Legislators Pass Bills Reforming Financial Sector

Jun 15 , 2019

Parliament has legislated two bills that will enable the Ethiopian diaspora to invest in banking and banks, as well as consider movable assets as collateral. Attended by 310 members of the parliament, the session held on June 13, 2019, legislated the two bills with majority votes. The first proclamation, for movable assets, will enable low-income populations such as smallholder farmers, lower-scale entrepreneurs to secure loans for investment and job creation purposes. The second proclamation that allows foreign nationals of Ethiopian origin to invest in the banking sector aims at creating fertile ground for Ethiopian diaspora to take advantage of the comprehensive changes underway in their country of origin.



Women around the Koshe area hunt through piles of trash to find scraps of metal to sell. With close to three million people unemployed in the country and a headline inflation of 33pc, unskilled labour is in little demand. Ethiopia has an adult literacy rate of 51pc, with fewer numbers going past high school. Less than three percent of 12th-grade students made it to universities this year while the rest were at the mercy of remedial exams...



An old wooden car that was part of a commercial campaign by a furniture company around the Beherawi Theatre area. Ethiopia's forest coverage to national land size has been registered at 15pc to the latest data by the World Bank. The current Prime Minister Abiy Ahmed launched an initiative labelled 'Green Legacy' to plant five billion trees in 2020 claiming an 83pc success...



A young boy attempts to pull a piece of cloth from an overloaded pickup truck around the Ayer Tena area. Observing an unsupervised child on the streets of the capital has become a common sight, with sporadic conflict across the country creating nearly four million internally displaced people. Despite the last census having been conducted 16 years ago, the population of the country is estimated at 120 million...