WHEREAS, the National Bank of Ethiopia is vested by its Establishment Proclamation No. 591/2008 to determine the terms and conditions for the export or import of valuable goods or the transfer of other valuable goods across the customs boundaries or frontiers of Ethiopia in any manner;

WHEREAS, accordingly, it has been found necessary to create an enabling regulatory environment for the establishment of alternative sources of external loans in kind to fill the existing gap, which is not addressed by the existing external loan directives;

WHEREAS, an investor who acquires an external loan in kind shall be obliged to register such a loan with the National Bank of Ethiopia in accordance with the directives of the National Bank of Ethiopia;

NOW, THEREFORE, in accordance with Article 20(3) and Article 27(2) of the National Bank of Ethiopia Establishment (as amended) Proclamation No. 591/2008, the following directive is hereby issued: