WAEMU sets up regional fund for mortgage re-financing

Cotonou, Benin (PANA) - At the end of its general assembly Friday in Cotonou, the capital of Benin, the West African Economic and Monetary Union (WAEMU) said it would set up a Regional Fund for Mortgage Re- financing (CRRH-WAEMU).
With a capital of CFAF 3.4 billion, CFAF 750 million of which is from the West African Development Bank (BOAD), CRRH-UEMOA is designed to exclusively re-finance housing loans granted by its shareholder banks.
Backed by legal and regulatory frameworks, CRRH-WAEMU will enable countries and establishments that cannot get securities or secure obligations to access and to stay competitive on the market of mortgage credit, ensuring that each national mortgage market has a mode of refinancing adapted to its level of maturity.
According to the BOAD president, Abdoulaye Bio Tchane, CRRH-WAEMU will offer resources to banks involved in financing activities in the area of real estate.

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