Parliament Amends Six-Decade-Old Commercial Code

March 27 , 2021

Members of parliament unanimously ratified a revised Commercial Code earlier this week, marking the first time in over six decades that the Code has seen any major changes. Efforts to amend the Code for the last 34 years had been unsuccessful. Last revised 62 years ago, the new Code aggregated different previously scattered commercial laws into one bundled bill. It allows for the legal incorporation of holding companies and single-member companies and provides legal provision for shareholder meetings held virtually to be admissible before the law. The revised Code introduces a variety of insolvency procedures in addition to bankruptcy, including preventive restructuring and simplified reorganisation proceedings. It also incorporates new clauses that protect minority shareholders on corporate transparency and disclosure, improved rights, and more stringent stipulations of responsibilities on a corporate board of directors. The amendment is deemed to play an important role in hastening Ethiopia's bid to join the World Trade Organisation (WTO), argues a report from the parliamentary Standing Committee for Trade & Industry. According to this report, the changes made are expected to improve the ease of doing business and attract foreign investors.


UNDP Nods $2m for National Dialogue

United Nation Development Program (UNDP) has signed an agreement with the Ministry of Finance and National Dialogue Commission, allocating 2.2 million dollars for the upcoming national discussion. Managed by an independent trust fund, and in addition to the annual budget allocated by the Ethiopian government, UNDP is looking to set up a financial buffer scheduling to raise 32.8 million dollars in support funds from development partners over the next three years. The Dialogue Commission was est...


Street Snack

The rainy season is going to be missed for at least one reason: boiled corn on the cob. As the customer captured here, it has been an enjoyable street food for the city's residents to keep them warm. More importantly, it was a livelihood for many street vendors. ...


Stair Shop

A shop and a shoeshine stall have been set up under the stairs of an overhead bridge. In the most crowded parts of Addis Abeba, there is always some type of vendor selling everyday goods, serving the lower-income population...