PROCLAMATION NO. 491/2006
A PROCLAMATION TO RATIFY THE LOAN AGREEMENT BETWEEN THE GOVERNMENT OF THE FEDERAL DEMOCRATIC REPUBLIC or ETHIOPIA AND THE EXPORT-IMPORT BANK OF INDIA
WHEREAS, a Loan Agreement, between the Government of the Federal Democratic Republic of Ethiopia and the Export Import Bank of India stipulating that the Export Import Bank of India provide to the Federal Democratic Republic of Ethiopia a Loan in an amount not exceeding 65,000,000 USD (sixty five million United States Dollars) for financing Hagere Mariam-Mega Power Transmission Project, was signed in New Delhi on the 20th day of April 2006;
WHEREAS, the House of Peoples' Representatives of the Federal Democratic Republic of Ethiopia has ratified said Loan Agreement at its session held on the 23rd day of May, 2006;
NOW, THEREFORE, in accordance with Article 55 Sub-Anicle (l) and (12) of the Constitution it is hereby proclaimed as follows:
PART ONE
GENERAL
1. Short Title
This Proclamation may be cited as the "Export Import Bank of India Credit Line Agreement for the Hagere Mariam-Mega Power Transmission Project Ratification Proclamation No.491/2006."
2. Ratification of the Agreement
The Loan Agreement signed in New Delhi on the day of April 2006 between the Government of the Federal Democratic Republic of Ethiopia and the Export-Import Bank of India is hereby ratified.
3. Power of the Minister o! Finance and Economic Development
The Minister of Finance and Economic Development is hereby empowered to undertake all acts necessary for the utilization of the loan amount of 65,000,000 USD (sixty five million United States Dollars) in accordance with the terms and conditions set forth in the Loan Agreement.
4. Effective Date
This Proclamation shall enter into force on the date of its publication in the Federal Negarit Gazeta.
Done at Addis Ababa, this 7th day of June, 2006
GIRMA WOLDEGIORGIS
PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA