On March 21, Ethiopia issued its first-ever investment banking licenses, marking a historic shift in the nation’s financial sector. The Ethiopian Capital Market Authority (ECMA) granted the licenses to CBE Capital S.C. and Wegagen Capital Investment Bank S.C., both linked to major Ethiopian banks. CBE Capital, a subsidiary of the state-owned Commercial Bank of Ethiopia (CBE), became the country’s first public-sector-backed investment bank. Meanwhile, Wegagen Capital, affiliated with Wegagen