WAEMU: IFC to invest $9 million in housing sector
International Finance Corporation will inject $9 million (CFA4.7 billion) in the development of WAEMU's housing sector.
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 access to housing access within the sub-region, which has a deficit of 3.5 million houses and where only 7% of households hold ownership to their own 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, IFC’s Vice President for Middle East and Africa.
Source: Ecofin Agency