Proclamation to Amend the National Agency for the Supervision and Privatisation of Public Enterprises, No. 83 of 1995

1. Short Title This Proclamation may be cited as "the Amendment Proclamation NO. 114/2001 of the National Agency for the Supervision and Privatization of Public Enterprises Establishment Proclamation.

2. Amendment The National Agency for the Supervision and Privatisation of Public Enterprises Proclamatjon No. 83/1995 is amended as follows : (1) the Agency is hereby dissolved and its powers and duties hereby terminated and its employees and any of its assets and liabilities hereby transferred to the Ministry of Trade and Industry; (2) the Ministry of Trade and industry shall hereby assume the responsibility of supervising and eventual privatizing or liquidating, as needed, of the public enterprises formerly under the direct supervision of the Agency and not yet privatised, namely, (a) the Asmara Textile Factory; (b) the Orota Metal Works Factory; (c) the Lalemba Sack and Agordat Dum Fiber Works Factories; (d) the Eritrea Cement Factory; and (e) Pharmacor Eritrea; (3) subject to directives that may be issued by the Government, public enterprises formerly supervised by Sector Boards shall be supervised, and, privatised, as needed, as follows: (a) enterprises in the energy and mining sector - by the Ministry of Energy and Mines; and (b) enterprises in the transport and communications sector - by the Ministry of Transport and Communications; (4) public enterprises in the banking and insurance sector shall be supervised according to the Bank of Eritrea Proclamation No. 93/1997 and the Financial Institutions Proclamation No. 94/1997; (5) the utilization of profits and the permissible amount of reserve fund of public enterprises which are as yet not privatised shall be decided and issued out as directives by the Ministry of Finance in consultation with the concerned Government authorit ies; (6) the Sector Committees and Enterprise Management Teams referred to in the National Agency For the Supervision and Privatisation of Public Enterprises Establishment Proclamation 83/ 1995 may be maintained at the discretion 2 of the authorities mentioned in Art 2(2), (3) and (4) hereof, and (7) the Ministry of Trade and Industry shall take over from the Agency the responsibi lity of following up the implementation of the contracts of sale of former public enterprises co ncluded between the Agency and the purchasers, especial ly that of ensuring that the purchasers of the said enterprises respect their ob li gations under the said contracts to develop . the enterprises pursuant to their contractual undertakings submitted as business development plans, and all related documents and records shall also be forwarded or made accessible to the said Ministry.

3. Effective Date This Proclamation shall enter into force on the date of its pub Iication in the Gazette of Eritrean Laws. Done at Asmara, this 25 th day of August ,2001 , Government of Eritrea. 3