Proclamation No. 490/2006

A PROCLAMATION TO RATIFY THE LOAN AGREEMENT BETWEEN THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA AND THE ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA

WHEREAS, a Loan Agreement between the Federal Democratic Republic of Ethiopia and the Arab Bank for Economic Development in Africa stipulating that the Arab Bank for Economic Development in Africa provide to the Federal Democratic Republic of Ethiopia a loan amount of six million five hundred thousand United States Dollars (USD 6,500,000) for financing the Assosa-Kurmuk Road Project was signed in Khartoum, on the 16th day of November 2005;

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 23rd day of May, 2006;

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

1. Short Title

This Proclamation may be cited as the “Arab Bank for Economic Development in Africa Loan Agreement for financing the Assosa-Kurmuk Road Project Ratification Proclamation No.490/2006.”

2. Ratification of the Agreement

The Loan Agreement Signed between the Federal Democratic Republic of Ethiopia and the Arab Bank for Economic Development in Africa on the 16th day of November 2005 is ratified.

3. Power of the Minister of Finance and Economic Development

The Minister of Finance and Economic Development is hereby empowered to undertake all acts necessary for the utilization of the loan amount of 6,500,000 USD (Six million five hundred thousand United States Dollars) in accordance with the terms and conditions set forth in the Loan Agreement.

4. Effective Date

This Proclamation shall enter in to force up on publication in the Federal Negarit Gazeta.

Done at Addis Ababa, this 7th day of June, 2006

GIRMA WOLDEGIORGIS

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA