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The first Eritrea banks were established and recognized in Independent Eritrea when the Military forces of Eritrea took the initiative to do so. The two banks that were then nationalized were the Commercial bank of Eritrea and the Central Bank of Eritrea. In the year 1997, the banks were opened for public sector administration by the government. Retail banking in Eritrea is being done by the Central Bank of Eritrea. The Central Banking of Eritrea is well corresponded to other banks as well as the major banks of Ethiopia for the convenience of the people.
The other sectors of banking that are growing gradually are the Housing and Commerce Bank of Eritrea and Agriculture and Industrial Development Bank. The Himbol Financial Services is another name that is gaining importance in the banking sector.
Eritrea Real Estate & Mortgage
In Eritrea, mortgage loans are extended to the needy people by the Housing and Commercial bank of Eritrea in order to help citizens with housing plans at a nominal interest rate. The bank was established a year after Eritrea's independence in 1994 with a capital of 5,000,000 Nafkas. Three major housing projects comprising of different grades of accommodations have been built for the benefit of the citizens.
All these Eritrea banks are located in Asmara, the capital city of Eritrea.
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