𝗧𝗲𝗮𝗰𝗵𝗲𝗿𝘀’ 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲 𝗕𝗮𝗻𝗸 𝗦𝗲𝘁 𝘁𝗼 𝗟𝗮𝘂𝗻𝗰𝗵

Mekelle፡Telaviv, Nairobi, Pretoria, London, (Tigray Herald)

𝗧𝗲𝗮𝗰𝗵𝗲𝗿𝘀’ 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲 𝗕𝗮𝗻𝗸 𝗦𝗲𝘁 𝘁𝗼 𝗟𝗮𝘂𝗻𝗰𝗵

In a bold move to ease the growing financial burden on educators, Ethiopia is preparing to launch the Teachers’ Cooperative Bank, a dedicated financial institution aimed at empowering teachers with affordable credit and housing support. Education Minister Professor Berhanu Nega told lawmakers on Tuesday that the bank could begin operations as early as next year, pending critical government support.

Speaking before the House of People’s Representatives while presenting the Ministry’s nine-month performance report for the 2024/2025 Ethiopian fiscal year, Professor Berhanu said the bank’s success hinges on whether the government can allocate land for teachers to construct their own homes. The bank is expected to offer low-interest loans specifically designed to help teachers navigate the country’s challenging economic environment, which has been particularly harsh on public servants.

“The Teachers’ Cooperative Bank will be a significant step toward improving the livelihood of our educators,” Berhanu stated. “But its launch depends on our ability to secure land for housing, which is a major hurdle.”

The announcement comes at a time when the education sector is also grappling with the consequences of prolonged conflict and instability. Parliamentarians expressed concern over the growing number of out-of-school children, a crisis exacerbated by violence across several regions. Citing a recent UNICEF report, Dr. Desalegn Chane highlighted that up to 10 million Ethiopian children are currently out of school. He pressed the Ministry on what interim solutions are being considered until peace is restored.

Professor Berhanu contested the UNICEF figure, calling it exaggerated. However, he acknowledged that 7.2 million children are not in school and admitted the situation is alarming.