Ethiopia gives foreign nationals of Ethiopian origin more freedom in financial sector

ADDIS ABABA: July 31 (EI) — The Ethiopian House of Peoples and Representatives on Wednesday approved a draft bill that aimed to restructure the country’s existing business law governing insurance companies and microfinance institutions.

The decisions to amend the East African country’s existing business laws governing insurance companies and microfinance institutions by the Ethiopian House of Peoples and Representatives, the Ethiopian parliament’s lower house, were made in line with recent and ongoing “large-scale” reform measures in the sectors, according to the motion presented to the parliament.

The newly ratified bills, among other things, envisaged to allow foreign nationals of Ethiopian origin to engage in the financial sector as part of restructuring Ethiopia’s current laws on insurance and microfinance sectors, it was noted.

The decision on the draft bill was developed by the National Bank of Ethiopia and endorsed to the parliament by the Ethiopian Council of Ministers.

Members of the Ethiopian House of Peoples and Representatives on Wednesday unanimously approved the bill, which is said “to encourage Ethiopian descent with foreign nationality to take part and contribute their role in the country’s socio-economic development.”

The new bill is also expected to “lay the opportunity to further modernization of the Ethiopian banking sector,” according to the draft motion read before the house.

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