Multinational - WAEMU Regional Mortgage Refinancing Company (CRRH) (AFDB-P-Z1-H00-057)

  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 18, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
WAEMU Regional Mortgage Refinancing Company
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 5.75 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported U.A 7,978,171.72
Converted using 2020-03-18 exchange rate.
Primary Source

Original disclosure @ AFDB website

Updated in EWS Jun 14, 2020

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Project Description

The present operation consists in the granting of a EUR 10 million loan to the "Caisse regionale de refinancement hypothecaire (CRRH)", for 15 years, with a 3-year grace period. It should be accompanied by co-financing from the Africa Growing Together Fund (AGTF) of EUR 5 million on the same terms as the African Development Bank. The proceeds of the loans would be exclusively dedicated to the financing of affordable housing loans granted by CRRH's shareholder banks to low and middle income populations and for an amount not exceeding CFAF 15 million (i.e. EUR 22,866). This operation was designed to meet the major challenge of housing induced by high population growth and accelerated urbanization. Indeed, almost all the countries of the West African Economic and Monetary Union (WAEMU) have decided to promote housing through programmes aimed at facilitating access to affordable housing through the promotion of supply. To meet the strong demand for housing loans in the region, CRRH finances housing loan portfolios issued by its 55 shareholder banks by raising long-term resources on the regional bond market and from development finance institutions (DFIs) to target and reach low and middle-income populations. The project is expected to contribute to alleviating the housing financing constraints faced by major mortgage lenders, as well as increasing the availability of liquidity and the maturity of the mortgage market in the WAEMU region.

The operation's objective is to help develop the mortgage market in WAEMU member countries through a financing package granted to CRRH exclusively for financing affordable housing loans of up to CFAF 15 million (about EUR 22,866) granted by CRRH's shareholder banks to low and middle-income classes.

The primary beneficiary of this operation is the "Caisse regionale de refinancement hypothecaire (CRRH)". It will subsequently on-lend the resources raised to the shareholder banks in the form of loans to finance their mortgage claims.

Investment Description
  • African Development Bank (AFDB)
Contact Information


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