The Commercial Bank of Ethiopia (CBE) has extended the loan repayment period for condominium house owners by three months to ease the burden on the borrowers due to Novel Coronavirus's (COVID-19) impact on the economy. During the period, the Bank stood to collect half a billion Birr in loan repayments from these borrowers between April and June. Over the past couple of years, the Bank gave 74 billion Br in loans for housing projects in the capital and regional cities and towns. Furthermore, it has provided more than 15 billion Br in credit to 107,000 customers for housing. The Bank, which donated 10 million Br to the Ministry of Health a few weeks ago, has also frozen all pending foreclosure processes on the properties of borrowers who have defaulted.
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