Housing Finance: The CRRH-UEMOA grants €29 million to West-African banks

An envelope of Fcfa 19.1 billion (€ 29.1 million) has been granted to thirteen banks in West Africa to boost access to mortgages in the region.

An envelope of Fcfa 19.1 billion (€ 29.1 million) has been granted to thirteen banks in West Africa to boost access to mortgages in the region.

The regional fund for mortgage re-financing of the West African Economic and Monetary Union (CRRH-UEMOA) said it mobilised this sum to provide banks with long-term financial resources so that they can grant low rate mortgages to their clients.

According to the PANA news agency, these loans will have a 10 to 12 years duration, with an interest rate of around nine percent.

This announcement comes a few months after the CRRH-UEMOA issued its first bonds, worth a total of €15.2 million (CFAF 10 000 /15, €2 per bond).

"By putting resources over a ten years period at the disposal of the banks, we will facilitate the granting of ten-year house loans to consumers, subject to them providing the necessary guarantees," Christian Agossa, CEO of the CRRH UEMOA, told Ecofin news agency.

The CRRH-UEMOA is a regional initiative in favour of housing finance and includes 36 commercial banks of the WAEMU as shareholders.