Pioneer Mortgage Bank Opens its Doors


Pioneer Mortgage Bank Opens its Doors

Goh Betoch has officially begun providing services as the country's first private mortgage bank. Established with over 6,600 shareholders, Goh received a banking license after it collected a paid-up capital of over half a billion Birr from 1.2 billion Br subscribed. Goh was one of nearly a dozen banks that managed to meet the central bank's minimum paid-up capital requirement of half a billion Birr before the deadline a few weeks ago. Selam Bank, another industry hopeful aiming to engage in mortgage banking, was unable to meet the requirement. Goh has opened its first branch in Abderuf Office Plaza on Africa Avenue (Bole Road). Veteran bankers Mulugeta Asmare and Getahun Nana are serving as its founding president and chairperson, respectively. In establishing the first private mortgage bank in Ethiopia, Mulugeta and Goh's founders aim to alleviate gaps in the financing of housing development in the country.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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