ADDIS ABABA - Ethiopian Prime Minister Abiy Ahmed on Friday officially launched the country's first stock exchange in more than 50 years, describing it as a "historic milestone" for the nation's economy.

Ethiopian Prime Minister Abiy Ahmed rang a Wall Street-style bell to officially launch the country’s first stock exchange in 50 years on

Ethiopia launched a securities exchange on Friday, in what officials touted as a milestone in Prime Minister Abiy Ahmed's drive to open up the country's tightly controlled economy to private investment.

Ethiopia opened its stock exchange — part of a plan to lure investors to an economy recovering from a civil war — without any brokers and no initial public offering debuts.

The operations of the Ethiopia Securities Exchange were stopped in 1974 following the takeover by a communist military government. Prime Minister Abiy Ahmed described the relaunch as an “historic milestone” for Ethiopia’s economic and financial landscape.