Op-Ed: The World Bank backed law of security rights in movable assets in Ethiopia has flaws that need to be addressed urgently addisstandard 2021-06-09
A picture from a recent signing of an agreement between the Ministry of Finance and the World Bank, a main
development partner of Ethiopia. Picture: Ministry of Finance.
By Asress Adimi Gikay
Addis Abeba, June 9, 2021 – The Ethiopian Parliament enacted a modern law governing security rights in movable assets in 2019. The Movable Property Security Rights Proclamation was drafted with the assistance of the International Finance Corporation (IFC). Enacted in response to the dire need of the Ethiopian financial sector as well as small and medium-sized enterprise for a comprehensive law governing collateralization of movable assets that is pivotal to enhancing access to credit, the law permits borrowers to use many types of assets including vehicles, agricultural goods such as crops, equipment, and incorporeal assets such as inte
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Financial institutions via their association, Ethiopian Bankers Association (EBA), have been persisting the Addis Ababa City Administration to access plots at the heart of the city for their huge skyrocket buildings.
Under Takele Uma’s administration about couple of years ago, the banks had reached an agreement with the city administration to access plots of land at the so called financial district area of Addis Ababa at the surrounding of the National Bank of Ethiopia (NBE) to construct huge buildings.
The city administration and Ethiopian Bankers Association (EBA) agreed to be provided with plots for the financial institutions under the aim for the later to construct high rise buildings.
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