Ethiopia, IFC Sign Framework to Establish First Mortgage Refinance Company
The National Bank of Ethiopia and the IFC have signed a framework to create the country's first mortgage refinance company. The institution will be capitalized at 100 billion birr to improve liquidity in the banking sector and expand housing access.
Why it matters
This initiative is a significant step in Ethiopia's financial sector reform, aiming to address housing shortages and stimulate private-sector participation in the economy.
Copy Translate with AI አማርኛ Afaan Oromoo ትግርኛ The National Bank of Ethiopia (NBE) and the International Finance Corporation (IFC) have signed a Framework for Cooperation to establish Ethiopia’s first dedicated Mortgage Refinance Company, Prime Minister Abiy Ahmed announced.
The planned wholesale financial institution will be capitalized at 100 billion birr, with the IFC expected to contribute a minimum of $200 million, according to the Prime Minister.
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