Addis Ababa — Implementation of the recent proclamation on Foreign Nationals' Ownership Right of Residential House would contribute toward stimulating the development of cities and encouraging real estate development across cities in Ethiopia, Urban and Infrastructure Development Minister Chaltu Sani said.

The Minister and respective stakeholder leaderships held discussion today on ways of collaborating in the implementation of the proclamation.

Speaking on the occasion, she noted that the proclamation would stimulate the development of cities and encourage real estate development.

According to her, it will also contribute to housing access for the public, technological transfer, creating jobs and ensuring balanced development across regional cities.

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For his part, Foreign Affairs State Minister Berhanu Tsegaye said there is a need to provide efficient services for foreign nationals while they engage in house building process by establishing modern technological systems.

He also emphasized the necessity of strengthening financial security and oversight to curb illicit financial flows and prevent illegal practices during the implementation.

Furthermore, strict accountability measures must be enforced against those who violate regulations.

Ethiopian Investment Deputy Commissioner, Dagato Kumbe, said foreign nationals' house ownership in Ethiopia would contribute to boosting foreign currency earnings, foreign direct investment, and job creation.

Highlighting the interest of foreign investors in engaging in the housing construction sector, the Deputy Commissioner stated that the proclamation will help to expand house construction across cities in the country.