 It has also extended loans to local companies involved in the Wefri Warsay Yika'alo.The organisation was founded in 1994 after independence of Eritrea, under the name "Housing Bank of Eritrea".In the process it took over the previous Asmara branch of the Ethiopian Housing and Savings Bank, a savings bank set up with the assistance of Cassa di Risparmio delle Provincie Lombarde.