The Commercial Bank of Ethiopia (CBE) has signed a 27.8 billion birr loan agreement with Ethiopian Airlines to support the construction of residential housing for airline employees, in a major effort to address long-standing housing shortages within the national carrier’s workforce.
The agreement is intended to provide sustainable financial support for Ethiopian Airlines’ employee housing development projects and contribute to broader national development priorities.
Speaking at the signing ceremony, CBE President Representative Ato Ephraim Mekuria stated that 88 percent of the 458 billion birr in loans disbursed by the bank last year went to the private sector, underscoring CBE’s commitment to supporting key economic sectors. He noted that the latest financing will significantly contribute to ongoing national development initiatives.
Ethiopian Airlines Group CEO Ato Mesfin Tasew highlighted the airline’s continued investment in the welfare of its employees, recalling that the company has already constructed and handed over 1,200 housing units. He added that construction is currently underway for an additional 5,000 employee housing units. Given the scale of the project, he emphasized that the loan from CBE will be instrumental in ensuring timely completion and success of the housing initiative.
The partnership marks another milestone in the longstanding cooperation between the two leading national institutions and is expected to improve living conditions for thousands of Ethiopian Airlines staff.
