investing in Ethiopia proclamation for investor wishing to invest in Ethiopia

1. ~--
f1..Tf"t f 4CJ.t.I If ~.tloht-tL11f tT1It.h
&oYv&.A ~;J t~ ;J Jt,fI]
FEDERAL NEGARIT GAZETA
OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETIDOPIA
ll9""11'~ ~OD:r cfl1'C ?;'% SibYe~ No. 27
OJ. :rf" k f ~.e..t-ft ce )~"''P)lt"''''fce &T 11t. h
h"tll Mlfl-(}~ ?)~ .,.1 Iitf1Q ADDISAaABA-2'"July,2002
f lh 1111 1'tD'1f-1- 9"t1 C (1,-r m fI<f~-r t'tDtT)
tryarlifi). CONTENTS'
hCP~cfl1'CUit/liH1!! ~.9"" Proclamation No. 280i2002
fh. 1oll:rOD1:r nCP~ 1~ lii'f.%f:E~ Investment Proclamation ,..: ' Page 1768
"CP~ cfl1'CUit/Iitl1!! ~'9"" PROCLAMATION 280/2002
NO.
fh. 1oll:rOD1:r hCP~1 "11.1lj" !OD1.11'? RE-ENACTMEMENTOF TIlE
f tDlIJ "CP;Eo
INVESTMENT PROCLAMATION
fU1&-f:i f~'1'1"t &try:r ,V'7ot-m1lj f lhllfl!E1 f.,.C' WHEREAS, the encpuragement and promotion of
investmenthas become necessary so as to aCcelerate the
1-l."If /tryififA h. 1oll:rOD1-r1 tryOl.;r;r-rlj tryllot-ct.-r
economicdevelopmentof the country and to unprove the
hllLft1. 11''1OOD11"-I::
. livingstandards f itspeoples;
o ,
fU1&-f:1 fh. 1ifi1-rOD1-r "1.}>fl:J'(I. /tryta1.'? hU1C WHEREAS, n additionto that of domestic investors, it
i
m-ll1' q ftU 1H'.if- 0 1'Q;1,try f ~
t q ftU11-r-:y.1 f.,.ta T b': is deemed essentialto widen the scope of participl!tionof
ODllttif-1 tryll...ct.-rlj"v.~;r?'T1 o,e,O&-r P'lOD:rT..p Otryll foreign investorsand to facilitateconditiorts" thereof with a
L/1-: viewto enhancingthe country's investmentactivities;
h.10i1-rOD1Tf"tODt-O-r I"'~T ,?&~lj cf>&tT)ct. WHEREAS, hesystemof administrationof investment
t
h 1.1lU'1 try~l.'? ODlli1Lft1-: needsto be transparentand efficient;
"HLU1 ~fttry?,:y. h'?11 /try~l.i1 Ol"'t- ft1- f/tD-1 WHEREAS,to these ends, it has.become n~sary to
revisethe existinglaw on investments;
t'h. 1oll-rOD1-r lh,? 01'if?f/ lh,? 01'1''1-1: hllLft1. U'tj
NOW,TIffiREFORE,m accordancewith Article 55(1)
OOD11-1:1
of the Constitutionof th~ Federal Democratic Republic of
Oh.-rf"kf ~.e..t-ftce ,Jt'l"ht-fL1ce tT11/.,h lh1 Ethiopia,it is herebyproclaimedas follows:
OD1'?1"'-}h1cf>~ 9.'{;!lil DIPl.-r
O f"th1'/m- ;rtD-~&::
PART ONE
ht;:& h1~ General,
m.}>ftft
1. Short TicJe
ji. h~C C/)ll This Proclamation may be cited as the "Investment
~U hfJ';Eo"fh. 10i1TOD1-r hfJ'~ cfl-rClfit/Iill1!!" Proclamation 2S0/2oo2."
No.
""111- /.,mcf>ll ,e,"f-ft&::
..
~;J~T,,;Jt1tIJ 7"''''''''' ..-n:.i
-f').~ ";J 4'40 ,
Unit Price NegaritG.P .O.Box80,OO 1
,<,,,

2. 11e"I1tUfi I.J..t..A ~.?~+ .?II.IIJ
ofr-rcn (akr;~"" !1m ~-,..- Federal Negarit Gazeta - No. 27 2""July, 2002-Page 1769
I- +OS"'t 2. Definitions
f.:l'/r ".,IJ-o """ -r£:1-r"tJ'fmm-
f t}AIf'~ n'hT+C In this Proclamation, unless the context requires
Olt.U".,~ m-h1'! otherwise:
i. ",,-"Hih-roP"}-r""7/-r "Jlh t:'C~T /l"7'1:'l:r 1) "Investment" means expenditure of capital by an
tDJt.r' ~lIC t:'C~T") /DlJh4.4.T (l)f,.r /"7QQA investorto establisha new enterpriseor to expand or
0 1I/IH1 T f"7J.l.., fl1-r::t" A tDQ;l.~m-! upgrade one that already exists;
I. "t:'C~T" DIJ/T/l-rCCt: .,.'I:'l:out:'C;EoT f ~m-; 2) "Enterprise" means an undertaking establishedfor
[. "t}-r::t"A" DIJ -r f V1C m-h1' tD /l f,.r f lIJo6lb Hof):
11 purposes pf gainingprofit;
f"'l. .,.,,/ Ct: it~t:'! fDIJr t..:r tD f,.r f" 1A..,fl--r 3) "Capital" means local or foreign cWTency,
h
'
f I
"~J..,t "i~~~1i' f P' <!-"'bh:Jf' f"Hld
."
