Advisory Center for Affordable Settlements & Housing

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Document Type General
Publish Date 23/08/2017
Author IFC
Published By IFC - World Bank
Edited By Suneela Farooqi
Uncategorized

IFC’s Innovative Tool to Help Housing Finance in est Africa

IFC is working to create a market for affordable housing in eight lowincome countries in west Africa. IFC recently purchased $9 million in 12year localcurrency bonds issued by Caisse Régionale de Refinancement Hypothécaire (CRRH). CRRH is a mortgage refinancing company that serves the West Africa Economic and Monetary Union (WAEMU) countries of Benin, Burkina Faso, Côte d’Ivoire, GuineaBissau, Mali, Niger, Senegal, and Togo. IFC’s investment aims to support CRRH’s goal to increase its housing portfolio to $500 million by 2021 and extend the local bond market yield curve beyond the current 10years. This will allow lenders that work with CRRH to offer mortgages longer than the region’s 8year average, which will help make homeownership more affordable for more people in west Africa. For many families, home ownership is their most valuable asset and an effective way to help improve their standard of living. The housing sector also supports jobs in construction and related goods and services.

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