Ethiopia to allow its Diaspora Invest in Insurance Sector

ADDIS ABEBA – The Council of Ministers has passed a revised insurance business bill in a bid to open up the sector for Ethiopians in the diaspora.

The council, in its 72nd regular session held Saturday, looked into three draft bills as well as loan deals ministry of finance signed.

The ministers first discussed the insurance business bill, prepared by the National Bank of Ethiopia (NBE). It has been revised taking the ongoing wide-ranging reforms into account, says the Prime Minister’s office in a statement.

The bill, among other things, will ease legal hurdles for foreign nationals of Ethiopian origin to engage in the financial sector, says the office.

The draft proclamation was tabled along with another NBE-prepared bill that governs microfinance businesses, for Saturday’s discussion.

After deliberation on the draft bills, the Council sent the bills to the lower house of Ethiopian parliament for approval.

The Council also discussed the draft law on the federal prison commission. The bill, drafted by the Attorney General office, has been prepared in accordance with international laws Ethiopia is part of and the constitution.

It will help to deter any ill-treatment of prisoners by security and law enforcement authorities on people serving prisons, the PM Office said

After making some changes to the bill prepared by the office of the Attorney General, the council referred the draft proclamation to lawmakers for ratification.