First Mortgage Bank in Ethiopia Comes Into Operation

The first mortgage bank in Ethiopia, Goh Betoch Bank S.C, has finalized its establishment process and officially started its operation today.

The Addis Ababa City Mayor, Adanech Abiebie and other government officials attended the launching ceremony.

In the occasion, CEO of the bank, Mulugeta Asmare said Goh Betoch Bank is the first mortgage bank in the country aimed to ease shortages of finance for housing development in Addis Ababa and other major cities of the country mainly to residents with low and medium income.

The bank will provide finance in the form of loan to construct and purchase houses in accordance with the needs of the borrowers, he stated.

It also constructs houses by its own and provide them to people who wish to buy and rent.

He pointed out that the bank will work closely and in collaboration with the city administration of various regions to facilitate vital issues required to realizing its objectives including the provision of land.

Addis Ababa City Mayor Adanech Abiebie on her part appreciated the founders of the banks as it is critical to fill the existing housing challenges of the city.

She expressed the readiness of her administration to provide the necessary supports to enable the bank develop its capacity.

She further called up on all stakeholders to support and contribute their part to realizing the objectives of Bank.

In related news, the bank has donated some 1.5 million Birr that will be used for renovation of houses of the elderly people in the city.

Goh Mortgage Bank has been established by 6,658 founding shareholders with 1.1 billion birr signed and 521.5 million Birr paid up capital.

Source: Ethiopia News Agency