July 19, 2024

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Commercial Bank of Ethiopia auction

Commercial Bank of Ethiopia to Auction Properties in Tigray

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Commercial Bank of Ethiopia yesterday announced the auction of some properties in Tigray. The properties include a historic school called “Metema Yohannes”.

Hundreds of borrowers are unable to pay their bank loans due to the three years of war in Tigray. Thousands of public and private properties were destroyed and damaged during the war in Tigray which ended in November 2022. The borrowers have been requesting Tigray interim government, the Ethiopian federal government and financial institutions to wave off their loans.

The Commercial Bank of Ethiopia, through a tender notice, announced yesterday:

Our bank wants to sell the assets it has taken over as debt compensation through a closed auction. The assets include

  • School Building (Metema Yohannes)
  • Residence (in Axum)
  • Residence

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