Government investment wings are specialized agencies or funds established to oversee the public investment portfolio, attract foreign investments, and...
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Currently, Ethiopia is nearing the launch of its first full-scale stock market, the Ethiopian Securities Exchange (ESX) anticipated to begin functioni...
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As per the Customs Proclamation Export is taking or causing to be taken out goods from the customs territory. Import is bringing or causing to be brou...
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Overview Ethiopia has succeeded in becoming one of the fastest-growing economies in the region. Ethiopia’s robust growth rate continues a sustained tr...
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Overview The first private bank in Ethiopia, Addis Ababa Bank, was established in the 1960s. Now over half a century later, the Ethiopian financial se...
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Major PPP projects in power generation and infrastructure with significant capital investment needs Large mining projects with strong export po...
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There are three types of Foreign Currency accounts: FCY Accounts for foreign entities (FDI companies, international organizations, embassies, foreign ...
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Capital account transactions refer to the inflows and outflows of capital that directly affects a resident’s foreign assets and/or liabilities positio...
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A forex bureau may operate as a division of a bank or as an independent entity authorized by the National Bank of Ethiopia. Independent forex bureaus ...
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Special Economic Zone (SEZ) is an area designated by the Ethiopian Investment Board under Proc. 1324/2024, and may include industry parks, free trade ...
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Background The National Bank of Ethiopia (NBE) unveiled a groundbreaking Foreign Exchange Directive yesterday, merging previous directives into a unif...
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External loan means a loan acquired from an eligible foreign lender and approved and registered by the National Bank of Ethiopia. External loan in kin...
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Background The strategy of mobilizing capital from foreign investors through setting up effective industrial parks has been adopted as government econ...
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Ethiopia Visa Travel has enlisted the expertise of MTA law office as their professional reviewers. The online visa service provider, Ethiopia Visa Tra...
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Background Ethiopia's legislative landscape experienced a significant development with the recent approval of the Personal Data Protection Proclamatio...
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Pursuant to the Federal Administrative Procedure Proclamation No. 1183/2020, administrative organs have the duty to provide information and clarificat...
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The Ethiopian Investment Commission (“EIC”) has issued Directive No. 772/2021 (“EIC Directive”) relating to the issuance of work permits to expats employed by foreign investors and the implementation of knowledge and skill transfer from expats to Ethiopians which came into enforce after its publishing on EIC and Federal Attorney General’s website on April 14, 2021. The EIC Directive is a follow up of the reform initiatives taken by the government in the foreign investment sector that resulted in the promulgation of the Investment Proclamation No. 1180/2020 (For more on the Investment Proclamation, please click here) and Investment Regulation No. 474/2020 (For more on the Investment Regulation, please click here).
In this edition of our legal update, we highlight the key changes introduced by the EIC Directive. One must note that the sector has so far been governed by the Revised Directive for Determining of Issuance for Work Permit for Expats, 2018 (“MoLSA Directive”) issued by the Ministry of Labour and Social Affairs ("MoLSA”).
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I. Introduction These notes are prepared to inform our clients and others about the changes introduced by the amendment of the Existing Commercial Cod...
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Following the enactment of the Investment Proclamation No. 1180/2020 (“Investment Proclamation”), the much awaited Investment Regulation No. 474/2020 (“New Regulation”) came into effect. The New Regulation partially replaced its predecessor - the Investment Regulation No. 270/2012. (“Old Regulation”). Together with the Investment Proclamation, the New Regulation introduces new changes to investment admission and administration in Ethiopia.
In this piece of our legal update, we highlight the key aspects of the New Regulation. (For a summary of the Investment Proclamation, find our legal update here.)
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Introduction
The adverse effects of the COVID-19 Pandemic (the “Pandemic”) have resulted in not only health and social crises, but also in huge economic problems. As countries have closed their borders, export trade has been seriously impacted. The tourism industry is also highly affected as it closely dependent on global movement of peoples and the inbound flow of FDI has been severely affected. The reliable estimate of the extent of the damage is yet to be determined.
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