Development Bank of Ethiopia Re-establishment Council of Ministers Regulations (No 83/2003)

, \J\ I ~~* fkTr-kf &..Y..t-Itce -tqoht-fLf'f ~Tl1fLh ~f-o t,./A ~,;J t T ,;JJt fI) FEDERAL NEGARIT GAZETA OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA Hm~;;: ~OO..,. ~'PC t;~ h-'tll hOI1'PC Ii IiI~j?; 9thYear No. 28 ADDIS ABABA 241hJanuary 2003 Oh...,.r-A-, ~fot."ce -'tqPtlt.fl.,ce &TlIl\.tI f ,n1l1l "'lDilr-:f ?"tIc 0."" ml1t~.r fCDtrJ OIfar6liJ. fOlJ.~ll""C':f 9"tlc 0."" ~111 ~'PC ifr!Iilf1?; ~.9" fh...,.r-tt, AO?"" 111t11 ~1~1'i l\0?cJ:cJ:9"flDtrJ fOlJ.~h""C':f 9"tlc 0."" ~111 1~ ~fi.~ CONTENTS Council of Ministers Regulations No. 83/2003 Development Bank of Ethiopia Re-establishment Council of Ministers Regulations Page 2070 fOlJ.~h""C':f 9"tlc 0."" ~111 ~'PC ifr !Ii1f1?; fh...,.r-tt, AO?"" 111t11 ~1~1'i l\0?cJ:cJ:9"fCDtrJ fOlJ.~h""C':f 9"tlcn."" ~ 111 fh...,.r-A-, ~fot."ce -'t'P'tlt.fl.,ce &TlIl\.tI fOlJ.~h.rC':f 9"tlc 0."" 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Y:c~"':f hlf'~ ~'PC t;?;!Ii1~if!1 oolP'l."" ,e."'J.;~t.A:: COUNCIL OF MINISTERS REGULATIONS NO 83/2003 COUNCIL OF MINISTERS REGULA TrONS TO PROVIDE FOR THE RE-EST ABLISHMENT OF THE DEVELOPMENT BANK OF ETIDOPIA These Regulations are issued by the Council of Ministers pursuant to Article 77(13) of the Constitution of the Federal Democratic Republic of Ethiopia Proclamation No. 1/1995 and Article 5 of proclamation No. 4/1995 provided for th~ Definitions of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia and Article 46 (1) (a), of the Public Enterprise Proclamation No. 25/1992. 1. / Short Title These Regulations may be cited as the "Development Bank of Ethiopia Re-establishment Council of Ministers Regulations No 83/2003. " 2. Re-establishment 1) There is hereby re-established the Devel<;>pment Bank of Ethiopia (hereinafter called the "Bank") as a public enterprise. 2) Withoutprejudice to the applicability of Monetary and Banking laws, the Bank shall be governed by the Public Enterprise Proclamation No. 25/1992. 3. Supervising Authority~. "''''trJtrJ& 11l\P'AtrJ1 A body to be designated by the Government shall be the OoP1..,P''''' fOlJ.()f9" hilA f111h- "''''trJtrJ& 11l\P'AtrJ1 supervising authority of the Bank. ,e.1f'iA:: Y'}~ 'P;J ~.30 Unit Price ~;J~T ;JH.fIJ ;"'"1'~' -R'n:;; Negarit G.P.O.Box 80,001 1X' I if.(:'{i Uot.A ~;J~'''' ;JtLfI} ~'PC 1};t 'PC I?; 4'1 Iiif1~,.,9'" Q' tpe;' 00P't.1 0."" fll'}1l- tpe;' 00P't.1 0 ,. 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I' Ili' h.it... hOt1TC n 4>1Iun?; q.9" ool\il H.'i"ce , fh.""'f-A'1 t..1..t-itce.it'fPht-ft.lce ~T-oi\.h mcp"J!. tllJ.til""C f~deral ~egarit Gazeta- No. 28 24th January, 2003-Page 2070 . 4. Hi?ad.Office The Bank shall have its head Mfice in Addis Ababa and may have b~llnch offices elsewhere, as may be necessary. ,5. Mission 'The Bank is established to accelerate the Country's de velopment through the provision of development credit!>. 6. Purpose The purpose for which the Bank is re-established are: 1) to provide investment credits including short-term loans to viable projects that will contribute to the country's economic development. . 2) to mobilize funds from sources within or outside the' 'country; 3) to manage funds entrusted to it; 4) to participate in equity investment; 5) to provide domestic and foreign banking services to its borrowers; 6) to accept time deposits; 7) to guarantee loans and other financial obligations; 8) to draw, accept, discount, buy and sell bills of ex change, drafts and promissory notes payable within or outside of Ethiopia; 9) issue and sell bonds 10) to act as a trustee; 11) to provide technical and managerial services; 12) to open and oeperate bank accounts, with banks and banking correspondents in Ethiopia or abroad; 13) to engage in such other activities as is customarily carried out by development banks. 7. Capital To authorized capital of the Bank is Birr 600,000,000,- (Six Hundred Million Birr) of which Birr 480,000,000 (Four hundred eighty million birr) shall be paid up. 8. Liability The Bank shall not be liable beyond its total assets. 9. Duration The Bank is re-established for an indefinite duration. 10. Transfer of rights and obligations The rights and obligations of Development Bank of Ethiopia established under Regulations No. 200/1994 are hereby transferred to the Bank. 11. Effecti ve Date These Regulations shall come into force on the date of their publications in the Federal Negarit Gazetta. Done at Addis Ababa, this 24th day of January 2003. MELLES ZEN AWI PRIME MINISTER OF THE FEDERAL DEMOCRA TIC REPUBLIC OF ETHIOPIA lICY')C; M9" O'fof-tPf.f Y:c~'''' :t'of-uo I BERHANENA SELAM PRINTING ENTERPRISE