Interview with Solomon Nigusu on the incident that had happened around Sekota. New information from the Sekota area. Ethiopia’s banking sector reportedly allocates only 10 percent of its overall credit services to the growing construction sector. Experts believe the mortgage bank could play a vital role in filling this financing gap. Speaking at the official opening of the first branch on Monday, the Bank’s CEO Mulugeta Asmare stressed Goh Betoch would primarily target medium and low-income households to become house owners in major cities of the country. The bank will provide finance in the form of loans for purchase, construction, repair, and improvement of their residential houses as per the needs of the borrowers, he said. It also plans to build residential houses and avail them for purchase and rent, the CEO said, adding the bank will work closely and in collaboration with the city administrations to realize its objectives. Goh Betoch Bank, established by 6,658 founding shareholders, joined Ethiopia’s financial sector with 1.1 billion Birr signed and 521.5 million Birr paid-up capital.
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