Regulatory Alerts2023-12-14
Added · Updated
Manner of Equity Investment by Foreign Nationals of Ethiopian Origin or Organizations in an Insurance Company Directive No. SIB/49/2020
This Directive establishes implementation modalities for equity investment by foreign nationals of Ethiopian origin or organizations in insurance companies and those under formation. It mandates that share subscriptions occur within Ethiopia, require payment in acceptable foreign currency via bank transfer, and obligate banks to surrender 30% of foreign currency to the National Bank. The rules further specify that dividends must be paid in Ethiopian Birr, prohibit share acquisitions through donation, and require quarterly reporting of subscriptions to the National Bank.
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