WAEMU: IFC to invest $9 million in housing sector


 | Source:  Ecofin Agency

International Finance Corporation, World Bank’s subsidiary dedicated to private sector funding, will inject $9 million (CFA4.7 billion) in housing sector’s development in WAEMU area. The institution indicated this in a statement released Jan. 26, 2018.

The grant will be directed to the Union’s Regional Mortgage Refinancing Fund (HRRC) charged to facilitate access to housing loans for populations, by supplying liquidity to banks.

IFC’s financing is expected to improve housing access rate within the sub-region which has a deficit of 3.5 million houses and where only 7% of households own their houses.

“We just launched a second operation much larger that should help to disburse at least $500 million in housing finance by 2021 [ed.: in WAEMU area],” explained Sergio Pimenta (picture), IFC’s Vice President for Middle East and Africa.

Source: Ecofin Agency