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Supporting access to affordable housing in the 8 WAEMU countries

Project

Financial services
CRRH UEMOA LOGEMENT ABORDABLE TOGO PROPARCO
BOAD
Signature date
Location
Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Niger, Mali, Senegal, Togo, Multi-country Africa
Financing tool
Loan, Technical assistance
Financing amount (Euro)
40500 000
Financing details
EUR 40m loan and technical assistance of 500,000 EUR
Customer
Caisse Régionale de Refinancement Hypothécaire de l'UEMOA
Type of customer
Financial institution
Country of headquarters
Togo
Project number
PZZ1474/PZZ1550
Environmental and social ranking
B
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

The project aims to allow the WAEMU Regional Mortgage Refinancing Company (CRRH) to develop its range of financing for affordable housing and strengthen its own internal capacity via a technical assistance component.

Client presentation

The WAEMU CRRH is one of the results of the cooperation initiated in 2005 by the Central Bank of West African States (BCEAO), the West African Development Bank (BOAD) and the Regional Council for Public Savings and Financial Markets (CREPMF) for the creation of a mortgage market in the eight WAEMU countries. 

Its mission is to provide long-term resources to its shareholder WAEMU credit institutions to refinance the mortgage loans allocated to their clients.

Project description

Proparco’s financing will allow CRRH to develop its range of financing for affordable housing for low and middle-income populations by providing competitive long-term resources.

This financing is combined with a Technical Assistance budget which aims to help strengthen the institution’s expertise, via internal capacity building for the CRRH, and finance awareness-raising activities for financial institutions in the region. 

Project impact

The project should:

  • Provide access to ownership of affordable “intermediate” housing with moderate interest rates for over 1,800 middle-class households in the 8 WAEMU countries, in a context marked by a major housing shortage. 
  • Support 9,000 indirect jobs over the next 5 years, due to the knock-on effect of mortgage loans on several economic sectors (construction, financial services, etc.). 

The project will thereby contribute to the achievement of SDG 8 (Decent work and economic growth), SDG 10 (Reduced inequalities) and SDG 11 (Sustainable cities and communities).