Ethiopian Federal Laws

PROCLAMATION ON GOVERNMENT BOND

Whereas it has become necessary to issue Government bond to be used for raising the capital of the Commercial Bank of Ethiopia,

Now,therefore ,in accordance with Article 55(1) of the Constitution ,it is hereby proclaimed as follows:

PART ONE
General

1. Short Title

This proclamation may be cited as the" Government Bond Proclamation No. 994/2017"

2. Power of Ministry of Finance and Economic Cooperation

1. to issue Government Bond of Birr 26,500,000,00 (twenty six billion five thousand million birr).
2. utilize the Government Bond issued in accordance with this Proclamation to raise the capital of the Commercial Bank of Ethiopia.

PART TWO
REDEMPTION AND INTEREST

3. Redemption

Government Bond issued in accordance with Article 2 above shall be redeemed in 10 years period after a grace period of five years.

4. Interest

Government Bond issued in accordance with this Proclamation shall bear no interest.

PART THREE
MISCELLANEOUS PROVISIONS

5. Exemption From Taxes

No Stamp duty or any other tax shall be levied on any transaction or document relating to the Government Bonds.

6. Effective Date

This Proclamation shall enter into force on the date of publication in the Federal Negarit Gazette.

Done at Addis Ababa, this 10th day of April,2017
MULATU TESHOME (DR.)
PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA