The Commercial Bank of Ethiopia (CBE) has announced the allocation of 50 billion birr for a new loan program designed to serve the Ethiopian diaspora community. The initiative aims to support their investment endeavors in their home country, including purchasing homes and cars.

The announcement was made by CBE President Abe Sano during a recent working visit to Dubai and the northern United Arab Emirates, where he met with members of the diaspora. According to a bank statement, the loan facility is part of the CBE's broader reform efforts to better serve the diaspora and attract more foreign exchange into the country through formal banking channels.

The loan package is specifically intended to finance a range of investments, from large-scale projects to the acquisition of personal assets. This move is a key part of the bank's strategy to enhance its services for the Ethiopian diaspora, a community that is a vital source of foreign currency for the nation's economy.

The CBE is currently working on further initiatives to bring its services closer to Ethiopians living abroad, reflecting a growing focus on the diaspora as a critical partner in national development.