House Approves Amended Insurance Business Proclamation

Addis  Ababa  November  5/2019The House of People’s Representatives (HPR), in its 3rd regular session today, unanimously endorsed the improved draft insurance business proclamation.

The amended proclamation will allow foreign nationals of Ethiopian origin to engage in the financial sector in line with the ongoing wide-ranging reform initiative, it was indicated.

By resolving the complaints occurring in the sector, the amendment will have paramount significance in letting foreign nationals of Ethiopian origin to contribute their role in the country’s economic growth.

After deliberation on the draft bills developed by the National Bank of Ethiopia (NBE), last July the Council of Ministers sent the bills to the House of People’s Representatives for approval, it was learned.  

The House also approved the revised draft proclamation of microfinance institutions by majority.

It will similarly allow foreign nationals of Ethiopian origin to engage in micro-finance business institutions.