WAEMU's fund for mortgage re-financing launches first bond debt

Aug 29, 2012

The regional fund for mortgage re-financing of the West African Economic and Monetary Union (CRRH-UEMOA) has just issued its first bonds.

The regional fund for mortgage re-financing of the West African Economic and Monetary Union (CRRH-UEMOA) has just issued its first bonds.

A total of €15.2 million worth of bonds (CFAF 10 000 /15, €2 per bond) will be made available, with a net interest of 6.1 percent.

The objective is to contribute to the refinancing of housing loans granted by shareholder banks of the CRRH-UEMOA to their customers.

Nine banks that cannot resort to bonds and securitisation will be able to access long-term resources at competitive rates for real estate financing.

"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.

Access to long-term loans is often difficult for people in the WAEMU region, and this initiative should help them get better access to housing finance and thus property.

The CRRH-UEMOA is a regional initiative in favour of housing finance and includes 36 commercial banks of the WAEMU as shareholders.ADNFCR-2976-ID-801437596-ADNFCR