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PART FIVE
Transfer of Technology, Loans, Utilization
of Foreign Currency, and Remittance of Funds

18. Technology Transfer Agreements

1) Where an investor intends to conclude a technology transfer agreement related to his investment, he shall submit same to the Authority for approval and registration.

2) Where the Authority receives a technology transfer agreement pursuant to Sub Article (1) of this Article, it shall give its decision thereon subsequent to the necessary evaluation in accordance with the Council of Ministers Regulations No. 121/1993.

19. Loans and Utilization of Foreign Currency

1) An investor who acquires an external loan shall have such loan registered with the National Bank of Ethiopia in accordance with the directives of the Bank.

2) For transactions related to their investment, foreign investors shall be allowed to open and operate foreign currency accounts in authorized local banks in accordance with directives of the National Bank of Ethiopia.

20. Remittance of Funds

1) Any foreign investor shall have the right, in respect of an approved investment, to make the following remittances out of Ethiopia in convertible foreign currency at the prevailing rate of exchange on the date of remittance.

(a) Profits and dividends accruing from investment;
(b) Principal and interest payments on external loans;
(c) Payments related to a technology transfer agreement registered in accordance with this Proclamation;
(d) Proceeds from the sale or liquidation of an enterprise;
(e) Proceeds from the transfer of shares or of partial ownership of an enterprise to a domestic investor.

2) Expatriates employed in an enterprise may remit, in convertible foreign currency, salaries and other payment accruing from their employment in accordance with the foreign exchange regulations or directives of the country.