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Thursday, March 13, 2014

ኬንያ ኢትዮጵያ ውስጥ በባንክ ንግድ ልትሰማራ ነው። Ethiopia gives green light to Kenyan banks to open office

Ethiopian Parliament passed the Special Status Agreement between the governments of Ethiopia and Kenya yesterday (March 11, 2014), which among others gives green light to Kenyan banks to open their offices in Ethiopia.

The agreement signed by the Heads of States of the two nations in November 2012 was already approved by Kenyan parliament earlier. Ethiopia’s latest move now gives Kenya special access to the Ethiopian 90 million people economy in sectors which have been closed for foreign investors.

Approval of the 12 pages and 14 articles Special Status Agreement by the Ethiopian parliament coincided with the three days official visit of Kenya’s President Uhuru Kenyatta and his business delegation to Ethiopia.

It was in March 1, 2012 that the former leaders of the two nations, the late Prime Minister Meles Zenawi of Ethiopia and President Mwai Kibaki of Kenya have agreed on the need of Special Status Agreement.

Facilitation of investments on selected sectors, facilitation of trade, infrastructure development between the two nations, establishment of economic development corridors and formation of joint private investment council are some of the cooperation areas listed the Special Status Agreement.

After completing the legal process of the parliament the law is expected to be published in Negarit Gazet of Ethiopia to be fully operational.

For more you can download the full document of the Special Status Agreement between Kenya and Ethiopia, which will soon be implemented.
Special Status Agreement between Ethiopia & Kenya full document

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