Winners of the 1st batch of 40/60 condominium houses were announced on July 08, 2017 in special lots draw at the Addis Ababa City Hall.
Minister of Urban Development and Housing, Dr. Ambachew Mekonen, Addis Ababa Deputy Mayer, Ato Abate Sitotaw, CBE President Bekalu Zeleke as well as invited guests attended the lottery drawing session.
The 972 winners were declared through the special computerize lottery drawing program developed by CBE’s information technology experts and Information Network Security Agency (INSA).
Officials at the ceremony said more than 39,000 houses are now under different stages of construction and will be handed to beneficiaries as soon as they are completed.
The 40/60 housing scheme is designed for the middle income group that can afford to save 40 percent and above of the money needed to build the house and get the remaining balance as a credit from the Commercial Bank of Ethiopia.
The Addis Ababa City Administration avails the land needed to construct the condominium houses, while the city’s Housing Enterprise builds the houses. CBE avails all the finance required to build the houses and later transfers them to beneficiaries.