Proclamation No. 53/1996

Opec Fund for International Development Loan Agreement for Financing the Teacher Training Institutes Project Ratification

WHEREAS, a Loan Agreement, between the Federal Democratic Republic of Ethiopia and the Opec Fund for International Development stipulating that the Opec Fund for International Development provide to the Federal Democratic Republic of Ethiopia a loan amount of 7,000,000 USD (Seven Million United States Dollars) for Financing the Teacher Training Institutes Project was signed in Addis Ababa on the 15th day of July, 1996;

WHEREAS, the House of Peoples’ Representatives of the Federal Democratic Republic of Ethiopia has ratified said Loan Agreement at its session held on the 12th day of December, 1996;

NOW, THEREFORE, in accordance with Article 55 sub-Articles (1) and (12) of the Constitution, it is hereby proclaimed as follows:

1. Short Title

This Proclamation may be cited as the “Opec Fund for International Development Loan Agreement for Financing the Teacher Training Institutes Project Ratification Proclamation No. 53/1996.”

2. Definition

In this Proclamation “Loan Agreement” means the Loan Agreement No. 659P signed in Addis Ababa, on the 15th day of July 1996 between the Federal Democratic Republic of Ethiopia and the Opec Fund for International Development.

3. Power of the Minister of Finance

The Minister of Finance is hereby empowered to undertake all acts necessary for the utilization of the loan amount of 7,000,000 USD (Seven Million United States Dollars) in accordance with the terms and conditions set forth in the Loan Agreement.

4. Effective Date

This Proclamation shall enter into force as of the 12th day of December, 1996.

Done at Addis Ababa, on this 12th day of December, 1996.

NEGASO GIDADA (DR.)

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOΡΙΑ