Ethiopia’s council of ministers approved a law providing for
foreign nationals of Ethiopian origin to engage in the country’s
financial sector.
The council of ministers, in its 72nd regular session on Saturday,
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.
MG/GIK/APA