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Ethiopian Parliament Approves Proclamation for Establishing Capital Market

Ethiopia's parliament, the House of People’s Representatives, unanimously approved the Proclamation for the Establishment of a Capital Market. The Proclamation lays the legal ground to proceed in the practical establishment of a capital market in Ethiopia.

Yayesh Tesfahunegn, Revenues, Budget and Finance Affairs Standing Committee Chair, speaking to the parliament, noted the establishment of a capital market will offer the public an alternative saving mechanism.

She also said it will be "significant" in supporting large government and private investments, as well as help reduce dependency on foreign aid, and lend a critical hand in implementing the ten-year perspective plan.

In the same session, the House has also approved two additional proclamations. One, unanimously approved, is the Proclamation for Licensing and Administration of Legal Services, which is expected to help citizens obtain proper legal advice; while the other, approved with a majority vote, is the Proclamation for Federal Subsidy Budget and Distribution of Joint Revenues.

Source: ENA