The Commercial Bank of Ethiopia (CBE) has purchased 1,125 newly built condominium units from the Addis Ababa City Administration, marking one of the largest institutional housing acquisitions in the capital. The initiative aims to ease the long-standing housing challenges faced by CBE employees and to improve staff welfare across the institution.

Modern Units Across Key Housing Sites

The housing units—constructed at the Germany, G+M (Germany) and Air Health condominium sites—were officially inaugurated today at a joint ceremony attended by officials from both the bank and the city administration. A key-handover event followed, allowing selected employees to receive their units.

According to officials, the condominiums were completed within nine months, consisting of 24 buildings built using an accelerated, high-quality construction approach.

Addis Ababa Mayor Highlights Commitment to Social Support

Addis Ababa Mayor Adanech Abebe, speaking at the handover ceremony, emphasized that the initiative aligns with the city’s broader effort to address social and economic needs:

“The Addis Ababa City Administration is taking practical steps to support our communities,” she said. “These housing units have been allocated to CBE employees at reasonable and affordable prices.”

The mayor noted that strengthening the housing security of civil servants and workers in major institutions is a cornerstone of the city’s current development strategy.

CBE Leadership: A Strategic Investment in Employee Well-Being

Representing the President of CBE, Ato Ephraim Mekuria, the Executive Vice President for Corporate Services, underscored that employee welfare remains a strategic priority for the bank.

He congratulated the beneficiaries and stated:

“Providing our employees with a comfortable and stable living environment directly contributes to better job performance and stronger customer service. We believe this investment will strengthen our workforce’s motivation, commitment, and overall satisfaction.”

Ephraim added that CBE will continue expanding employee-centered initiatives to support retention and productivity across the institution.

Employee Association Applauds the Initiative

The President of the CBE Employees Association, Ato Abera Getachew, described the acquisition as a “historic decision” that addresses a long-standing demand from staff.

He urged employees to reciprocate the bank’s efforts through enhanced service delivery:

“Just as the bank has shown commitment to its workforce, we must prioritize our customers and serve them with dedication. Improved employee welfare must translate into improved customer satisfaction.”

Distribution Through a Fair Lottery System

CBE confirmed that the 1,125 housing units will be distributed to employees who do not currently own a home in Addis Ababa, using a transparent lottery-based allocation system. Priority will go to staff with demonstrated housing needs, ensuring fairness across departments and branches.

The bank stated that secure and affordable housing is expected to:

• Boost employee morale
• Improve staff retention
• Enhance overall productivity
• Strengthen customer service quality
• Contribute to long-term institutional profitability

A Milestone Collaboration Between City and Financial Sector

The initiative is viewed as a model partnership demonstrating how public institutions and government entities can collaborate to address urban housing shortages. Both the city administration and CBE pledged to continue exploring similar initiatives that support workers, strengthen service provision, and reduce the growing pressure on Addis Ababa’s housing market.