Commercial Bank of Ethiopia set to provide housing loan for the Ethiopian Diaspora diaspora community, according to Addis Zemen Amharic Amharic weekly newspaper, published by the federal government.
The ongoing reform in the country would create a condition where all citizens contribute its share, said Emebet Melese, a commercial bank of Ethiopia, loan assurance and process director.
The bank introduced a housing loan for the diaspora community who wants to return and invest in their country.
Diasporas should have to open a saving account in order to be eligible to the loan, said Emebet, during a meeting with diaspora community representatives and higher officials of the bank at Sheraton Hotel.
According to her, the bank has arranged seven payment methods in order to make the process suitable.
The loan facility will be provided to diasporas who returned home and engaged in a business.
The purchasing power of Ethiopian Birr is very low compared with other currencies in the world; the interest rate is minimum, the director said when responding to a question raised by diaspora representatives.