Ethiopian Insurance Corporation raised its share capital

Ethiopian Insurance Corporation (EIC) has consolidated its capital which rose from 383 million ETB (19.1 million USD) to 592 million ETB (29.5 million USD).

The 209 million ETB (10.4 million USD) in new capital will be paid up within a three-year period and will allow the group to underwrite larger risks. EIC was set up in 1976 under the era of Mengistu.