36. Loans and Utilization of Foreign Currency
1/An investor who acquires an external loan shall have such loan registered with the National Bank of Ethiopia in accordance with the directive of the Bank.
2/ For the purpose of his investment activities, any foreign investor shall be allowed to open and operate foreign currency accounts in authorized local banks in accordance with directive of the National Bank of Ethiopia.
37. Employment of Expatriates
1/Any investor may employ duly qualified expatriate experts required for the operation of his business.
2/An investor who employs expatriates pursuant to sub-article (I) of this Article, shall be responsible for replacing, within a limited period, such expatriate personnel by Ethiopians by arranging the necessary training thereof.
3/Notwithstanding the provisions of sub-article (I) and (2) of this Article, a foreign investor shall, without any restriction, have the right to employ expatriate employees on top management positions for his enterprise.
38. Duty to Observe Other Laws and Protection of Environment
Any investor shall have the obligation to observe the laws of the country in carrying out his investment activities. In particular, he shall give due regard to environmental protection.
39. Power to Issue Regulation
The Council of Ministers may issue regulations necessary for the implementation of this Proclamation.
40. Repealed and Inapplicable Laws
1/The Investment Proclamation No. 280/2002 (as amended) is hereby repealed.
2/No law or customary practice shall, in so far as it is inconsistent with this Proclamation, have effect with respect to matters provided for in this Proclamation.
41. Effective Date
This Proclamation shall enter into force on the date of publication in the Federal Negarit Gazeta.
Done at Addis Ababa, this 17th day of September, 2012.
PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA