The Commercial Bank of Ethiopia (CBE) and Gojo Bridge Housing Trading PLC have signed a memorandum of understanding (MoU) to work together.

According to the MoU, CBE will register people who want to purchase houses, collect payments and carry out other financial related works in collaboration with Gojo Bridge Housing.

Tedros Tadesse, Director of Megenagna District at CBE, said the bank has been working jointly with various entities to meet the housing demands of citizens.

“Today, we have also agreed to work with Gojo Bridge Housing, which came up with different ideas and options, to address housing challenges” he said.

Tiratu Beyene, General Manager of the city administration with the rank of deputy mayor, commended CBE for supporting Gojo Bridge Housing’s project as it brought about a new idea to meet the housing demands of residents.

Almaw Gari, Chief Executive Officer (CEO) of Gojo Bridge Housing, for his part said the project encourage people to save money to meet their housing demands.

According to the CEO, the company is on process to build about 1,000 houses at four sites in Addis Ababa city. It had planned to build 10,000 houses this fiscal year and 100,000 houses over the coming five years.

Almaw Gari said those who want to build their houses are required to form association and save registration fee of 350,000 birr in a blocked account at the Commercials Bank of Ethiopia.