Addis ababa: The Council of Ministers has sanctioned a series of loan agreements and investment promotion and protection accords during its 54th regular session. These agreements aim to bolster the country's economic reform and improve micro-finance in rural areas.
According to Ethiopian News Agency, two major loan agreements topped the agenda. One, an eighty million Euro agreement with the French Development Agency, is earmarked for the National Economic Reform Plan. The other, a one hundred and ten million Euro agreement with the European Investment Bank, will target enhancements in rural micro-finance. The Council confirmed that these agreements align with the nation's credit management policy and has forwarded draft proclamations to the House of People's Representatives for review.
Next on the discussion table was the Investment Promotion and Protection Agreement concerning a Urea Fertilizer Manufacturing and Processing Factory. This agreement aims to facilitate capital acquisition for lenders, meet domestic fertilizer demand, reduce foreign exchange costs, and support the nation's aspirations for food grain self-sufficiency. The Council has authorized the Ministry of Finance to sign and implement this agreement.
Furthermore, the Council deliberated on a cyber security draft proclamation for critical infrastructures. After refining the draft, it was unanimously referred to the House of People's Representatives. The session also saw the discussion of six draft bilateral agreements, which were likewise forwarded for legislative consideration.
Lastly, the Council addressed the establishment of the Ethiopian Fire and Other Emergency Services. It decided to publish the relevant regulation in the Federal Gazette, which will become effective upon publication.