By Abdullahi Salad - Reporter
Ethiopia, 3 May 2026 Ethiopia’s Somali region plans to launch $50 million housing project to attract diaspora investment and boost local economy, state media SRTV reported.
The initiative follows a memorandum of understanding signed in Jigjiga on Saturday between the regional diaspora agency and the Commercial Bank of Ethiopia, with support from the Somali Regional Investment and Industry Bureau, according to the report.
Officials said the first phase will involve the construction of 100 modern housing units with supporting infrastructure, including social and recreational facilities.
The project is estimated to cost around 3 billion Ethiopian birr (approximately $50 million) and is designed to encourage diaspora participation through structured financing.
Under the scheme, investors will be able to make an initial down payment while the remaining cost is financed through long-term bank loans, officials said.
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Ahmedrashid Abdille, the regional minister for investment and industry, said the initiative aims to stimulate economic growth and improve access to investment opportunities.
He added that the project is intended to attract diaspora capital and expertise, while also contributing to urban development and job creation in the region.
Authorities said additional phases are planned to expand access to other groups, including government employees and local residents.
The Somali regional state has in recent years sought to increase private investment, including from its diaspora, as part of wider economic reforms in Ethiopia.