OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA 12 Year No. 20 ADDIS ABABA 4 March , 2006 CONTENTS Proclamation No. 487/2006 European Investment Bank Loan Agreement for Gilgel Gibe II Hydro Electric Project Ratification Proclamation Page 3393 PROCLAMATION NO . 487/2006 . A PROCLAMATION TO RATIFY THE LOAN AGREEMENT BETWEEN THE GOVERNMENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA AND THE EUROPEAN INVESTMENT BANK WHEREAS , a Loan Agreement , between the Government of the Federal Democratic Republic of Ethiopia and the European Investment Bank stipulating that the European Investment Bank ዲሞክራ provide to the Federal Democratic Republic of Hydro Electric Project was signed in Brussels on the 31 day of October 2005 : WHEREAS , House of Peoples ' Agreement at its session held on the 7th day of February 2006 ; NOW , THEREFORE , in accordance with Article 55 Sub - Article ( 1 ) and ( 12 ) of the Constitution , it is hereby proclaimed as follows ; 1. Short Title This Proclamation be cited “ European Investment Agreement for Gilgel Bible II Hydro Electric Project Ratification Proclamation No.487 / 2006 . ” Unit Price The African Law Archive 2. Ratification of the Agreement The Loan Agreement signed in Brussels on the 31st day of October 2005 between the Government of the Federal Democratic Republic of Ethiopia and the European Investment Bank is ratified . 3. Power of the Minister of Finance and Economic Development The Minister of Finance and Economic Development is hereby empowered to undertake all acts necessary for the utilization of the loan amount of 50,000,000 Euros ( Fifty million Euros ) in accordance with the terms and conditions set forth in the Loan Agreement . 4. Effective Date This Proclamation shall into force as the date of their publication in the Federal Done at Addis Ababa , this 4th day of March , 2006 . PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA The African Law Archive