OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA 9th Year No. 28 ADDIS ABABA 24h January 2003 CONTENTS Council of Ministers Regulations No. 83/2003 Development Bank of Ethiopia Re - establishment Council of Ministers Regulations Page 2070 COUNCIL OF MINISTERS REGULATIONS NO 83/2003 COUNCIL OF MINISTERS REGULATIONS TO PROVIDE FOR THE RE - ESTABLISHMENT OF THE DEVELOPMENT BANK OF ETHIOPIA Democratic Republic of Ethiopia Proclamation No. 1/1995 the Federal Democratic Republic of Ethiopia and Article 46 ( 1 ) ( a ) , of the Public Enterprise Proclamation No. 25/1992 . 1. Short Title These Regulations may be cited as the “ Development Bank of Ethiopia Re - establishment Council of Ministers Regulations No 83/2003 . ” 2. Re - establishment 1 ) There is hereby re - established the Development Bank of Ethiopia ( hereinafter called the " Bank ” ) as a public enterprise . 2 ) Withoutprejudice to the applicability of Monetary and Banking laws , the Bank shall be governed by the Public Enterprise Proclamation No. 25/1992 . 3. Supervising Authority A body to be designated by the Government shall be the supervising authority of the Bank . Unit Prices The African Law Archive 4. Head Office The Bank shall have its head office in Addis Ababa and may have branch offices elsewhere , as may be necessary . 5. Mission The Bank is established to accelerate the Country's de velopment through the provision of development credits . 6. Purpose The purpose for which the Bank is re - established are : 1 ) to provide investment credits including short - term loans to viable projects that will contribute to the country's economic development . 2 ) to mobilize funds from sources within or outside the " country ; 3 ) to manage funds entrusted to it ; 4 ) to participate in equity investment ; 5 ) to provide domestic and foreign banking services to its borrowers ; 6 ) to accept time deposits ; 7 ) to guarantee loans and other financial obligations ; 8 ) to draw , accepi , discount , buy and sell bills of ex change , drafts and promissory notes payable within or outside of Ethiopia ; 9 ) issue and sell bonds 10 ) to act as a trustee ; 11 ) to provide technical and managerial services ; 12 ) to open and oeperate bank accounts , with banks and banking correspondents in Ethiopia or abroad ; 13 ) to engage in such other activities as is customarily carried out by development banks . 7. Capital To authorized capital of the Bank is Birr 600,000,000 , - ( Six Hundred Million Birr ) of which Birr 480,000,000 ( Four hundred eighty million birr ) shall be paid up . 8. Liability The Bank shall not be liable beyond its total assets . Duration The Bank is re - established for an indefinite duration . 10. Transfer of rights and obligations The rights and obligations of Development Bank of Ethiopia established under Regulations No. 200/1994 are hereby transferred to the Bank . 11. Effective Date These Regulations shall come into force on the date of their Done at Addis Ababa , this 24h day of January 2003 . PRIME MINISTER OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA The African Law Archive