Ethiopia, Azerbaijan agree to cooperate in housing development

Addis Ababa, May 17, 2024 (FBC) – The Federal Housing Corporation of Ethiopia and the Azerbaijan Housing Development Agency have reached an agreement to collaborate on housing development initiatives.

An Ethiopia delegation, led by Deputy Prime Minister Temesgen Truneh and including Federal Housing Corporation CEO Reshad Kemal, engaged in discussions with leaders of the Azerbaijan Housing Development Agency regarding housing development.

Following the discussion, it was mentioned that the Azerbaijan Housing Development Agency and the Federal Housing Corporation of Ethiopia have reached an agreement to collaborate in Baku, the capital of Azerbaijan.

It was highlighted that the Azerbaijan Housing Development Agency constructs houses with government-backed investment financing. As a result, it plays a crucial role in stabilizing the market by offering houses to Azerbaijani citizens at a discounted rate of 30% to 40% below market prices. Additionally, it was indicated that the agency utilizes the initial investment financial support from the government for housing construction to contribute to market stabilization.

Furthermore, it has been affirmed that the Azerbaijan Housing Development Agency will impart its extensive expertise to the Ethiopian Federal Housing Corporation as part of the latter’s ongoing endeavors to stabilize the real estate market in the country.

In accordance with the agreement reached, the Federal Housing Corporation of Ethiopia will endeavor to apply the experience of the Azerbaijan Housing Development Agency within Ethiopia.