(Adds quote by minister, details)
ADDIS ABABA May 14 Ethiopia has not yet decided
if it will follow other African countries and enter the
international debt markets, Finance Minister Sufian Ahmed said
on Wednesday after his country received an international credit
Ethiopia, which has previously said it was considering
issuing a Eurobond, was awarded a 'B' rating by Fitch on Friday
with a stable outlook. Kenya, which plans a Eurobond worth up to
$2 billion, has received a 'B+' rating by Fitch.
"This (rating) result offers an opportunity for Ethiopia if
it decides, to enter international capital markets. We have not
yet decided," Sufian told a press conference in Addis Ababa.
Ethiopia has mostly relied on domestic resources and Chinese
loans to finance big infrastructure projects across the country.
It has not made clear when it might tap international markets.
"It depends on the global financial situation," Sufian said
when describing the timing of any Ethiopian Eurobond or other
international borrowing. He said most financing for domestic
projects was already secured.
Foreign investors are closely watching Ethiopia, attracted
by a decade of high growth and a market of about 90 million
people. But the authorities have been reluctant to open up the
economy, which is now dominated by the state.
(Reporting by Richard Lough; Writing by Drazen Jorgic; Editing
by Edmund Blair)