Mortgage Bank kicks off

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(Photo: Anteneh Aklilu)

The government announced that they will support the formation of the first private mortgage company, Goh Betoch Bank.
During the official share sales launching ceremony held at Ethiopian Skylight Hotel on September 19, Aisha Mohammed, Minister of Construction and Urban Development, praised the private sector initiative. She said housing is one of the major problems in Ethiopia. “Urban population growth is over four percent,” she said. She said that the government will back the initiative of Goh to realize its dream.
Goh Betoch Bank is under formation by prominent organizers and is being chaired by Getahun Nana, former Vice Governor of the National Bank of Ethiopia.
Goh will offer one million shares worth one billion birr with a single share of 1,000 birr and the minimum share that can be bought would be 50 shares worth 50,000 birr.