News Monitor

Ethiopia opens banking business for foreigners with Ethiopian descent

The House of Peoples’ Representatives (Ethiopian Parliament), in its second urgent session today, has approved draft proclamations of banking.

The unanimously approved banking proclamation will encourage Ethiopian descent with foreign nationality to take part and contribute their role in the country’s socio-economic development. After thoroughly discussing on the issues tabled and decisions forward by the respective Standing Committees and the House approved the resolutions.



It will also lay the opportunity to further modernization of the Ethiopian banking sector.

In a related development the Parliament has also approved a proclamation on customs and provision of compensation for evading land. The new customs proclamation unanimously approved today will avoid the bottlenecks of the customs administration and accelerate simple and time efficient service delivery for customers.

Moreover, it will scrap economic mischief done in abusing duty free privileges and enhance the follow up mechanism for smooth services, it was learned.

Similarly, the HPR approved proclamation of provision of compensation for persons relocated from their land to be put under public use for the greater utility with majority vote, 5 abstentions  and 5 against it.

The newly approved proclamation enables people to relocate from their land to get proportional replacement  of land, compensation and rehabilitation fund. It includes articles that forces government and favors dwellers in comparison to the previous one, it was indicated.
SOURCE- Ethiopian News Agency