Regulatory Alerts2023-09-15
Added · Updated
Off-shore Account Opening and Operations for Strategic Foreign Direct Investment Projects Directive No. FXD/86/2023
This directive establishes rules for strategic foreign direct investment projects in power generation, infrastructure, and mining to open offshore accounts for depositing equity and loan proceeds. It limits the debt-to-equity ratio to 80:20, allows the Board to grant special approvals, and provides foreign currency convertibility guarantees for loan repayment and dividend repatriation after exhausting bank purchases. Projects must submit quarterly financial statements and annual foreign exchange projections to the National Bank, which retains monitoring rights over associated contracts. The directive enters into force on September 8, 2023.
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