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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
Telephone: 202-473-3800
Fax: 202-974-4384
Financial Intermediary - Banque de l’Habitat du Senegal:
Mamadou Bocar Sy - CEO
Phone: +2213383933453
Email: contact@bhs.sn
Address: Boulevard Général De Gaulle BP.229 Dakar, Senegal
Website: www.bhs.sn
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org