This document is the Investment Proclamation No. 280/2002 of Ethiopia. It re-enacts the existing investment law to promote both domestic and foreign investment and facilitate conditions for foreign investors. The proclamation defines key terms like "investment", "enterprise", "capital", and distinguishes between domestic, foreign, and public investors. It establishes the Ethiopian Investment Authority as the agency responsible for issuing investment permits.

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
~~
, ' '
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