Article 5 — Power and Function of the Council

1/ T h e Council shall have the following powers and functions to: a) Leads the coordination of government institutions, the private sector, and development partners that support startup growth; b) Review and approve monitoring and evaluation reports on incentives provided to Designated Startups and Designated Startup Ecosystem Builders; c) Approve a strategy and monitor its implementation to facilitate resources which are needed to create a vibrant Startup Ecosystem; d) Ensure transparency and accountability in the disbursement of the Startup Grant provided under this Proclamation; e) Endorse the startup grant Directive to be developed by the Ministry of Finance and ensure its implementation; f) Initiate annual audits by an external auditor licensed by the Accounting and Audit Board of Ethiopia on the accounts of the Startup Grant and, as relevant, incentives provided to Designated Startups and Designated Startup Ecosystem Builders; g) No later than Three months after the end of the fiscal year, receive audited report and review audit results and ensure that the necessary actions are taken according to the recommendations thereof; h) Notwithstanding to the provisions of Subparagraph (h) of this Sub Article, ensure that the annual audit report is compiled, published and made available to the public; i) Hold a stakeholders consultation composed of public and private sector participants at least once a year to identify obstacles that hamper the development of the Startup Ecosystem in Ethiopia; j) Approves Directives regarding the members of the national designation committee and its procedures, as proposed by the ministry; k) Perform other activities which are deemed necessary for the performance of its functions provided under this Proclamation. 2/ The Council shall give its powers stated under Sub-Article (1) of this Article, to the Science, Technology and Innovation Council to be established by law.