./
negotiable instrumentS, machinery or equipment,
~,! ,
Ijj;'i;
,
'YhzrJ-r~.pu"H ,tDf,.r """ f1"'~ VilT
,
,,,,,,.~,
,,
,
buildings, initial working capital, property rightS,
~m-!' , patent rightS,or other business assetS;
g. "lI.~V-flf'~ "'~~Ji.tf"kl m-h1'''-'oh+ l1-l1 4) "Investor" means a dornestic or foreign investor
,
f"'CtD-iI11'~R.~ t~1l- lI/lV-oT ~m-i having invested in Ethiopia;
l; "fh1C m-h1' lI/Vl1-r't DIJ/T fh:.10hTOU1-r 5) Domestic Investor" means an Ethiopian or a
tt-r::t"A 0P't- "f,. ''''/ "-Tf"kl«e tDf,.r OU1-0t;: foreign national permanently residing in Ethiopia
~'Pt~-I: "-Tf"k' m-h1' fl1'~ f~ h1C tf.,:J having made an investment,and includesthe Gover-
"([if1! Of,'~r~iU~'f1;tff0D1"'1P':'- A"7T t:'C~T'} nment, public enterprises as well as a foreign
~"'Jlu-t"'S:l!,1C (J}oh1'lI/V'O-r oP"'mCf6.-/1 national, 'Ethiopian by birth and desiring to be:
,()+'JD.t.~,,'~~kllf! fl1'~ f~ V1C H.,:J'}
''"',",.~a~1) '~", con~dered as a domestic investor;
:' t-'!t~~'tD1"..."ItlfJ-o+""'~"7/+f~ t}1::t"A (1)1- 6) "Foreign 'Investor" means a foreign or an
"--rf"kl 0"7h1~l)q.. "-10hT l1-l1 f~ tf.,:J enterpriseownedby foreign nationals,having'inves-
mf,.r ()~ tf.1T 1}/~t~T f""H ~C;EoT ta.1f11 ted foreign capital in Ethiopia.- and includes an
, ,",1,( ~ lI/VofI-r oPcf:mc fJ./1 ou1-0t;: ~tpt~-I: Ethiopian permanently residing abroad and
ri'~ hic fl1'~".Tf"kl'f1 ~aJ.9"t-A!
,
preferring treatmentas a foreign investor;
~:i,!,''''''f~ t}1:~A" "7/;rh~ M~ f"'11
7) "Foreign Capital" means capital obtained from
t}-r::t"A,t'a.11'1~ . O~ I}/lV-oT tD1. 117;;rA foreign sources, and includes the re-invested profits
f"'/(I)IR, -rCCt:1Cj,fTCCt:kCQ~ f,.aJ.r t-A! and dividends of a foreign investor;
x. ''''7h4.~~/'''rlJ?iA'''''4T, ~I}C~C;EoT1 f(1Doft-
- '..',. '",' . 8) "Expansionlup~g" means increasingin value,
.,,;~t~t.fr t»cg.r~"1A"'h-T~t~ TCll1T O",e. by more than 25%, the full production or service
i " n~fL.,f.~?1,' &11'1! f,.tJ9" ()~f,.~T tDf,.9" ()oPm'} capacity of an existing enterprise, be it in variety,
tD$(r;~I)lJo~i11~.,~Q;).PUC1 f"'l.Jm:t>AA 11''i f,.tJ1 volume, or" both, through additional investment
"";Eo / DIJ Ut.r h O"'l.(I)II)m- 1.1-0 O"'l.tDII~m- made to the extent determined in regulations to be
OUtn1f"'Ltt..",.,.aJ.DlJt "-'nilToP'T ~m-!
issuedfor the implementationof this Proclama~;
;ji:'~~~b"lIl)--'~~fh.1,oh-r~-}:" oPP'tl n.-r"
, ,.) J<'''.[ """",,' .. "/. 9) "Appropriate Investment Organ" means the
r~f,ttqtttlh~;Eo OUlPlT f"'*'l:oPm- fh.Tf"kl EthIopian Investment Authority, (hereinafter
~~~,~:;.~tr,:~.!eAIlJ1 /hlt.tJ ()~" "1I/lP' refecredto as the "Authority"), established under
AIlJ)." tDg.r r"-'ohTOU'T
" .' 'i "''1'', .0", "
U t:' /ODhITlT
. this Proclamationor the executiveorgan of a Region
.. ",. P'AIlJ") tflffiizt. ftJAA h.1;ihTOD"}T ht}A ~m-! empowered to issue investmentpermitS;
I. "fou1"'p'-r fA",!:':' ~C~T" "7/T O~t-ft- 10) "Public Enterprise" means an undertaking, wholly
, Ji,'~';:f tD~~hhA,A oIih.,.J;t:'C ~lt- 1I/n. owned by the Federal or Regional government
T~-r r-,rl-r! fD1h4.J.Afh1A..,h-T fODhm-r establishedto carry out manufacturing, distribution,
,mt,. ~T' f",-t1;"'l. "'-'1lC'T1Cjh~lt.lJo,:JC service rendering or other economic and related
, r+l11¥ p't-"1:~f01;"~ ODAh/l"7t}~t:' r.,.'I:*oP activitiesforjain;
~~-r~~f' ,
11) "Government" means the Federal Governmentor a
Ii- """"'P'T" DIJ/l-rf.~1.~/r OD"}"'P'T tDf,.r Regional Government;
fhAA tlDh"''-;~ ~m-f
12) "Region" means any of those specified under
II- "hAA" "7/-r O~Tf"kl ~t-"'f Jl'l"h&.tLJ'ce Article 47(1) of ~e Constitution of the Federal
tT-oll.h ih111D"}"'P'T h1+X-ifti,/i/ r"'OU/lhi:-r DemocraticRepublicof Ethiopia ang,forthe purpose
'" ~/-r f.1t1f "'LV h!'f';Eo ~rtl.;I}A h f"Jlh hOll
of this Proclamation,includes the Addis Ababa City
h-t-t ouh"''-;~Cj f~~'" "h.,.'-;.(C t}m-1hA1 Administration and the Dire Dawa Administrative
~rt4f Council.
Ie- Uh~ ''''~ ;JC 0""'" f~ "-,.,.crt-f,.1f
13) The prbse "export-oncntcd non-equity based
flHl+ ...,~ 1t11.C1f""l.tj I.m- +-n-oc" f"tltDo foreign' enterprise collaboration" means a 100%
_I..., "..,. 0"..,. hlD~ .,.,.t- ;lC a"'lf" f~
export-oriented conttactu.a1 ammgement between a
,.,A.")'!tC'Uot.,, hJr.1C..,ID"h1" AU.g+ ;lC f"7.11- Q
domesticinvestorandforeign enterprisein whichthe
"
,',r;
';'C7ID- ".A ~~~+ IM"t rCD-~ A.."J+cT~.en- .
"
foreign ent.elprise provides. among others. all or
'.M:JC~~"" fd1,h.,.it-M o""'a- tIJ/4" some of the following:
Ob&.A -Am+11JAfD~

3. I 1" II: If' IJ.u. ~;I~+ ;II&.,..
+rc n~ II +,IUD -t.,.. Federal Negarit Gazeta - No.27 r- July,2002-Page 1770
I
u) JaA ,..,'S f~ ,00"'STI (a) guranteedexternalmarket access,
A) A~ '01 f-t4'Cn- rC"'T') ,.,rl+ III-I (b) export product and production know-how;
m) O~ '01 f".,1fT AA+I (c) export marketingknow-how;
-) fID",-').,.(- "7~:Eo-')+ 6CD-++f (d) export businessmanagementknow-how;
(el raw materials and intermediate ,inputsneeded for
IP) Amal rc+ f-UALA?:o .,...".,.~ "~C(1+=
export production.
