Commercial Bank to Offer Interest-Free Mortgages to Diaspora

22 May 2019

The Commercial Bank of Ethiopia (CBE) has announced that it has started offering interest-free mortgage loans to non-resident Ethiopians, and foreign nationals of Ethiopian origin.

The programme was designed to cater to Ethiopian Diaspora Muslims and others from the diaspora who want interest free banking services.

The loan is meant to be used for the purchase or construction of residential homes and is expected to be repaid in 20 years.

Borrowers are expected to deposit at least 20% of the mortgage amount in advance in British Pounds, US Dollars or Euros.

Emebet Melese, Vice President of Quality Assurance, said that the interest-free mortgage loan for the diaspora would be implemented separately from the other diaspora-related banking services.

Once a person deposits the initial payment at CBE branches in Ethiopia or at Ethiopian Embassies abroad, the bank will entertain the request, she said.

Quarterly mortgage payments are also expected to be in foreign currencies.

Latest News

Browse all
Much to the chagrin of most Ethiopians, as well as Ethiopia’s development partners, an attempted coup took place on the 22 June 2019 in Bahir Dar, the capital of the Regional State of Amhara. Five officials were killed in the foiled coup, led by the ringleader Brigadier General Asamenew Tsiege.
16 Jul 2019
A shortcut to power is a wrong cut to power
London hosted government ministers and officials, the diplomatic community, journalists, academics and members of civil society, in the first-of-its-kind Global Conference on Media Freedom. Ethiopia was represented by Ambassador Fesseha Shawel and Press Secretary at the Prime Minister’s Office, Billene Seyoum.
12 Jul 2019
Ethiopia takes part in first Global Conference on Media Freedom
Parliament approved a $13.4 billion budget for the 2019/20 fiscal year that began on 8th July. Compared to the previous budget year, this year’s is 12% higher. The government says it will increase investments in key sectors such as agriculture, energy and mining. It also plans to attract more FDI.
9 Jul 2019
Parliament approves $13.4 billion 2019/20 budget
Around 17 British energy companies will be visiting Ethiopia from 14th – 19th July as part of the Energy Catalyst Mission. The key objectives of the mission are to help companies applying for Energy Catalyst Round 7 to obtain an understanding of the energy access issues in Ethiopia and gain links to potential partners.
8 Jul 2019
British energy firms visit Ethiopia to explore opportunities
State Minister of Finance, Eyob Tekalign Tolina, announced plans to grant two telecom licences to private firms and sell a 49% minority stake in Ethio Telecom – a venture that will see foreign multinationals entering one of Africa’s largest markets. The firms are expected to enter Ethiopia’s telecoms market by 2020.
7 Jul 2019
Ethiopia opens telecoms market to foreign investment
On 29th June, the Embassy hosted an exclusive event celebrating Ethiopian food and culture with renowned Ethiopian chef and Guild of Food Writers nominee, Yohanis Gebreyesus Hailemariam, in the presence of Ethiopian Ambassador to the United Kingdom, His Excellency Fesseha Shawel Gebre, and around eighty guests.
5 Jul 2019
Chef Yohanis: Putting Ethiopian Food on the Culinary Map
Coca-Cola highlights Ethiopia’s investment potential in new campaign. The Going Big in Ethiopia campaign features companies engaged in coffee, textiles, logistics, manufacturing and other industries, talking about the vast opportunities the Ethiopian economy offers to global investors.
28 Jun 2019
Going Big in Ethiopia
Ethiopian Airlines, was voted the ‘Best Airline in Africa’ (for the third consecutive year), ‘Best Business Class in Africa’ and ‘Best Economy Class in Africa’ at the 2019 Skytrax World Airlines Awards. On 21st June the airline marked its 6-month anniversary of the direct flight from Manchester to Addis Ababa.
26 Jun 2019
Ethiopian Airlines voted ‘Best Airline in Africa’ + Manchester celebrates 6-month anniversary
In their first adventure together, Freddie Flintoff, Chris Harris and Paddy McGuinness head to Ethiopia, where they drive through stunning landscapes of Ethiopia to reach the Afar Triangle - the hottest place on earth! Top Gear Producers and presenters said that filming in Ethiopia was the “highlight” of the series.
25 Jun 2019
Top Gear: Ethiopia episode highlight of the series
"Ethiopia: Recipes and traditions from the Horn of Africa", by renowned Ethiopian chef, Yohanis Gebreyesus, has been shortlisted for the 2019 Guild of Food Writers Award. In honour of the occasion and to celebrate Ethiopia's unique cuisine and culture, the Embassy will host a book signing and tasting event on June 29.
20 Jun 2019
Chef Yohanis’ debut cookbook shortlisted for Guild of Food Writers Award + UK Tour