CBE Partners with Addis Ababa City Administration
The Commercial Bank of Ethiopia (CBE) has announced a 120 billion Birr financing initiative to tackle housing challenges for government employees, in collaboration with the Addis Ababa City Administration. The agreement was formalized through a memorandum of understanding signed today.
Details of the Housing Project
The initiative operates under a 25/75 scheme and aims to benefit over 41,000 government employees. CBE President Abe Sano stated that the bank will provide a 120 billion Birr loan with low interest rates, repayable over 20 years, to support the construction of homes for these workers.
Statements from Key Stakeholders
Abe Sano urged the city administration to swiftly begin work to address the housing shortage, emphasizing the bank’s commitment to expanding loan access for broader societal benefit. Meanwhile, Kidist Woldeselassie, head of the Addis Ababa Housing Development Bureau, expressed gratitude for CBE’s support and noted that the program prioritizes teachers, with construction expected to conclude soon.