: e. f-l-a-t~+ m(a')
fILl}"":Eo .(-');l1.1P~ 0"76,(-')'1'~~~ tt:A;n "C-t.li 3. Scope of Application
"7,.1.+ Ft.1P~ Oaou'-l..., .')iih+OD')+ "" +1..""7.
J The provisionsof this Proclamatinshall not be applicable
"".,.,.,.= to investments in. the prospecting, exploration and
developmentof miniralsand petroleum resources.
htt:A v-A+
hA "- ')iih+OD')+ '''''71P";f1 ODhf1T'i "701.;t-;J=1P";f PART TWO
Investment Objectives,Areas andIncentives
, I' fJ.*kl .f..1-t."'E -'I"ht.t8.1'E ~Tof1A.hfJ.1iih+
4. Investment Obje<;tivesof the Federal Democratic
OD')+'''''71PT
Republic of Ethiopia
fJ.*kl ~t."'E -'I"ht.il1'E ~Tof1A.hfJ.1iih+ The objectives of the investment policy of the Federal
-1+ :rA.lt. '''''''1P~ 4'lf)"~+ IACD-J.f1er"7. f...,..,
f li Democratic Republic of Ethiopia are designed to im-
ot.re A"7+ ,,')-erc 0"7,(-1..,fJ.Tf"kn ih1f(1";f)-CO f prove the iiving standards of the peoples of Ethiopia
1.~ ..,2f2fAITerlIC1tC,,";1-TtD- f-th-l-irT 'iTCD-I through the realization of sustainable economic and
I' f"'~-f:,) fJ.f1cr-t A"7+ .,4.m')l social development.' the particulars of which are the
folloWIng:
I' f"'~-f:,) (a4C. f+L1't: Vof1+1'~" ",. ...,"Ali
1) to acceleratethe country's economic development;
"'A"'TI
2) to exploit and develop the immense natural resour-
r. "C+')I rCM~T,)li ",A..,tt-+') 0"7~"'I f"1C ces of the country;
dJoAT 101 "'-~of1C "7.(-1..,1 3) to develop the domestic market through the growth
I' ID~ rc~T'i "1A"'IH";f OODm')f O'''~+li of production,productivity, and services;
OTt.+ "')-aI."~ n"701.;1-;1-+ f~ Mtf~ 4) to increaSe foreign exchange earnings by en-
"'I'S+1 "7~"f "')-v-,. h~ f-t1n- ,.C-f";f1 couraging expansion in volume and variety of the
OV'C CD-"'T O"7rl.+ Mtf~,) "7~')1 country's export products and servi~ and the
~. OhAtroT ODtthA t+-lI)m~ 6.(:'1+li fJ.f1er"7. improvement of their quality as well as to save
"')~lt:Jt4.JP~ ~')~+ A')-erC "701.;1-;1-T'i foreign exchange through production of import
oJ.f1er"t IICC:T-tthA IACD-') ...hC "7mlihCf
+ substitutingproducts;
5) to encouragebalanced development and integrated
I' f"1t-f:,) J.f1cr-t A"7+ A"74-m')0"'Lf..1.1CD- 1'1.+ economicactivityamongthe Regions and to streng-
M~1 4.h-l-C"t'i "'''1."'11 then the inter-sectorallinkages of the economy;
I' f~ J.1ii...+""')+ n"1t-f: fJ.f1er"7. A...,+ 6) to enhance the role of the private sector in the
.,.., R.CD-') -t li ,,')ot erlCD-"7.(-I."'IJ acceleration of the development of the country's
~. M.+f"Ir'CD-n (a~ fFt. 6'(-A .ODtt:mCli A"1~-f: economy;
6.(-?+ f-t/hLA,CD-') f-f:hth tlD-lf fFt. 7) to render foreign invesnnent play its proper role in
the country's economicdevelopment;
"-t.C 6a,..,.+lif-f:hertt-:(1i..,.,C"7h4-4-+11 8) to create wide employment opportunities for
~. A-1..,F.+ f-l-hA~ ID"" h"""'IFT ;lC OM~+ Ethiopians and to "foster the transfer of technical
f-t."'tJS., fFt. -hf1";f know-how,of managerial skills, and of technology
required for the progress of the country.
I' f"th-l-fr+ fFt. ""hf1~ O""'"'1F+ of1;J=
f-ttt~ "IT'ifrf 5. Areas of Investment Reserved for the Government or
Joint Investment with the GovertJ11Jent
V) 0-1-1'''' -oAt.'E 'P'i 'Pli -h""C"~ f~A.h
Tth ~"A Mh-l-"Att:li f"7h4.LA Ft.1 1) The followmg investment areas are exclusively
reserved for the Government:
A) LII)') f:rh;1- "1A"'Itt-+') ta"aI.,.C f:rh;1-
",A .,tro+.. (a) Transmissionand supply of electrical energy
through the Integrated National Grid System:
I' O-th-l-&T f F ~ -hf1";f IIAV-o-f";fJ.') iihT and
A"7'(-/''' f-t";f~T hOD').,F+;lC O""+li1:+ of1;J= (b) Postal services with the exception of courier
""'1' AI services.
V) flRC ".,..,'tl1PT"J1 TU";f1'i AtnC OD""~ 2) Investorsshall be allowed to invest in the following
I~T f-tlT)' ID"r flRC ".,..,tl AODFt.+ areas only in joint venture with the,Government;
f-t/1A.,tr L '):(JP";f') "'rl+f (a) Manufacturingof weapons and ammunition;
and
A) f-f:A.f1t1D-t~ "1A.,froT"
111 (b) Telecommunicationservices.
M"IC""T IIAV-o"'~ f-l-hAtr fFt. ""hf1";f 6. Areas of mvestmelJtResDved for Domestic mvestors
A.:tf'olrl'f IL"~T 118=fcD-
mf,'" OA.tro~f"'C CD-h1' Areas of investmentexclusively reserved for Ethiopian
qAIHI.pf-O!F f-ttt" fA.')iiATOD1+ ""hf1T1IC1tC nationalsand other domestic investors shall be specified
0-uATc:~ ,.,hc ~T .0-tmll)"'1.1-O f,ID(t'i". by regulationsto be issued by the Council of Ministers.

