The Commercial Bank of Ethiopia (CBE) has signed a 27.8 billion birr loan agreement with Ethiopian Airlines to finance the construction of housing for the airline’s employees.
The agreement aims to provide a long-term solution to the housing needs of Ethiopian Airlines staff while ensuring the availability of adequate financial resources for the large-scale construction project.
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Speaking at the signing ceremony, Ato Ephraim Mekuria, Representative of the President of the Commercial Bank of Ethiopia, said the bank remains committed to supporting key drivers of the national economy. He noted that 88 percent of the 458 billion birr in loans disbursed by the bank last year was allocated to the private sector, highlighting CBE’s strategic focus. He added that the new agreement will significantly contribute to the country’s major development efforts.
Ethiopian Airlines Chief Executive Officer, Ato Mesfin Tasew, said the airline has been working to address the housing challenges faced by its employees. He recalled that Ethiopian Airlines previously constructed and handed over 1,200 housing units to staff members and that construction of homes for an additional 5,000 employees is currently underway.
Ato Mesfin emphasized that the scale of the ongoing housing project requires substantial financial backing, noting that the loan agreement with the Commercial Bank of Ethiopia will play a critical role in ensuring the successful completion of the construction.
The housing initiative is expected to improve the welfare of Ethiopian Airlines employees while supporting the airline’s continued growth and operational stability.
