Banks Agree to Fund Half a Billion Birr Renovation for Foreign Affairs Building

The historic Ministry of Foreign Affairs building in Ethiopia, which is over half a century old, is scheduled to undergo a major renovation. Foreign Minister Gedion Timotheos (PhD) formally requested commercial banks in the country to contribute half a billion Birr to finance the restoration project. The commercial banks have accepted the minister's proposal and agreed to meet the full funding request. According to a proposal by the Ethiopian Bankers Association, the state-owned Commercial Bank of Ethiopia (CBE) will cover 50 percent of the cost, while the remaining half will be shared among the association's 26 member banks. Minister Gedion emphasized to banking representatives that the historic structure has aged significantly over the decades. He noted that in its current state, the building no longer adequately reflects Ethiopia's modern international standing and diplomatic profile.