4. 1~ fl(U~i JJ..kfA";Jto}-;Jt11J
<t:1'C"~ ~~ +1 !ItUi ,.~.
n FederalNegarit Gazeta L No; 27 '2"''July.'2002--pageTl771
~. hOD1~FT ;JC:,O"""~TtttP7.t"8~~ J.1ii'ttTOD')T 7. RegardingInvestmenfs to'beui1iJertiJC~i1iiffdint Venture
with the Gdvernment
rOD1'"JFt ~Drf:J.: ,':t8c~1-:f ""~t1Jt1Jt 1ltF~t1J1
The Supervising Authority of Public Ehtctpri:>~'5 shall
",,~~ IltLJll-r't{i1u1"'P'T;JC O""'~T J.~>liil-r
teryt:I."I' rJ?jftnaf.1< fT,e:1:h-r yltll 1-+0"A; receive investmentproposals. submitted by;anY1'rivate
t1"'~h.1iil-rt P7.~ilrf:C ~""Cfl ,f'ilCDilc;Ai investor intending to invest in joint venture with the
c't.L /:r 0:r1 ~-r .,.1t:1' f owz.~ar'} fAery .r:C~-r
+ ~ tf -r government;it shall submit same to the Minist{yofTrade
.~tlferyA:: and IndustryfO,r ecision and, upon approval: designate a
d
publicc;nterpriseto invest as partner in the joint invest-
;. I~ I1ILJl1.,.:fr.,.L+* f", /,. ooil"':f ment.
n 'Uj ~cp~ OD -r t OD1..,", -r 11;r CD
IPI. ~IJO hOD1"''''''-r 8. Areas of Investment Open forForeign Investors
;JC O:r1~-r 1I;r tD'/.tj~* J.'}oil-roo'}.y.:f CD~IJO AU areas of investment. othef-than those exclusively
f D'/.~il -foe::f IJOhCo...,. 0 D'/.! m t1J
ar1. ,}1I 00 IPI. -r reserved,under this Proclamation.for the Govj:I11Il1~nt
or
, ,Ii:' ; " ,,' ,'" ," ", " ',' ,
J...,.r- k"If H...,'1"" "" Tar CD 1-IJO1t,lt-:ff it1 C ar il 'I' joint venture with the Government or for. Et;b,i9pian
111 1I.,.:y. .,. t 1-'" ar h." h t ~..,. n il.,.+ C fbtr-:f f, t-
LJ nationals or other domestic investors which shall be
oo il "':f t ClHi!"Il t LJ
1I.,.:f h tt:"" 1-tf c;~ II specified by regulations to be issued by the 'CounCilof
I) 1J.1 if h :f.0u'}"" ery0 1.:1':r 9':f
,Ministers, shall be'open for foreign'investors.
u.
9. Investment Incentives
ii' 0H.U itIf'~, it" + ~ $!f"'ODth-I:-r'} f J.'}0 il-r . . ~ ,
do1"" ~"ery9':f OD IPI.:'f Oeryr:I.'" OD'/.~
. il-re::f 1) Areas of investment specifiedby reg':llationsto be
IJOhC 0."" OD'/.CDtJ).,}11 .,.tMar
f fD'/.CDtI~ issued by the,Council 6f~sters pursuant ~pthe
f h. '}0 il",,001"" ODil'"1- "'{1I.;r~ tery"'l"" 11<k investment objectives stated under Article 4 of this
~rfc;~ :: Proclamationshall be eligible for investment incen-
, ~ "
tives. .
~. OH.Uit'}+~ '}o-il h1!~ (l!)QlJIJ:II."" ft.rtCDtJ)ar
2) The regulationsto be issued pursuap.tto Sub Article
1.')lIfD'/.tlm-T'} OIJOI.:1':r.9':f ~1-~:rc; oom'}
(1) of this Article sh311 eterminethe type and extent
d
~Q)ilc;A :: . ..'
of entitlementto incentives.
'<
htt:A Y'il"" , "}
PARW THREE
ilM.10~""QlJ1"" .r:C~:1',If ""c,,:fc; tar~ IltPll.,.:f Forms of Investment and Capital
, iltD'/.mf:rft"81::t"A oom'}
Requirements for FIJreignInvestors
I' fh.1JiilT001""F/,. fDtt"8~t:Il:':a>-:rC,,:f 10. Forms of Investment
j;- fh."}ii'il""~1"" F/" fP7.t"8~1.a>- hP7.h"'~-r 1) Invegtments may be effected in one of the
:rc,,:y. OX1f.~ar ,e.tfc;A f
followingforms: ,
1
LJ)O..,ttllI t. (a) Sole proprietorship;
0 t) .. Ox..""f-A"f m1-IJO O~ U1C ih"'1 OOIPI.-r (b) Business' organizations incorporated in
0"'**00 f1..,.(' ",..,OC f Ethiopia or aproad;
tit) ~,"'11l1l0ta>- ih.., OOIPI."",0"'**00 f001 (c) Publ!c Enterprise esta~lished iri accordance
..,,,,..,. fAery..,.1;C ~T i with'the relevant law;
QIJ) h"'l1l1l1lta>- ih.., OOIPI."" 0"'**(10 fihlll.-r '(d) CoopeI1i!iyeSo<:;ieties,
formed, in a.c:cordance
, /,.' nC::
ery U with the relevant law. .
g. OH.U"'+~ 10-tt ~1+~ (Ii) tt) f+m+tlar 2) Any business org~ti,on specifi~ under Sub
",c;TtJJ-~ f1"'1t: 0IJ10C 01..,.r: ih"'1 CD1-IJO
~"'11l Article (1) (b) of this Article,~balll;>c:
registered in
11'1"" 11 a>- Itl tft"'1.00IPI."" l1DOD1f111 n T::
t ~t accor~ce with the CommercialCode or any other
. relevant law. .
Iii. t~ I1tUll"" fD'/.mf"" ft"81::t"A oom1 I 11 CapitaJRequirementsfor ForeignInvestor.
Ii, f~gtLJlI-}-,OH.U~If'~ OIIV'I."" J.10il-r .
t'" t:,I.'" f~L+.r:t""1 th 1 t: f h.10 il""001-r 1) Any foreign investor; to be allowed to invest
pursuant to this Proclamation. shall l1e,requiredto
Te::!hT hlil if. f~DIltt"81 p."C J" ~tI t"81::t"A
allocate a minimum capital of lPO,OOO dollars
US
fOD1.0 "'1.tf'1 ~a>-:: .
for a single investmentproject
g. fH.U ~1+~ 10-il ~1+'1 (/i) lLtjclJO i hh1C a>-il'I' 2) Notwiths~ding the projsionsQ(.Sub Article (1)
IltLJlI~,.,
,
dc ,O..,.'}~-}- Jr;.1iiil""
, f"7.!1.C1a>- fClHi!" of this Article, the II1inimum9l1'i1a1required of a
IltLJlI-r.fP7.mf+",. 1f:r.,.~ ft"81::t"Aoom1 :!; it foreign investor investing;j9intly, with domestic
fh.."tt"81 p."c 1-tfc;ArJ investors shall 1:)e,6Q.OOO
U5dollars.
