This Day in History: 2021-05-27

SoleRebels Founder Bethlehem Alemu launches Ethiopian bank with $116.3 million in capital. The bank named Selam Mortgage Bank, aims to become the country’s most progressive bank. Selam aims to create the largest generation of homeowners in Ethiopian history by offering dynamic mortgage products currently unavailable on the market. The bank plans to finance more than 100,000 mortgages within five years, totaling Birr 200 billion ($4.65 billion) in home value, which is equal to 4.5 percent of the country’s 2020 GDP.