- The Ethiopian Red Cross Society approved the joint venture accord with the Commercial Bank of Ethiopia to a building project located in the heart of Addis Filwuha's district that lags for 28 years due to various reasons.
The ERCS held a General Assembly yesterday to approve the joint venture allowing state board members to take part in administrative issues.
Speaking at the assembly, ERCS President AberaTola said the forum would be a significant milestone to curb the long-lasting and complicated cases that have been affecting the progress and execution of the building project for 28 years. "Despite the project being handled by giant local and international contractors, the progress of the construction process could not exceed the excavation stage."
Prioritizing the project, the Society has also been mobilizing resources by setting various initiatives and via its pharmaceutical centers to steadfast the construction progression and to meet the public demand. Accordingly, a feasibility study has been conducted on the viability of the project and to pave the way to commence the construction, Abera added.
"Although the center has immense resources such as land, stores and facilities it is still in a vicious circle to meet the dire needs of vulnerable communities. While international donors contribute 95 % of the desired finance, the center is striving to exceed its financial capacity to 50% in the next five years."
The President further noted that the ERCS is taking bold steps to advance humanitarian capacity services and it has long been providing a wide range of life-saving activities to rescue scores of communities affected by conflict, flood, and other disasters.
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Noting the existence of about 21 million citizens in dire need of humanitarian assistance across the country, he indicated the ERCS is working with local and international partners to reach them. The Society is also engaged in resource mobilization programs to provide health, education, food and rehabilitation services for people in need.
CBE Vice President EphremMekuria for his part stated that the bank has been looking for ways to set up various forms of business in a bid to discharge its social corporate responsibility (SCR).
Considering ERCS' commendable role in the community, Ephrem the bank has been undertaking preliminary activities not just to facilitate the business feasibility modalities, but also to support the society.
The bank reached an agreement with the ERCS to construct the building in a co-ownership scheme with a view to boosting its financial capacity and meeting core missions, the vice president remarked.