[. 0J.1:(~t1'" f ,OhCh-f:hT/,.A fO'Lltllc; 0J..tt"" 3) The minimum capitalrequired of a:foreigninvestor
h1A"'Ilt--rf OTaJ:h~, 'rCiT fD,~~ 0''''.(' /f;,/"c; investing ~~ areas; of ~ngiIleeting,,architectural.
o-"1),~OD1Tfrht.;h1A"'I/t-T IJJ1-rO~') rrhc . acco~ting.. and audit se~~, pl'Ojec,tpStudies
or
1.,A",,~ IJJ-r 011&:t"""'''TI''' 1 iitt"" f"t1
1 ~.~ busine5$.and, umagem~J,1t,consu1tancy,servi~or
p
F-C-'If (D1o1}tUoflTI publishing shaJ,lbe:

5. 'A" ""Iltl ~~ ~:I~+?IL"L,t:!C;"~~~f...,,lf~2J~,~~r';,:
", F.~ra1'NeQiitp_~,,; ~o. 2J ;r', tu1y,_,~~~ej77f' ,
..(" '", ',' "
u) 0.,.,..OA ~.,."tf"tm''''Gj.'1I~'''''
l "'-[:'-A (a) '50,000 US dollars ,if tfie investnient is made
.-18' ,! ,itU"fA~b")"tC ~l1'.fiAI whoUyort.11isown; . ,
A) hA1C,ID-h1' I1AU-o+.:JC O"-')f+ -'.ar, (b) 25,000 US dc511arsifthe investment is made
fta1::'-A -10") S~itu
f-z,mf!+ ,1I.p,"''JC jointly,with1iomesticinvestors~
" ,fA"I~ta"),"tc ~are;A I 4) Aforeigninvestor: ' .
I.f~ I1AU.~+'"" (a) re-inv~stinghispr06t,Sor dividends.;pr,
U)+of.1m,," f+Ct;: t;oc7fID-")
~A(t,A.")o~-r (b) exportingat least 75% ofpis outpu.ts1.
, ""'fJf.cI1 har';l CD"'" ' shallnot berequjred to alloCatea minimum"capital.
,', , 1t)lU'1ta hr~T o-.r-)
f9"C~") e~ TCl")+(l11 5) Any 'f~reigo investor 'having brought 'investment
tlJ1. t1Jo6PA1C f;,"tAb har~1 IID~~ ta1:~A c~pitaliJ;lto cOlnt;ryh~ have reg~t6fed same at
the s
..' ~")-tID~1 "''''mf.''11 "
theNanonalBankof Ethiopiaand obtain a certificate
~".~'~ t'~CtItUofi+ m1. A1C "~'1' 1~1
Ctt1Je")
t'A.")o~+-")+ ta1::'-~ OA.+f"kl-o.n.~'£ of reg~straiion. ' ' . '" '"" , "
Ct")h (1G7tatlD1f1ofi",taa tID11IAIt0+" II : PARTFOUR .
, ':
" ,
InvestmentPermit "
'.
ht;:A ,,~+ 12. ReqlJirerpt;Dt of Permit'
~It~")ol+-")+ LJtI: 1) The 'foJlowj.ng
, ''''
investors shall be required to obtain
..
investmentpermits:
II' ,tat(K"ii1i:';;"..")+LJtI: 'AhL"-z.'iT " (a) 'ForeignInvestors; .
i' ~~fi"'fit ,qftU:~"'Tt'~")o~+-")+ LJt1:,I~ , (b) -Foreignnationals, excluding Ethiopians.by
,LA,jHA{ I" "
. birth, taken for domestic.investors pursuant to
',,~',:~~"CtItUofi"'TI", ',i Article 2(5) of this Proclamatioh;
It) OlLU ,A,,;E i A")+"I1~/ tlDlPl+,"")1. ",C , ,(c) Domestic investors investing in areas eligible
dJ.(a1'
t1AIJ~.:f'OtID.Jmc
~")ota+ t''V1.C.,. f~r inceQtiyes;
, . ,
~,ttSl;AIi,A.+f"*'t1Jen
tAIi'i-t~ "'c (d) Bomestic and foreign investors making invest-
,n.i;fl "
ments in partnerships. "
,.h);(~~ ~ota.foD")+ .,Ol:,-;I=, P"tft'l'CtTdJo 2) NotwithstandingArticle 2(1) of this Proclamation,a
t'P'~ -~ftT A.")oh+ t''''I.11.C?- t'V1C
t1Jeta'l' CtItU-O"'~ f "
foreign investor intending to buy an existirigcnter-
prise in order to operate it as it stands or to buy shares
OIl) , t1.p")~+ he ")olt+ f"t11.c-,. fV1!: t1Je~1''i
". )/, ft1Jo1." CtItVof1"'T II in an existingenterpIisesh~ have.. op~ prior
to
'I. 'OItU)t";E ~")+1 lIi/ t''''~'i11t1Je a.'l'C'- f 'iI'lC appro.val rom the Authority.A ,requestfor such
f
'.ti:~.f") ,''''' 1'110+Uo~;I-
1t.,t)~1:;;(D"'1"f'iI'lC approvalshall~ decidedupo~ within 10 days of
t:1:~' "'tnM AtID-l.,+ t'''tLA''i' t'tIJ1t receipt of an application accompanied by complete
information.' . ".
CtAUof1+ O.p~ t'CtAP'AII)).") Jt1: '",1i-r
L
.~'rcn:t"A If" OJf.U 'tlDAh f"t +COt1Je ". "'6aA
1 3) The provisions of this Article mall not affect the
rightof an investorof Ethiopiannatlon8I foreign
or
:h!F"'fi~t
."litrifA.: '
-a
"
:ic O+lO O! +9+ t1Je~'I'
t1Je1a~
,
national, an Ethiopian by birth taken for domestic
~. f~ ")0h:"""")+ ",Ol:,-;I= 0"7 "l'I'I'ITdJo t'P' ~ iavestOr,intending to invest, in confomutyw~th the
-'taft," tJj~,. t'A.")ota+tID")+ "70,:'-;1= ,O"tft'1' relevantlaws'of the country, in areas not eligiblefor
. q" f~t': ".taftT ftlDof11: 'm::Jt"t Ia~ar")
" .,incentives or, waiving his right of. entitlement in
'those areaseligible for incentives.
