Governor of the National Bank of Ethiopia, Yinager Dessie (PhD), announced that the draft Security Right Proclamation would be implemented soon. The Proclamation will allow individuals and companies to borrow from banks by registering their movable assets as security.

Ethiopia does not have a legal framework that allows movable properties to be used as securities. The Proclamation is, therefore, expected to be beneficial for many. Pastoralists and farmers are among those who will benefit from the Proclamation which will enable them to access credit services by using their animals and land right as security.

Source: Ethiopian News Agency