NBE October 19, 2020
Ethiopia to help vandalized investments recovery

The Government of Ethiopia is preparing a recovery package that will help businesses vandalized by mobs came out to streets in many towns of Oromia region after the assassination of famous Oromo singer Hachalu Hundessa a few months ago.

“Like the previous trend, Investment Commission in collaboration with different relevant government offices is conducting a comprehensive study on the damages occurred to the businesses and how we can support the businesses recover,” said Lilise Neme, Commissioner of Ethiopian Investment Commission.



“When it comes to the kind of support we provide recently decision is made and the Ministry of Finance will officiate the details of the support to the businesses,” she said, indicating that the support includes import of vandalized machineries duty free, loan from banks to the businesses and revision of existing loan repayment terms, among others.

“A directive with full details of the support of the government to the businesses will soon be revealed by the Ministry of Finance,” she said.
Commenting on how to avoid similar vandalizing of investments by protesters, she indicated that in collaboration with the Ministry of Peace, the government is also working to establish investment police.

In addition, Ethiopian Investment Commission will also be actively engage in creating awareness about the benefits of investments to the local community where the investment projects are located. She also stated that her Commission will also make sure that the local community gets priority in working investment projects and benefit directly.

Last week the Office of Attorney General stated that worth 4.6 billion Birr property was vandalized by mob that followed the death of Artist Hachalu.