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Foreign nationals of Ethiopian origin to partake in financial sector

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Ethiopia’s council of ministers approved a law providing for foreign nationals of Ethiopian origin to engage in the country’s financial sector.

At its seventy-second regular session on Saturday, 27 July 2019, the council of ministers also approved other laws that would amend the existing insurance companies and microfinance institutions and business laws.

The amendment is needed to allow foreign nationals of Ethiopian origin to engage in the financial sector in line with the ongoing wide-ranging reform initiative, according to a statement by the office of the Prime Minister.

After deliberation and approval of the draft bills developed by the National Bank of Ethiopia (NBE), the Council sent the bills to the House of People’s Representatives (Parliament) for endorsement, the office added.

The Council also discussed the draft bill prepared by office of the Attorney General to amend the federal prison commission. After the amendments, it referred the bill to the Parliament for endorsement.

Similarly, the Council passed the draft bills prepared by the Ministry of Finance to approve loan agreements and sent the bills to the Parliament for approval.

At the end, members of the Council planted trees as part of the national greening programme underway across the country.