Four Mining Deals Ratified as Council Passes Various Decisions 

ADDIS ABABA – The Council of Ministers has given the Ministry of Mines the green light to conclude four mining agreements.

Prime Minister Abiy Ahmed’s cabinet dealt with various draft legislations and agreements in its 27th regular session on Saturday.

Among them were four draft agreements to issue licenses to extract Bromite, Coal, granite, and gold minerals, the PM Office said in a statement.

The Ministry of Mines reached the mining agreements with Jereh Chemical Industrial Plc, Rafiq Husni Farisalqab Sequoia Mining and Processing Plc, and Oromiax Mining S.C.

On Saturday, the Council ratified the draft agreements after finding the agreements are in line with the strategy to boost domestic industrial inputs production as well as foreign exchange earnings and job creation.

The Council also made sure the compatibility of the mining deals with the government’s policy of implementing corporate social responsibilities and protecting the environment of their respective development sites.

The ministers eventually voted to give the green light to the Ministry of Mines to conclude the deals and for the mining projects to get operational, per the PM Office.

Loan Deals with the World Bank &  Italy

The cabinet meeting also approved draft finance agreements including three World Bank loans totalling $590 million.

The firat agreement with the World Bank is a  $300 million loan to support authorities’ push to roll out the digital ID across the country.

The second, a $200 million loan,  will finance the education and training sector while the other $90 million is to boost Ethiopia’s trade and logistics operations.

All three loans will be paid in 38 years with a 1.25% service fee and have a 6-year grace period.

The Council approved all three loan agreements after ensuring they were in line with the country’s credit administration policy, the PM Office said in a statement.

The cabinet meeting also delivered on two loan agreements signed with the government of Italy.

A 6.8 million euro loan deal is for the Boye Lake and its surrounding sustainable development project, and the other –  83.6 million Euro loan – will finance an energy development project.

Both loans are free of interest and will be paid in 30 years with a 6-year grace period.

The PM office says draft agreements signed with both the World Bank and Italy were referred to the lawmakers for ratification.

Enacts three Regulation 

The  Ministers also ratified a revised regulation to reestablish the National Animal Health Protection Institute as a development organization, raising its authorized capital to 2.6 Billion Birr.

The Council also ratified another regulation to determine fees for services offered by the Ethiopian Standards and Federal Documents Authentication and Registration Service.

The third draft bill approved by the Council was forest development, protection, and utilization regulation. The PM office says it would play a key role in the push for climate-resilient economy, and carbon trading.

All three newly approved regulations will become effective as of the date of their publication in the Negarit Gazette.

CoM Refers more bills to Parliament

Saturday’s cabinet meeting also saw two agreements referred to the House of People’s Representatives for approval.

The first was an MoU signed with the government of Jordan to protect the rights and interests of Ethiopian nationals working in Jordan, and the second was a bill to amend the Inter-Governmental Development Authority or IGAD founding agreement. It was approved by the Igad summit on June 12, 2023.

The council also discussed the draft policy on disaster risk management and cleared it for implementation effective from 24th February 2024.

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