Ethiopian Investment Holdings (EIH), the country’s sovereign wealth fund, has made its first international equity investment with the purchase of shares in Akobo Minerals, a Scandinavian-based gold producer operating in Ethiopia.

EIH will acquire a 7.4 per cent interest in the company through a private placement of 15 million new shares at USD 0.20 each, raising USD 3 million. Akobo Minerals said the funds will be used to construct a vertical shaft at its Segele gold project, with the aim of increasing monthly production from 5–10 kilograms to 50–80 kilograms.

According to EIH, the decision is part of a strategy to diversify its portfolio and expand into high-value markets outside Ethiopia. The transaction also marks the first time in more than a century that Ethiopia’s sovereign fund has taken part in an overseas stock market deal.

Akobo Minerals said the investment would support ongoing mining and exploration projects and strengthen its financial position.

The announcement comes as Ethiopia continues economic reforms intended to attract foreign investment, open sectors to private participation, and increase integration with global markets.