Special Government Bond Proclamation No. 1211-2020

PROCLAMATION NO. 1211/2020
SPECIAL GOVERNMENT BOND PROCLAMATION


WHEREAS, it has become necessary to issue Special Government Bond to be used for raising the capital of the Development Bank of Ethiopia,
NOW, THEREFORE, in accordance with Article 55 (1) of the Federal Democratic Republic of Ethiopia Constitution, it is hereby proclaimed as follows.


PART ONE
GENERAL


1. Short Title
This Proclamation may be cited as the “Special Government Bond Proclamation No.1211/2020”.
2. Power of the Minister of Finance
The Minister of Finance is hereby empowered:
1/ to issue Special Government Bond in the amount of Birr 21,020,000,000 (Twenty One Billion Twenty Million);

2/ to utilize the Special Government Bond issued in accordance with this Proclamation to raise the capital of the Development Bank of Ethiopia.


PART TWO
REDEMPTION AND INTEREST


3. Redemption
Special Government Bond issued in accordance with Article 2 above shall be redeemed in 14 years period after a grace period of five years.
4. Interest
Special Government Bond issued in accordance with this Proclamation shall bear no interest.


PART THREE
MISCELLANEOUS


5. Exemption From Taxes
No Stamp duty or any other tax shall be levied on any transaction or document relating to the Special Government Bonds.
6. Effective Date
This Proclamation shall enter into force as of its publication in the Federal Negarit Gazette.


Done at Addis Ababa, on this 13th day of July, 2020


SAHILEWORK ZEWDW
PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

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