The Commercial Bank of Ethiopia (CBE) has announced a 50 billion birr financing facility aimed at luring investment from its diaspora. The program’s objective is to stimulate the Ethiopian economy by encouraging Ethiopians residing outside to purchase homes, vehicles, and other investments back home.
The announcement was made by the bank’s president, Abe Sano, during a meeting with Ethiopian nationals residing in Dubai and the Northern Emirates, according to the bank the move signals a deepening of the bank’s strategy to tap into the financial power of the diaspora, a community considered crucial for generating foreign exchange inflows and stimulating local economic activity.
This 50 billion birr bundle is the centrepiece of a wider array of products designed for Ethiopians living abroad, including special savings accounts and remittance services. The purpose of the measures is to encourage greater diasporic participation in the nation’s progress. The bank has historically offered a variety of credit and financing alternatives, including mortgage and auto loans, to the diaspora.