The Ethiopian Investment Commission (EIC) announced that it had revoked licenses of foreign investors for failing to implement projects after receiving land, Fana Broadcasting Corporate reported.

Mr. Getahun Negash, Public Relations Director at the Commission, stated that for the past two and a half years, EIC took measures against 3,441 investors who kept the land idle and sold it to a 3rd party. 

The commission cancels licenses if the investors fail to implement projects within two years after concluding an agreement with the commission. The licenses of 91 investors had been canceled in the first half of this Ethiopian fiscal year alone.

According to the director, the cancelled licenses can be renewed if the investors can give a solid reason.

Source: Fana Broadcasting Corporate reported