Proclamation No. 136/1998

A PROCLAMATION TO RATIFY THE FINANCE CONTRACT BETWEEN THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA AND THE EUROPEAN INVESTMENT BANK

WHEREAS, a Finance Contract, 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 credit amount of ECU 41,000,000 (forty one million ECU) for financing the Gilgel Gibe Power Plant Project, was signed in Luxembourg, on the 1st day of september, 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 Finance Contract at its session held on the 24th day of November, 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 “European Investment Bank Finance Contract for Financing the Gilgel Gibe Power Plant Project Ratification Proclamation No. 136/1998.”

2. Definition

In this Proclamation “Finance Contract” means the Finance Contract No. F1 No. 7-1114, signed in Luxembourg on the 1” day of September, 1998 between the Federal Democratic Republic of Ethiopia and the European Investment Bank.

3. Power of the Minister of Finance

The Minister of Finance is hereby empowered to undertake all acts necessary for the utilisation of the credit amount of ECU 41,000,000 (forty one million ECU) in accordance with the terms and conditions set forth in the Finance Contract.

4. Effective Date

This Proclamation shall come into force as of the 24th day of November, 1998.

Done at Addis Ababa, this 24th day of November, 1998.

NEGASO GIDADA (DR.)

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA