Proclamation No. 115/1998

African Development Fund Loan Agreement for Financing Part of the Foreign Exchange Cost of the National Fertilizer Sector Project Ratification Proclamation

WHEREAS, a Loan Agreement, between the Federal Democratic Republic of Ethiopia and the African Development Fund, stipulating that the African Development Fund provide to the Federal Democratic Republic of Ethiopia a loan amount of UA 28,000,000 (twenty eight million Units of Account) for financing part of the foreign exchange cost of the National Fertilizer Sector Project, was signed in Abidjan, on the 20th day of February, 1998;

WHEREAS, basic economic international agreements have to be ratified prior to entry into force;

WHEREAS, the House of Peoples’ Representatives of the Federal Democratic Republic of Ethiopia has ratified said Loan Agreement at its session held on the 4th day of June, 1998;

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 “African Development Fund Loan Agreement for Financing Part of the Foreign Exchange Cost of the National Fertilizer Sector Project Ratification Proclamation No. 115/1998.”

2. Definition

In this Proclamation “Loan Agreement” means the Loan Agreement No. F/ETH/NAT-FER/98/38 signed in Abidjan, on the 20th day of February, 1998 between the Federal Democratic Republic of Ethiopia and the African Development Fund.

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 UA 28,000,000 (twenty eight million Units of Account) in accordance with the terms and conditions set forth in the Loan Agreement.

4. Effective Date

This Proclamation shall come into force as of the 4th day of June, 1998.

Done at Addis Ababa, this 4th day of June, 1998.

NEGASO GIDADA (DR.)

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA