The Commercial Bank of Ethiopia has signed a memorandum of understanding with Gojo Bridge Housing to provide mortgage financing for the real estate company’s housing project.
The Bank announced the commencement of registration for prospective homeowners who had reached an agreement with the company during the signing ceremony held at the Hyatt Regency last week.
Gojo has started architectural design works for 1,000 houses across four sites in Addis Abeba. The company plans to build over 100 apartment buildings with a total of 10,000 units this year and expand to 100,000 units within five years.
Interested buyers are expected to form an association and make an initial deposit of 350,000 Br at the Bank. CBE has provided more than 15 billion Br in credit to 107,000 customers for housing including condominium house owners.