Ethiopia’s Parliament has approved a new banking proclamation that paves the way for foreign banks to enter the country’s financial sector. The legislation permits foreign banks to purchase shares in local banks and, with case-by-case approval from the National Bank of Ethiopia, fully acquire them. This marks a major step in opening up Ethiopia’s banking...Read More

The National Bank of Ethiopia (NBE) has issued a directive to attract foreign direct investment by allowing eligible projects to open offshore accounts and guaranteeing currency convertibility. The eligible projects to open an offshore account are: Public-private partnership (PPP) projects in the power generation and infrastructure sectors with large capital investment needs. Large mining projects...Read More

A security right in a movable property is established through a security agreement. The security agreement must be in writing and signed by the grantor and the secured creditor. The security agreement must also identify the secured obligation and provide a reasonable description of the collateral. There are three ways for a security right in...Read More

The Ethiopian Deposit Insurance Fund Becomes Operational After being established in accordance with the Council of Ministers Regulation No. 482/2021, the Ethiopian Deposit Insurance Fund becomes operational upon the appointment of Ato Merga Wakweya as the CEO of the Fund by the Prime Minister as of April 7, 2023. What is the Ethiopian Deposit Insurance...Read More