Proclamation No. 85/1997

EUROPEAN INVESTMENT BANK LOAN AGREEMENT FOR ON-LENDING THROUGH THE DEVELOPMENT BANK OF ETHIOPIA, TO SMALL AND MEDIUM-SIZED PRIVATE SECTOR ENTERPRISES RATIFICATION PROCLAMATION

WHEREAS, a Loan Agreement, between the Federal Democratic Republic of Ethiopia and the European Investment Bank, stipulating that the European Investment Bank provide to the Federal Democratic Republic of Ethiopia a Loan amount of 10 million ECU (ten million ECU) for onlending, through the Development Bank of Ethiopia, to small and mediumsized private sector enterprises in the manufacturing, agro-industry, mining, tourism and related sectors, was signed in Luxembourg on the 18th day of December, 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 3rd day of July, 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 “European Investment Bank Loan Agreement for on-Lending Through the Development Bank of Ethiopia, to Small and Medium-Sized Private Sector Enterprises Ratification Proclamation No. 85/ 1997.”

2. DEFINITION

In this Proclamaiton “Loan Agreement” means the Loan Agreement No.7.1073 ETHIO signed in Luxembourg, on the 18th day of December, 1996 between the Federal Democratic Republic of Ethiopia and the European Invest-ment Bank.

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 10 million ECU (ten million ECU) 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 3rd day of July, 1997.

Done at Addis Ababa, this 3rd day of July, 1997.

NEGASO GIDADA (DR.)

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA