Ivory Coast facilitates access to credit

Jun 24, 2014

The Ivorian Council of Ministers adopted on Wednesday, June 18 a decree related to the transferable portion and the seizable portion to facilitate the population's access to bank loans.

The Ivorian Council of Ministers adopted on Wednesday, June 18 a decree related to the transferable portion and the seizable portion to facilitate the population's access to bank loans.

This new law will make it easier for those who want to buy a house to do it.

"The transferable portion is the percentage of your salary that you allow the bank to raise against your commitments towards it. The seizable portion is the portion that can be recovered if the maximum rate that the bank may seize if you have problems or when you fail to repay," said Bruno Koné, the government spokesman, quoted by newspaper Fraternité Matin.

He added that the rate used for the seizable portion is 33 percent of wages: "We saw recently with the housing policy that some people were hampered by the prior high rate for the transferable portion. Ivorian law did not allow them to go beyond the set rate of 33 percent."

The Council of Ministers has decided to simplify procedures and allow transferable portions levels to be set in relation to earnings.ADNFCR-2976-ID-801730384-ADNFCR