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How to Buy Bond, Open Foreign Currency Account and Remittance

 

 

 

How To Buy The Grand Renaissance Dam Bond

 

                                 The Grand Renaissance Dam Bond

         is a corporate bond issued by Ethiopian Electric Power Corporation.

    Commercial Bank of Ethiopia.

* Minimum bond issued: 50  USD /GBP /EURO , no maximum limit.
* Maturity: 5 ,6-7,8-10 years
* Payment of bond: At maturity
* Payment of interest: Every Six Months 
* Guarantor: Government guaranteed bond
* The bond can be used as a collateral for loans in local currency.
* Interest earned from the bond is free from any income tax.

Interest rate

Interest rates are:-    5 years  LIBOR + 1.25%

                           6-7 years  LIBOR + 1.5%

                          8-10 years LIBOR + 2.0%

  Means of Purchase: The buyer can effect payment via

  • International SWIFT transfer

  • Diaspora Foreign Currency Account

  • Cash

For more information:- Click for THE GRAND RENAISSANCE DAM BOND GUIDELINES

How to buy the bond

1. Requirements to buy the bond

                1. Application Form

                2. One Photo

                3. Ethiopian Passport or Ethiopian Origin ID Card

      ► New directive  

      ►  Quick Fact 

      ►  Application Form

 

For more information about the bond contact the Consulate on

     TEl   086616348   E-mail ethemb.all@telia.com

2. For money transfer to the Commercial Bank of Ethiopia

A. Dollar Account

  • The Commercial Bank of Ethiopia, Churchill Avenue

  • Trade service

  • Account Name:...Millennium Dam Bond

  • Account No:........0270255774200

  • Branch Name:.....Foreign Transfer & NR/NT Accounts

  • SWIFT Code:.......CBETETAA, Addis Ababa, Ethiopia.

B. Euro Account

  • The Commercial Bank of Ethiopia, Churchill Avenue

  • Trade service

  • Foreign transfer NR/NT Accounts

  • Account No. 2070255950700

  • SWIFT Code CBETETAA

Other Banks in Finland, Norway and Sweden working in cooperation with the Development Bank of Ethiopia

 

Currency

Name of the Bank

State

SEK

Nordea Bank AB (Pub1)

Stockholm

SEK

SEB/Skandinaviska  Enskilda, Banken AB(Pub1)

Stockholm

SEK

Svenska Handlesbanken AB

Stockholm

DKK

Danske Bank A/S

Copenhagen

DKK

Danske Bank A/S

Copenhagen

CITIEGCX

CALYON (HELSINKI)

HELSINKI

ESSEFIHX

SKANDINAVISKA ENSKILDA BANKEN

HELSINKI

HANDFIHH

SVENSKA HANDELS BANKEN

HELSINKI

NDEAFIHH

NORDEA BANK FINLAND PLC

HELSINKI

OKOYFIHH

OKO OSUUSPANKKIEN KES –

KUSPANKKI OYJ (OKO BANK)

HELSINKI

PSPBFIHH

SAMPO BANK PLC (HEAD OFFICE)

HELSINKI

CITIEGCX

CALYON (HELSINKI)

HELSINKI

DNBANOKK

DNB NORBANK ASA (FORMERLYDENNORSKE BANK ASA)

OSLO

ESSENOKX

SKANDINAVISKA ENSKILDA BANKEN

OSLO

HANDNOKK

HANDLS BANKEN

OSLO

LABANOKK

BANK 1 OSLO AS

OSLO

NDEANOKK

NORDEA BANK NORGE ASA

OSLO

 

 

 

 

 

 

 

 

 

 

 

 

 

Click here for other Bank working with Development Bank of Ethiopia Internationally

REMITTANCE SERVICE

Contact :

 

Postal Address

Embassy of the Federal Democratic Republic of Ethiopia

P. O. Box 10148
100 55 STOCKHOLM, SWEDEN

 

Visiting Address

Embassy of Ethiopia

Löjtnantsgatan 17

115 50 STOCKHOLM

9:00 AM - 12:00 AM (Visiting hours) 

How to Open a Foreign Currency Account

Quick facts on how Ethiopians and Ethiopian Origin living in the Diaspora can open the Foreign Currency Account in their country of origin.

Requirements

A. Who can open the Foreign Currency Account?

  1. All Ethiopian nationals and foreign nationals of Ethiopian origins living and working abroad outside Ethiopia for more than one year  i.e. a non-resident and holder of a valid Ethiopian passport for Ethiopian Nationals and identification card for Non-Resident Foreign Nationals of Ethiopian Origin (attesting that s/he is a foreign national of Ethiopian origin)

  2. Business entities owned by by non- resident Ethiopians  and located outside the Ethiopian territory for more than one year.

B. What are the Types of Foreign Currency Account

  1. Interest Bearing Non- resident Fixed Foreign Currency Account/ ወለድ የሚያስገኝ የጊዜ ገደብ ተቀማጭ፣

  2. Interest Bearing Birr account/ ወለድ የሚያስገኝ የብር የተንቀሳቃሽ ሂሣብ ተቀማጭ፣

  3. Non- Interest Bearing Non- Resident Foreign Currency Account/ ወለድ የማያስገኝ የተንቀሳቃሽ ሂሣብ ተቀማጭ፣

C. How to open the  Foreign Currency Account?

Persons living abroad may contact the opening bank in person, by post, e-mail, fax, telex, and or/ other electronics media authorized by the bank to open an account in his/her name.

D. What are the types of currencies?

    A.  The US Dollar

    B.  Pound Sterling

    C.  Euro

E. What are the types of Permitted Accounts?

  1. Fixed account

  2. Current account

  3. Birr Account

F. Where Ethiopians in the Diaspora get these services?

  1. Comercial Bank of Ethiopia

  2. Bank of Abyssinia

  3. Lion International Bank

TYPES OF DIASPORA ACCOUNT AT THE COMMERCIAL BANK OF ETHIOPIA

 

I. FIXED (TIME) DEPOSIT ACCOUNT;-

  • It is an interest bearing account with agreed maturity date. The minimum maturity period is three months.

  • It is opened with an initial deposit of US Dollar 5,000 or its equivalent in any of the above stated currencies.

  • Interest on such accounts shall be payable only if they are maintained at least for the minimum period.

  • Interest income on such accounts is tax-free.

II. CURRENT ACCOUNT:-

  • It is operated by cheque book.

  • Withdrawals can be made at any time by writing a cheque.

  • It can be opened with an initial deposit of US Dollar 100 or its equivalent in any of the above stated currencies.

  • The maximum amount to be deposited shall not exceed US Dollar 50,000 or its equivalent in any of the above stated currencies.

  • Interest shall not be paid to a non-resident foreign currency current account.

III. NON-REPATRIABLE BIRR ACCOUNT

  • It may take the form of saving deposit account that can be used for local payments.

  • Such account will pay double interest of the minimum saving deposit rate set by the National Bank of Ethiopia.

  • Money can neither be transferred from this account to abroad nor converted from the local currency to any foreign currency.

  1. Diaspora Accounts Detail

  2. Application form for foreign currency Account/ የማመልከቸቻ ቅፅ (PDF)

For more information visit

http://www.combanketh.com/home.php?id=51

 


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