was ETB 2.05 trillion in 2024/25 and profit before tax rose 88 percent to ETB 262.7B. S5
Targets for 2025/26 are ETB 2.75 trillion of revenue and ETB 412B of profit before tax. S5 S6
Transport and logistics produced 66.8 percent of 2024/25 profit, finance 14 percent and power and communication 10 percent. S5
Holds 40 percent of a USD 2.5B urea fertiliser complex in Gode built with Dangote Group. S7
Owns 25 percent of the Ethiopian Securities Exchange, set up as a public-private partnership in 2023. S2
Eight more enterprises joined the portfolio in December 2024 from the Public Enterprises Holding and Administration. S2

Interesting facts

The Gode plant is planned at 3 million tonnes of urea a year, against national demand of about 1.2 million tonnes. S8
Commercial Bank of Ethiopia, one of its holdings, reached 43.1 million customers and ETB 1.67 trillion of deposits in 2024/25. S5
Its portfolio also includes the National Alcohol and Liquor Factory and the Federal Housing Corporation. S4

Mandate and goals

Improve the performance of public commercial assets through modern management and governance, and mobilise new investment through several platforms, to create wealth that finances development. S1

Maximise value for current and future generations through professional management of funds, SOEs and assets. S1
Act as the government's strategic investment arm. S1
Attract foreign investment and unlock value from unused assets. S1

How it invests

Industries	Transport and logistics, Financial services, Telecoms and media, Infrastructure and utilities, Agriculture and food security, Industrials and manufacturing, Mining and metals, Tourism and hospitality S1 S4
Asset classes	Strategic state holdings, Private equity, Infrastructure S4 S7
Stages	Buyout, Infrastructure, Growth S7 S4
Geography	Mainly domestic. Ethiopia, across nine sectors S5
Direct / through funds / co-invest	Yes / No / Yes S4 S7
Ticket size	No ticket size published S7
Deal sizes seen	40% of a USD 2.5B project (Dangote fertiliser, 2025)
External managers	Not published S1
Co-investment programme	No formal programme; partners on specific projects such as Dangote Group, and a memorandum with Azerbaijan Investment Holding S7 S2

Sector weights: Transport and logistics (profit share) 66.8%, Finance 14%, Power and communication 10%, Agriculture and agro-industry 2.64%, Trading 2.02% (as of 2025-09-04) S5

Largest holdings: Ethiopian Airlines Group, Ethio Telecom, Commercial Bank of Ethiopia, Development Bank of Ethiopia, Ethiopian Shipping and Logistics, Ethiopian Electric Utility S4 S5

Published criteria

Portfolio companies are held to six focus areas: product quality, asset use, financial management, technology, marketing and sustainable growth. S5

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	Gode urea fertiliser complex. Shareholders' agreement with Dangote Group; construction began 5 October 2025 with a 40-month target. S7 S8	Joint venture or partnership	Agriculture and food security	Infrastructure	USD 2.5B (project, 40% EIH)	40%
2025	Azerbaijan Investment Holding memorandum. Cooperation memorandum signed in February 2025. S2	Joint venture or partnership	Financial services	Not stated	Not published
2024	Eight enterprises from PEHA. Eight enterprises moved in from the Public Enterprises Holding and Administration. S2	State asset transfer	Industrials and manufacturing	Not stated	Not published
2023	Ethiopian Securities Exchange. Took 25 percent of the new exchange in a public-private partnership. S2	New company or platform	Financial services	Not stated	Not published	25%
2021	Ethiopian Airlines Group. Largest portfolio company; passenger numbers rose 11 percent in 2024/25. S5	State asset transfer	Transport and logistics	Not stated	Not published
2021	Ethio Telecom. Voice subscribers up 15 percent in 2024/25. S5	State asset transfer	Telecoms and media	Not stated	Not published

Case studies

Fertiliser self-sufficiency with Dangote S7 S8

What: EIH took 40 percent of a urea complex in Gode, with Dangote Group holding 60 percent.
When: August 2025
Size: Up to USD 2.5B project
Why: Cut fertiliser imports using local gas from the Calub and Hilala fields.
Outcome: Construction began in October 2025, targeting 3 million tonnes a year.

Building a capital market S2

What: EIH took 25 percent of the new Ethiopian Securities Exchange and plans listings of portfolio companies.
When: 2023
Size: 25% stake
Why: Creates an exit and funding route for state companies.
Outcome: Ethiopian Shipping and Logistics and Ethiopian Insurance Corporation named for listing.

Investment process

A board composed mainly of ministers and the central bank governor oversees EIH; the CEO sits on it ex officio. EIH runs annual performance dialogues with each portfolio company. S1 S5

Committee	Role
Board of Directors	Oversight; mainly ministers and the central bank governor S1

Annual performance dialogue with each portfolio company, held 18 to 28 August in 2025. S5
Results announced each September. S5

How to approach: Use the contact route on the EIH website. No intake programme for outside investors is published. S9

Size and returns

Headline size: About USD 45B, estimate (Published estimate, as of 2025-09-04) S5
In US dollars: about USD 45B. Press estimate reported by Ethiopian Monitor; EIH publishes no total.
Portfolio revenue, 2024/25: ETB 2.05T (Published estimate, as of 2025-09-04) S5
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Brook Taye	Chief Executive Officer S1 S2	2024-08
Yasmin Wohabrebbi	Deputy Chief Executive Officer S2	Not published

Governance and transparency

Legal basis: Council of Ministers Regulation No. 487/2014 E.C. on EIH objectives and organisation S1
Oversight: Board of ministers and the central bank governor S1
Santiago Principles: IFSWF associate member S3
Member of the African Sovereign Investors Forum since July 2023. S2
Audit reports of named portfolio companies are posted on the annual report page. S4

Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

Published: geographic or sector split, holdings or deal list, named leadership. S1 S4 S5
Partly published: annual return, asset allocation, audited financial statements, governance and mandate documents, regular reporting schedule. S1 S4 S5
Not published: total assets, long-term returns. S1 S5

History

Date	Event
2021-12	EIH established. S1
2022-01-31	Formal inauguration. S2
2023-07	Joins the African Sovereign Investors Forum. S2
2023-10	Takes 25 percent of the Ethiopian Securities Exchange. S2
2024-08	Brook Taye appointed CEO. S2
2024-12	Eight enterprises added to the portfolio. S2
2025-02	Memorandum with Azerbaijan Investment Holding. S2
2025-08-29	Dangote shareholders' agreement signed. S7
2025-09-03	2024/25 results published. S5
2025-10-05	Gode construction starts. S8

For family offices

EIH publishes no programme for private investors. It says it aims to be a vehicle for foreign investment, and partners join through project agreements such as the Dangote venture. S1 S7

Industrial partners take majority stakes in large projects with EIH as minority shareholder. S7
Investors can buy portfolio companies listed on the Ethiopian Securities Exchange. S2

Reports

Annual report and portfolio page: https://eih.et/annual-report/ S4

Common questions

How large is Ethiopian Investment Holdings?

Media reports put the portfolio at about USD 45B; EIH has not published its own total. S5

Who leads EIH?

Brook Taye is Chief Executive Officer. S1

What did the portfolio earn in 2024/25?

ETB 262.7B before tax on ETB 2.05 trillion of revenue. S5

Is EIH an IFSWF member?

Yes, an associate member. S3

What is the Dangote deal?

A USD 2.5B urea fertiliser complex in Gode, owned 40 percent by EIH and 60 percent by Dangote Group. S7

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All sovereign wealth funds in Africa · All state holding companys · All funds in Ethiopia

Sources

Disclaimer

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