Proclamation No. 71/1997

Proclamation to ratify the agreement of guarantee to the Nordbanken loan

WHEREAS, a Loan Agreement in the amount of 112,500,000 SEK (one hundred twelve million five hundred thousand Swedish Kroner), for partly financing the 7th Telecommunications Development Programme, was signed between the Ethiopian Telecommunications Corporation and the Swedish Nordbanken, in Addis Ababa, on the 15th day of February, 1997;

WHEREAS, the Ministry of Finance had also signed said Agreement as a guarantor, on behalf of the Federal Democratic Republic of Ethiopia;

WHEREAS, the House of Peoples’ Representatives of the Federal Democratic Republic of Ethiopia has ratified said guaranteeing agreement at its session held on the 22nd day of April, 1997;

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 “Nordbanken Loan, for Partly Financing the 7th Telecommunications Development Programme, Guaranteeing Agreement Ratification Proclamation No. 71/1997.”

2. Definition

In this Proclamation “Agreement” means the Agreement signed in Addis Ababa by and between the Nordbanken as lender, the Ethiopian Telecommunications Corporation as borrower and the Ministry of Finance of the Federal Democratic Republic of Ethiopia as guarantor, on the 15th day of February, 1997.

3. Power of the Minister of Finance

The Minister of Finance is hereby authorized to make payments as per the terms and conditions of said Agreement should it become necessary under the guarantee provided therein.

4. Effective Date

This Proclamation shall enter into force as of the 22nd day of April, 1997.

Done at Addis Ababa, this 22nd day of April, 1997.

NEGASO GIDADA (DR.)

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA