Early Warning System

Countries

Benin
Ivory Coast
Senegal

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Jul 22, 2026

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

AFINHAB

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 10.95 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 9.6
Converted using 2026-07-22 exchange rate.

Project Cost (USD)

$ 69.61 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 9, 2026

Disclosed by Bank Aug 3, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the project is an investment of XOF 6.3 billion (EUR 9.6 million equivalent) in a senior unsecured social bond issued by AFINHAB, for a total issuance size of XOF 40 billion (EUR 61 million).

The proceeds of the issuance will be used to refinance mortgage loans with an individual value strictly below XOF 150 million (EUR 229,000) provided by financial institutions based in Benin, Senegal, and Cote d'Ivoire-with clear eligibility, monitoring, and reporting. Historically, more than 80% of the refinanced mortgage loans granted by the AFINHAB are associated with houses whose value does not exceed XOF 50 million (EUR 76,000), and 49% of the houses in the portfolio have values less than XOF 25 million (EUR 38,000).

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

The EBRD investment is 15.8% in AFINHAB Social Bond (XOF 6.3 billion or EUR 9.6 million). While AFINHAB provides refinancing across all eight WAEMU member states (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo), the proceeds of the EBRD investment will be exclusively used to refinance affordable mortgage loans originated by eligible financial institutions in the following countries of operations: Benin, Senegal and Côte d'Ivoire.

The total issuance size is XOF 40 billion (EUR 61 million). The investor base consists of banks, pension funds and retirement institutions, insurance companies, mutual funds and other institutional investors. EBRD is participating as an anchor investor.

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

AFINHAB SA (Financial Intermediary)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

AFINHAB (formerly named CRRH-Regional Mortgage Refinancing company UEMOA) is a regional credit institution established in 2010 and headquartered in Lome, Togo, with total assets of ca. XOF 333bn (EUR 507m) as of YE2025. AFINHAB was established with a clear developmental mandate: to expand access to affordable housing finance for low- and middle-income households that have historically been excluded from the mortgage market due to the lack of long-term funding available to commercial banks. The Institution benefits from a diversified and institutionally strong shareholder base, comprising 67 commercial banks from the WAEMU region alongside four development finance institutions (BOAD, IFC, BIDC and Shelter Afrique). The institution has mobilized over XOF 461bn (EUR 702m) to support housing finance across the eight West African Economic and Monetary Union (WAEMU) countries since its creation. It holds a Ba2 LCY long-term issuer rating (Ba3 for FX) from Moody's with a stable outlook.

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Yedau OGOUNDELE, Managing Director
YOGOUNDELE@afinhab.org
+228 22 23 94 20-21
+228 22 23 27 52
www.afinhab.org
68, Avenue de la Libération, Immeuble BOAD / BP 1172 Lomé, TOGO

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html