Fed Eyes 7.2m Housing Units Erected in Decade

May 7 , 2022

Federal officials say they want to see up to 7.2 million housing units erected over the coming decade. Officials at the Ministry of Urban Development & Infrastructure have announced plans to have the private sector construct 80pc of the 4.4 million urban units they aspire to see erected in the coming 10 years. Federal officials hope to alleviate the acute housing shortages gripping the country's urban areas, particularly Addis Abeba. The City Administration's low-cost housing schemes first introduced in 2005 have been moving at a snail's pace. The Addis Abeba Housing Development & Administration Bureau, in charge of the housing scheme, is faced with financial troubles. Its officials say the state-owned Commercial Bank of Ethiopia (CBE) has been reluctant to provide loans for the construction of the low-cost housing due to frequent delays. Contractors involved in the projects say they have not been paid for their work as a result.


Addis Chamber Embarks on Leadership Forum

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Wegagen Bank Launches its Mobile App

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Zemen Bank Joins IFC's Trade Finance Program with $30m Boost

Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance P...