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 amendment on it, the Council referred the draft law to the House of People’s Representatives (HPR) for approval, said a statement issued on Saturday by office of the Prime Minister.
The Council also approved and sent it to the House the bill drafted by the Ministry of Trade and Industry to amend the commercial registration and licensing law.
The Council also decided the draft bill on the prevention and suppression of the financing of the proliferation of weapons of mass destruction to 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 the regulation to come into effect.
Moreover, the Council decided the draft regulation on geothermal resources to come into effect and referred the draft labor law to the House for approval.
MG/as/APA