INVESTMENT INCENTIVES GUARANTEES AND PROTECTION
23. Investment Incentives
1/Areas of investment specified by regulation to be issued by the Council of Ministers pursuant to the investment objectives stated under Article 5 of this Proclamation shall be eligible for investment incentives.
2/ The regulation to be issued pursuant to sub-article (1) of this Article shall determine the type and extent of the entitlement to incentives.
24. Ownership of Immovable Property
1/Notwithstanding the provisions from Article 390 to Article 393 of the Civil Code a foreign investor or a foreign national treated as domestic investor shall have the right to own a dwelling house and other immovable property requisite for his investment.
2/The provisions of sub-article (I) of this Article shall also include those who have invested prior to the issuance of this Proclamation.
25. Investment Guarantees and Protection
1/ No investment may be expropriated or nationalized except for public interest and then, only in conformity with the requirements of the law.
2/Adequate compensation, corresponding to the prevailing market value, shall be paid in advance in case of expropriation or nationalization of an investment for public interest.
3/ For the purpose of this Article the word “nationalization” shall be used interchangeably with the word “expropriation” and results in the payment of appropriate or adequate compensation.
26. Remittance of Funds
1/ Any foreign investor shall have the right, in respect of his approved investment, to make the following remittances out of Ethiopia in convertible foreign currency at the prevailing rate of exchange on the date of remittance:
a)profits and dividends accruing from the investment;
b)principal and interest payments on extemal10ans;
c)payments related to a technology transfer agreement registered in accordance with Article 21 of this Proclamation;
d) payments related to a collaboration agreement registered in accordance with Article 22 of this Proclamation;
e) proceeds from the transfer of shares or of partial ownership of the enterprise to a domestic investor;
f)proceeds from the sale or liquidation of the enterprise; and
g)compensation paid to an investor pursuant to Article 25(2) of this Proclamation.
21Notwithstanding the provision of sub-article (1) of this Article, a local partner in a joint investment may not be allowed to remit funds out of Ethiopia.
31Expatriates employed in an enterprise may remit, in convertible foreign currency, salaries and other payments accruing from their employment in accordance with the foreign exchange laws of the country.