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.
With a view to sustaining the ongoing development, the Ethiopian government is set to establish 7,800 small and medium scale manufacturing industries. Metal and wood work, textile and garment, leather and leather products, agro processing, and construction inputs are some of the industries which are planned to be set up by the government.
Finance Minister Ahmed Shide, speaking at a panel discussion on industrial development organized by Ethiopian Press Agency under the theme ‘About Ethiopia’, stated that the Government was interested to increase the role and contribution of local investors in the manufacturing sector.
According to the minister, the private sector has already become a major employer and the Government is facilitating the active participation of local investors in the manufacturing sector by creating a favorable business climate and making available land and other facilities.
The federal government is preparing to impose a 15 percent value-added tax (VAT) on fuel sales beginning in July, marking a shift in the country’s fuel pricing policy. This move aligns with the government’s plan to fully liberalize fuel prices based on international market rates and phase out longstanding subsidies.
Ethiopian government is to lift ban on importation of palm oil by private companies starting from August 6, 2015, Addis Fortune reported.
