Commercial Bank of Ethiopia is giving three months debt relief for its clients who are paying a townhouse mortgage, and who are economically impacted by COVID-19.
Based on the arrangement, borrowers do not have to pay their debt between April and June, and they do not have to apply for it. The Bank would have collected 542 million Ethiopian birrs had it not introduced the debt payment break.
The decision was passed in the wake of the coronavirus situation in the country, which induced job losses as the economy was negatively impacted.
CBE encouraged those who can afford to pay it.
The state media, Ethiopian Broadcasting Corporate (EBC), cited Abe Sano, president of the Bank, as saying that the Bank has arranged a 74 billion birr loan to borrowers in line with the government’s policy to tackle housing problems in Addis Ababa and regional cities.
The Bank has also passed a decision in connection with foreclosures. Coronavirus situation has to be resolved before the Bank carries on with it, the Bank has decided, as reported by EBC.