45746 - DCM CRRH Bond II

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Summary of Investment Information

Project Number

45746

Company Name

CAISSE REGIONALE DE REFINANCEMENT HYPOTHECAIRE DE L’UEMOA

Date SPI Disclosed

Jan 13, 2023

Country

Western Africa Region

Region

Africa

Projected Board Date

Mar 18, 2022

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Feb 8, 2023

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Mar 18, 2022
Signed : Jan 17, 2023
Invested : Feb 2, 2023

Sector

Secondary Mortgage Institutions

Additional Project Attributes

Blended Finance

Project Description

IFC's proposed project with Caisse Régionale de Refinancement Hypothécaire de l'UEMOA (“CRRH”) aims to support CRRH's next 15-year local currency bond issuance in order to: (i) further contribute to the development of the housing market in the West Africa Economic and Monetary Union (“WAEMU”) and (ii) deepen the regional capital markets. The proposed project consists of an investment of up to XOF5.0 billion in CRRH's upcoming bond issuance.

The project will be supported by the Local Currency Facility of the IDA19 IFC-MIGA Private Sector Window (PSW), created by the Word Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict-affected states. The Local Currency Facility will help deepen the regional capital markets by supporting longer-term local currency bond issuances, and will contribute to make homeownership more affordable thanks to the extension of mortgage loans maturities.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	8.54
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Housing Loans to Individuals

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant expected project-level impact is the overall increase in access to and improved affordability of mortgage financing in the WAEMU region. Beyond the project, IFC anticipates that CRRH has the potential to promote market integration, as one part of a programmatic approach that seeks to address the market-wide challenge of further developing and deepening WAEMU’s sub-regional capital market to more effectively intermediate longer-term capital.

IFC’s additionality through this project is both financial and non-financial. Financial additionality is in the form of financing structure, through the provision of longer-term local currency funding. This is expected to, in turn, increase the availability of long-term funding for mortgage lenders in the WAEMU market. Non-financial additionality is anchored in non-commercial risk mitigation by supporting the anticipated public issuance and giving comfort to other investors.

E&S Category Rationale / Risks and Mitigation

The project has been categorized as FI-3 according to IFC's Environmental and Social Sustainability Policy. The project consists of a subscription to a bond issuance of CRRH-UEMOA, a regional mortgage refinancing company. The overall portfolio risk includes the refinancing of mortgages, which is anticipated to have minimal or no adverse environmental and social risks or impacts. CRRH is an existing client, and its labor policies and practices are largely aligned with IFC's labor standards under Performance Standard 2: Labor and Working Conditions. For this project, CRRH will be required to continue its labor practices in line with Performance Standard 2, and to notify IFC in the event of any change in the nature or scope of its operations.

Contacts

For Inquiries About the Project, Contact

Caisse Regionale de Refinancement Hypothecaire
Christian Agossa
CEO
+ 228 22 26 27 15
cagossa@crrhuemoa.org
BP : 1172, Lomé (TOGO)
www.crrhuemoa.org

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