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The Ethiopian Securities Exchange (ESX) has achieved a milestone by meeting its initial capital raise target of $11.07 million required to kickstart its operations, the ESX said in a statement.

The exchange announced that the fundraising effort was oversubscribed, with offers totaling $26.6 million from both domestic and foreign commercial investors, demonstrating robust interest in Ethiopia’s nascent capital market.

“The overwhelming interest as investors rallied around the Exchange, up to the close of the capital raise period, signals the enthusiasm and confidence that the ESX heralds a major milestone in the country’s journey towards financial sector development and economic transformation,” the ESX pointed out.

The exchange said it has managed to attract 48 commercial investors from both financial and non-financial industries.