The Project consists of a multi-phase investment package in the amount of US$38.5 million to Banque de l’Habitat du Senegal, the leading housing finance bank in the country, to increase access to mortgages for low to middle income families and support developers to build more green and affordable houses. The first phase of the project consists in a debt instrument and subsequent investments might include debt, equity or quasi-equity instruments, to be decided upon and approved at a later date.The use of proceeds is earmarked for affordable housing retail mortgages and/or lending to developers.
The project is in the environmental category FI-2 according to the IFC.
As disclosed by the IFC, the project is a multi-phase investment package in the amount of US$38.5 million to BHS. The first phase of the project consists in a debt instrument secured by a pledge over mortgaged receivables and the underlying accessory mortgages and subsequent investments might include debt, equity or quasi-equity instruments, to be decided upon and approved at a later date.
The first phase of IFC’s investment will be supported by (i) IDA20 Private Sector Window (PSW) Local Currency Facility (LCF), (ii) IDA20 PSW Blended Finance Facility (BFF) and the Market Accelerator for Green Construction (“MAGC”) Program, as described in the Blended Finance Section.
As reported by the IFC:
Established in 1979 and headquartered in Dakar, Senegal, BHS was created by the Government of Senegal to become the first specialized housing finance institution focusing on lower middle-income groups. As a systemic Bank in the housing segment in Senegal and the West African Africa Economic and Monetary Union region, BHS is currently the leading provider of developer housing finance in the country. BHS operates through a network of 25 branches spread across both rural and urban areas of the country, as well as the 6 representative offices in the US and France to capture diaspora savings for housing.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Financial Intermediary - Banque de l’Habitat du Senegal:
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