~!if~f:~"7~l1f"tLA1" A.+"*I,£ 1i.1'i-r
IJAVof1:f
{'I/tt1Je' tIJ"" "")1. "'C t1JehT' I'IItVof1-r13. Application for Investment perinit
t'-7..fmC O+t1JeA1: A.+t-kl'£ far'i .,~ A1C
1i.';J J A.,IM1','iJ'tTt1Je") 'fA1~of:") lhi~MWIC"'
An'~pplication'forinvestmentpermit shall'-bcmade in a
h.;")ii~+Mt;ol'" tID~-I: f"'mO+.)t1Je JI,; .fO;9Jl:dfsigD~for,sucl1,;purpose and 'subp)itted to the
appropriate inv~~ent organ together with the
!~.ItA.")ii":,.,,..,+LJt 1:' nlt"t"'Cofi "'tlDAb;l= follqwingjpfo~on:. -
, rK")iih+D8")+'Uf: 1t.,1ief f"t"-Cofr'''7-Ah;l= 1) the'projectprqf1Ie;
AtLo. CO.,.II:J:('..pA" t~ .,.".A-fJi,h"th.,.tt--r '2) a list' ot"the type and quan~tj. of machinery and
-'l.'K".::JC,'''''~''A1Ctof1 tAt1Je t'A.'otaT-")-r equipment intended iobe exempted from import
-P'~1 0.+ tID.plof1 ltO:" f
A ,,- duti~'andtues; , , ' ' . , .
Ii' "ItA. ")oh+tID~+"Tt:'J:h"'; f.,.n:J:( tID11t1 ,. 3) incase ola business organizatiolf, the memorandum
I' trJ..r'~b"+l'.1"i?bta~' "")JL1R-t'''tLIt1-:''") and articles of association;
, . ""~I~J-fi .iJ~tpf ,.,,)Tc; ofI.,+ t'''?J/al.1fC1lCl 4) jn the, caseotexpansion or upgradin& a brief
~. n1t;o.,,,,,,OC -'.11"")
""..,0"-") IID-P'l;l= 1dto'f:'w: descriptiQn of "saIIle and the implementation
-"'~UI1.")-o f I programme; .
I. .,talf.~T .tp"" ?,7f7fA l.11'") flLUo '. A C , S).. ill the. case :of planned ,employment ,of expatriate
,A..",..f"LU" "C1~" f . staff, ~ith .Jl~..,exception of, top, management
I' hhti:~ M~:E-~+'1Ct.:f.otaT+Ct'~ 1i.:JI positionS, a s~cmcnt Qn~~ tiIne sbedule for their
T+,q~,,':f -'.'l'''- It.,.+~ A.+foklt1Jen ~It"t replacement 'by Ethiopipns and the training
flmt.. fP'Ame; Tt:'1&,.e;" talt-7..,.h-O:" f1.1i. prograin dcsigne4 for ~uch repl~ment;
1~-o-.,A11 "
, 6) i"'pOwer' attom~i ilCtht'ease ofan application
of
I' ""-Ah;Ft1Je OtIJh.A' f"'lO rt...nft1JebAe; made through an agent; and '
'-AtrtJ. "t:PI""')~M .
7) other relevant'.infonDation
retaDnj to the par-
I' "")~ T~'" AS '11~ 1.,41-0, t:ft1Je~"f
1 ticUlars of dle'lproject.., ,I" :
-4""'- "

6. 1A"l.lfft
i ~A. ~..,~+..,""1 fl'C n .u f~ +') IifB ,.,.. FederalNeglQ'it azeta- No. 27r'July,
G 2002-Page 1m
Ii' hAJ.,iih+...,+ U"~ ~1111J'" 14. IS$lPU1cef lDvestmen.tPt:rmit
o
i' ~."7I)-n IftlD- fl. ")nh-rQD"):" QDpltl ~:,. fl.")n 1) Upon receiving.an application for investment per-
h+lID"):" U~ "'IOIIAb;F Otf.U ~.,~ ~")+,. If mit made in full compliance with the provisions of
QDlPl+' .,.?-A'" l1.+c-nft+ O~"'AI1=Ji 1..11~~ Article 13 of this Proclamation. and after ascer-.
f;f-+1.(I)o fl. ")n":"QD")-r ~~ ,e.u") ~.,~ ft",,, taining, within ,10 days, that the intended invest--
LIt" O"taJln' "")I'T'I' QDOIIt!9''f f.,.1.. '1,1- ment "activity compiles with the conditions
rJ.~;f-"'f") f"t1?-I QDtr~") 01'+'1'0}- eD-"'1' stipulated in the regulations and directives to be
;"t.;1.,(Pft~QDAI1:e fl. ")n"o}-oP")+ U ~ issued to implement, this Proclamation, the ap-
propriate investment organ shall issue an invest-
,e.flmCP A IS '
ment permit to the applicant.
I' .rl. 1n"0}-Q81 U'~ f"tb"'~+1
+ oP!1I AftO-r! 2) An investment permit shall contain the following:
V) fltftUofl-l:") ",.! l1"'1-r "C:h~~if ! (a) the name, nationality and address of the
ft) fk,")nh-rQ8")-I:1 fF~ oP"tJ! "'I' irtvestor, .
th) I.")ii"o}-OD')-J:f"tI1~~O-r") tJAA :: (b) the investment activity; and
C. fl. 10":"QD")-rU t: f.,.flm(l)o ItftU-no}-fl. ")°" (c) the region in which the investment is to be
-roP")-r TC::!h-l:") "")I);f- hm'l'~'" "'9"l-r
made.
1JJ,e.,. ~1A"ir--r oP"mo}- ""h"t:!,.cOo}- 1.l1 3) A holder of an investment permit shall not be
required to obtain a business license. until com-
1:l" f")"'1~ F~ U~ h")-'l1mil) h,e.mf~'-:: pletion of project implementation and the commen-
.
2' h"'l,It-n!ftlD- f~ ")o"o}-oP")o}-oP~t!n.o}- 0X"th-tt: cement of production or of rendering of service.
",e.L~~ fl. ")O"o}-""")o}-U~") ft"'1 fleD-",,,.,. 4) An investment permit may not be transferred to
Iftt;: ~,e.;FA." II another person without the prior authorization of
~- fl. ")O":"OD")-r U~ ft"'1 fleD-l1.",,,fttt: m,e.,. the appropriate investment organ.
