馃嚜馃嚬EthiopiaEast Africa
Ethiopia advances digital transformation and financial cooperation with China
via The Reporter Ethiopia6 min read
Ethiopia is making strides in its digital transformation and strengthening financial ties with China. The Wingu Cloud Exchange WCX has launched in Addis Ababa, aiming to provide secure, compliant, and scalable cloud solutions tailored for local needs, supporting data localization and digital sovereignty. This initiative aligns with the government's Digital Ethiopia 2030 Strategy, which seeks to move from connectivity to capability and from dependency to digital sovereignty. WCX is expected to improve service quality, reduce international bandwidth costs, and position Ethiopia as a regional digital hub. Concurrently, Ethiopia is exploring expanding its renminbi reserves and deepening financial cooperation with China. Discussions between the National Bank of Ethiopia and the People's Bank of China included bilateral currency swap lines, trade financing, and the potential for Ethiopian exports to settle in renminbi. The two nations also discussed modernizing cross-border payments, linking national payment systems, joining the Cross-Border Interbank Payment System CIPS, and expanding China UnionPay. China offered technical support for Ethiopia's digital finance infrastructure, including Central Bank Digital Currencies CBDCs. These efforts aim to support Chinese businesses in Ethiopia, attract foreign direct investment, and facilitate trade and investment between the two countries.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
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