Wegagen Bank has announced plans to construct a new building in Mekelle, the capital city of Tigray.
The high-rise building, which will be 25 storeys and cost one billion birr to construct, is part of the bank’s efforts to contribute to the rebuilding process of Tigray, which was affected by the two-year-long war.
The cornerstone for the building was laid by Getachew Reda, the President of the Tigray Interim Administration, on a 3,500 square meter plot of land.
Wegagen Bank’s operations were adversely impacted by the Tigray war, resulting in the closure of one-third of its branches.
Consequently, the bank’s gross profit declined from over one billion birr to less than 193.1 million birr in 2020/21.
However, Wegagen rebounded strongly during the last fiscal year, with its performance boosting its profit to 1.4 billion birr.