Ethiopia’s nascent sovereign wealth fund, Ethiopian Investment Holdings (EIH), is collaborating with Japan’s Toppan Holdings Inc. to localize the printing of currency and passports.
The partnership, discussed during a meeting with central bank regulators and former French Prime Minister Dominique de Villepin, aims to end dependency on European firms for currency printing.
The three-phase venture includes e-passport and currency printing, followed by the production of tradable securities to support a future stock market. Toppan Gravity Ethiopia (TGE), a joint venture involving Toppan, state-owned BerhanenaSelam Printing Enterprise, and Educational Materials Production, will hold a 51 percent stake with a $15 million investment.
The Ethiopian Immigration and Citizenship Service has also signed an agreement for e-passport production, targeting enhanced security features. Tokyo-based Toppan Holdings Inc. reported revenues of nearly $12.5 billion in 2022.