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Ethiopia to allow foreign nationals of Ethiopian origin to engage in insurance sector

ADDIS ABABA, July 27 (Xinhua) — The Ethiopian Council of Ministers on Saturday passed two draft bills that aimed to restructure the country’s existing business law governing insurance companies and microfinance institutions.

The decisions to amend the East African country’s existing business laws governing insurance companies and microfinance institutions were made in line with recent and ongoing “large-scale” reform measures in the sectors, the Ethiopian Prime Minister’s Office revealed in a statement on Saturday.

The draft bills, among other things, envisaged to allow foreign nationals of Ethiopian origin to engage in the financial sector as part of restructuring Ethiopia’s current laws on insurance and microfinance sectors, according to the Ethiopian PM’s office.

The decision on the draft bills, which were developed by the National Bank of Ethiopia and endorsed by the Ethiopian Council of Ministers on Saturday, were passed to the Ethiopian House of People’s Representatives, the Ethiopian parliament’s lower house, for final ratification, it was noted.

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