0,e.1f I: I,e. "'ir- 'f ftCD- l1.1;1"''''' h., Itofl1ft (1)0
- (P'f "5) Wher;e an investment permit is transferred to
fl.'oh:"018"):" "}pt.! o.++Cfl oPififA another person or where any change occurs in its
~ftO+1I content, it shall be submitted to the appropriate
investment organ and amended accordingly.
I~.' fl. ")oho}-oP")+U"~ c)~"o}- 15. Renewal of Investment Permit
i' fl. ")nh:"-")+ U~f I)ftv-n-t: f,.Co}- eD-m.-I:") 1) An investment permit shall be renewed annually
aJ~" h1A.,lI-fi") ft101 ",:"l-n ""h"tt"cO-r until the investor commences the marketing of his
1.l1 1:l" Of'QD-I: oP;f-1.." ~fto-r It IfCj" output or services; provided, however, the investor
I)ftVofl-l: ""I. ")n":"oP")-I: hLU" y.1.:t- Of" shall submit progress reports on the implementation
.t-"-r" m~ ~"'II)-n IfteD-fh. ")o"-roP")-r oPFt! of thc?project, to the appropriate investment organ,
l1.:t-trc+ "'~l-n hftOo}-IS at the end of every six months.
2) An application for renewal of an investment permit
I, fJ.")ohTOD")o}- U~ ft",,,,.,, f"t+ClI
shall be submitted at least a month before the end of
"'QDAh;F.U~ f"t/,ft.,AOo}-fh")1: ~oP-r 1.l1 a period of one year for which the permit remains
~ft. h~")~ ~C 0,,0}-oP:"lofl ~ftOo}-IS valid.
1:' 1.'"ltH1!ft.. fl. ")n"o}-oP")o}- oPFt.f n.+ I)ftUofl-l: 3) The appropriate investment organ shall renew the
fTC"1:h+ .,")I);f-ID-") tt.."!.,-C m,e.,. I..~C" investment permit, where satisfied, as to .the exis-
!A;FfteD- nnot ,.h")!o}- ""tf~1 l1.1MOo}- tence of sufficient cause for the delay in the
UJI,.") '~"ft;f-~ IS commencement or completion of implementation of
the project
Ii-, fl.")ii"""lID")o}- Ur:'J"ft"'l11: m,e.,. "ft oPlPl1l 16. Suspension or Revocation of Investment Permit
i' I)ftUofl-l:,e.U") A"~ fII,e.,. ,e.U1 h"~ ft"'l"u.,.
1) Where an investor violates the provisions of this
fCDIn' 1.")I''f") m,e.,. ...ODt'9'"f") flfJft ~")"If" Proclamation or regulations or directives issued to
~"LI1."") Mh.,.l1hf ~C"X ""h.m"~ ~lia implement ~s' Proclamation, the appropriate
1."1)0(1fA.. fl. ")ntao}-tI8"):" OIIplt! ~o}- fl.")o investment organ may suspend the invest;ment
tao}-~+ UJI,.") ft...M1:0+ .e.'flA. II permit until the investor takes due corrective
I' h"7l)ofl!ft.. fl. ")nta-roP")+ OIIFt! tio}- h"th measures.
.,.A--r,.h".,."f ~,,)JI,. 0"'a).1)~ 11.l:J1'1' fh.")o 2) The(appropriate investment organ may revoke an
"o}-OD")o}- U~")tt..IPC1I ,e.'f1A f investment permit where it is ascettai11edthat:
u) I)ftv-n -I: fho ~n ta:"QD"):" U" JI,. ) 111 eD- " '(~) the investor obtained the permit fraudulently
n-7;f-ftA tD,e.,. 'OAT tID~ m,e.,. ",...,ft8i or by submitting false' information or
O",:"lo(l h If., f statements;
ft) I)ftuili: ~..,I)-n IAIIJo")f1. ")nta:"DI"') 0}- (b) the investor has transferred the permit to
lIDP't! ~+ "!taL"'~ fh. ")nn-rIlD")-r another person without the . authorization of
.
~JI,.") ft"'1 ltllJo I1ta.,."ftLf .' the appropriate investment organ;
dt) ,f+OO ..,nt.;f-~9'"f h;f-+1..ITm- ~I'" (c) incentives granted are misused pr illegally
~ ""AlD-tD,e.,. bib., ~ It,,,. transferred to another person;
ft"'"
-MAL"" b""~f m,e.,. "
(d) the investor has failed,witboutaood cause, to
-) 'lAU_-IrIAR4:r1J,,:"RIt.U A"~ A")et"
. renew the permit ill IDCOrdaDce with Article
. IS of this Proclamation. '
II n"'~""" -IP~'" fJi.,ii18+-1-r
1..'4' '''~11 ",~.,.,.

7. :16"~:)~~~~~~.,t1.:~#~,'I.t1~DfD;'~~', , ,~Negarlt ~ta-No. 27'~,July.2002~Page1774
. , ,'" ,""""~';' "'" ,', ", ,.,. '~ V"" ,, i,' , , '
3) The ;q)prOpQate
, " inves~l)t. organ ,shall: prior to
r~,',;,A'~'A~:',~.:)ii4t"":"~~~t,o.+ ID~"',~~P,':~'" 0.+ .'
1A+ .-,tF~~'rJ'~11~ fJ.10 suspending r~vokinga,perDut.
o , notifytheinvestor
,
in Writingas to the caUseSforuitcing'such action and
,
,.~~t;('ViI.!t'l:,:
f~,'!!I." ~f;'1~r~~h.('0+1 ,
rth.t+'It1tV~~ OX""'"~,
nOD1A~llAV-o-f: allow him a period otone montbto present his views
fOb-tr1 "la""f+ ~'U~C-o 'fX1k- mc 1.n. thereon.
Mm'PAIi "
4) The appropriate.investmentorgan shall suspend'or
i' IlAU-o-l: OtUf''''~x-' ")O-la "'~X" O"'ODA Irl revoke~e pefII1it her; thein:,estorfails to respond
w
withinthetime limitprescribedin Sub-Article(3)of
b.,.1IJo Milt' '1~-o ~i4'1kQlrAla t)Aftm m~lJ"
f ftmllJolIDA:h" '1';Jfl t)A1''', ,,-, ,,-0 l/aJo f h. "}0 this Articleor presents unacceptablejustifiCation. '
5) Upon suspension.or revocation bf 'an investment
ta+OD"}+ ilD,f;..t.1 O,X..~JS."} f"11.(' m~lJ" permit. the investor sh~l, immediately lose en-
f-lPl.1I )cf8)t ,e.lDd~AIs "', ' titlementto ,all benefits. '
, 'fjf'f'K.'iih+""+ ~~t"'IPI."O+'q/U-o+ U"=- 6) Upon revocation of an invesnnent pennit. the
. .'A '::.b"'Ui~JlO+ 1D.r.~'':h?1~ft+ ',,+'r'1.,.r: ft.11~ investorshallreturnwithin 6 monthsall the benefits
C,.' Jf~OI."'.~o1»~.Jl1I1Jo~ ,e.5tI.'1'fT:rA.i he was gr~ted.
