The East African country hopes to earn much-needed foreign exchange by providing electricity to these mining companies.
In December 2023, Ethiopia informed its bondholders that it would not be able to make a $33 million repayment on its $1 billion Eurobond loan.
$50 million comes as a grant from the World Bank’s International Development Association.
The country’s finance ministry is looking to restructure its Eurobond following recent success with restructuring the terms of its bilateral debt.
Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.
Yoseph Ayele believes that global blockchain communities need to collaborate with Africans to foster growth and development.
This is the bloc’s first expansion in 13 years.