Ethiopia’s Council of Ministers in its urgent session approved a draft law that allows foreign nationals of Ethiopian origin to invest in the banking sector.
The law drafted by the National Bank of Ethiopia (NBE) aims to create fertile ground for Ethiopian Diaspora to take advantage of the comprehensive changes underway in their country of origin.
It also aims to boost the role of banks in the country’s economy through mobilizing resources from external sources.
After making amendments on it, the Council referred the draft law to the House of People’s Representatives (HPR) for approval, said a statement issued on Saturday, 4 May 2019, by the office of the Prime Minister.
The Council also approved the bill drafted by the Ministry of Trade and Industry and sent it to the House to amend the commercial registration and licensing law.
The Council also decided that the draft bill on the prevention and suppression of the financing of the proliferation of weapons of mass destruction would come into effect.
After reviewing the draft regulation tabled by the Ministry of Finance to determine a fee for authentication and registration of documents’ service, the Council decided to bring the regulation into effect.
Moreover, the Council decided the draft regulation on geothermal resources should come into effect and referred the draft labour law to the House for approval.