I, UJS. f"'IPI.IfO+ IlAU-oT 0"701.:1"~~+ 11~ 7)"' An investment pemiit may not be suspended or
" :=j:"'ff1DT U.lJ.:h+iPI.JlO+ 1.,.r: 01 mc
+1 revoked by any prgan O,therthan the appropriate
'1.)1. "la1- .,.-1:1 11.(.;JAIt . ',. invesnnentorgan.~ayingissuedsame. "
'I' ' f~1iita+DD1"" ~.(' bftmCD- f~'iila+oo")+ . "
IIDJPtl o.+'~UJS. 17. Right to Appeal
OlI'''''ljCaJolJ'' ht}A
, il:Ml:-dJ,e.~ ~uJl." 1t.e.T"'''t' , Aninvestorwhohas a grievanceagainsta decisionof an '
'-, .", ",',
II' taA"o.-I::1" +~I.-o
" appropriateinvesnnentorgan may, within30 days from
receiptof the decision.appeafto'theFederalInvesnnent
"-,,,-0 IAIIJof~,it((+DD1+ oDputl 0.+ OftmaJo Board or to the concernedorgan of a Regional Govern-
co-t~ o1»cf.,.ft1"qAV,"-TlIJorl~1IJo 01.l.ftaJo 00 +lj+ ment, as may be apPf9priate.
IIJota" 01»~~~"',' .,~~~~.,~ui. AU-&-tr IID1.,JP+
fh.1iita+DD1+ f~ m,e.,. ADtODAh-fom-fhAA PART FIVE
-ta-fo"St:'C "t)"<s,,,.)rl-o
,e.'fitAII . '. ,:'
i Transferof Technology,Loan~,Uti~on
, '.<' ",: ";l1~A ",.taT '"
of ForeignCziJrency, ndRemittance of Funds
a
taA-th~A-~ 1I.,.;ci
hA-o.('CttaA~"'tft 18. TechnologyTransferAgreements
"m:Jt~,11"ifI)1D1. ~ li"lC :AA"7.,IDC '
J) WhereaDinvestorintendstoconclude~technology
I~' taA-th'i"A-7(1I-,-,c
li9-"1"'~~ ':,'" '
transfer 'agreement related to his investment, he
,I' ~r~"AVof1,+,hJ."ii,ta:j.OD1-1:,,2C 0+1111 shallsubmitsameto the Authorityfor approvalqd
, u.~f-th't~:( ,ii.,...,c "f8"~+ OD7J1.C-Jo+ registration. '
2) WheretheAJ,Jthority
1.JI. ta""~-f:') 'AIlAP.Adj~ O"'~I..Q "'la~"'1:lj receivesa technologytransfer
.,ta".,,1-o "AOTII., agreement pursuant to Sub ArlEla (1) of this
,'I
Article.it shall giveitsdecisionthereonsubsequent
I. ,y~A~,Atq~:ntl,1I ,,'+X" ~Pr""1+X" li/ OOIPI.+ to the necessaryevaJuationin accordancewith the
,,,1~)1~t."":(~ 1I-,.,c ,larfD~:;":, f).+C:-o!+ O"ttla .
,Co~cil of ~~Regu~tionS No. 121/1993.
+C'T f8hc 0.+ 1.1-0"C If;A/!ifT~ ODIPI.+
19. Loans and UtilizationofForeigo Currency'
~ta~~1.~1 ""1~ J~ :fP"Uf~ ~ftlllArt '
1) An 'inyestor who acquires an external loan shall
III': "tiA.a.~'flD1".M.,t "m.f'+r h~vesuc;:hoanregisteredwiththeNationalBankof
l
" l..h~o(1~~ ,11-r"qAv-o+'-!-,"')' -o.('C/h.+ Ethiopia hi accordance w~th' he directives of the
t
.'0 "*1 :ad..t.f£ 1l1h ".}oC(1 nI11'b-IIDODtl OIPI.+
O Bank. ' ,
,:; ".,ti~.f1 t'i;"cR:1"Ais'. 2) For transactionsrelated to theirinvestment.foreign ,
' ' , ,
""'" . 't~
'I- 'tlAv;fi"'T /h. 1'0 taTOD1+'" ,o1»la:JtlLITaJo investors shall be allowed to open and operate
'1"7 f~ lJ",tft"fQ1h :-£"'-0 fh.+f"kl " foreipcurrency accou,otS inautho~ localbanks "
" ;c,' 'oftA~'£1l1tJ O-Umdf~oD-tl Q.,lPi+ O.,.~ in accordancewit,bdirectives9f the National Bank
~1.ITcD- fh1C IIJola'1' "'f1T :-hL+ ,.~+ 1:1 ofE~opia.
-HAlf" "":, "
.. "'..
20. "Remittance9f Funt!s,
," .J. ,,~,' :!;" '
~. 1111:9~1.~"1C..bA"'tl(DC , I), ,Agy,foreigninvestoI§b~lhave the right. in respect
,~I' P71'1D:'f8 f~ ,IlAUo(i-r h"'~+~A+ h. "}iila+ of an approv~ i~Ye.s~cnt.to make the following
, ""+~1.?C R-.t11dt:,ifJo).;J-f-nh.,.tt-+"}
hti:I"~ remittancesout of Ethiopia in convertible foreign
CtUTetlcyaftbe prevailing rate of exchange on the
O.1.1.,cPoClJtr'fI.", 1l~fP:'.fM.,t. ,-foODlODIP.+
' I date of reniittaBce:, ' ,
O~ Mtft hJ.+f"A-l ~ /",.,mc .e.~"Af (a)' Profits ,and dividends accruing ~m invest-
v) hh.~iil)ftOD1tt}1::1"A ''''17f +Cti:lj f+Cti: ment; , ,",
.('Ci'f!, ,,:,' , " ",' (b) ,Principal and interest payments on external
~~
, ' '
" J, /) . b~ f;l-11 , ~~ 'Plj, 1"If-olj m/.(' loans;, '
, ,h~'",~. ,.', '"" , '
,.,' ,', ,,' (c) ~ayments related to a technology transfer
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