The Regional Mortgage Refinancing Fund of the West African Economic and Monetary Union (CRRH-UEMOA) will pay on January 3 and 4, 2021 to its creditors an overall amount net of tax of 2.684 billion FCFA (4.026 million euros) representing half-yearly interest and the partial repayment of the capital of two of its bond issues, announced the officials of this structure based in Lomé, Togo.

The first payment, which will take place on January 3, concerns the loan called “CRRH-UEMOA 5.85% 2016-2026” amounting to 1.475 billion FCFA. The debt of CRRH-UEMOA follows the issuance of a bond loan by public call for savings on the financial market of the West African Monetary Union (UMOA) during the period from November 23 to December 22, 2016, for an amount of 20.5 billion FCFA. The price of the bond had been fixed at 10,000 FCFA with an annual interest rate of 5.85% net of tax. The term of the loan was 10 years.

The amount requested was intended for operations to refinance housing loans in favor of CRRH-UEMOA shareholder banks. As such, four shareholder banks from WAEMU countries had benefited from refinancing backed by this loan.

The second payment of January 4 relates to the loan called “CRRH-UEMOA 5.85% 2015-2025”. It amounts to 1.209 billion FCFA.

The loan had been authorized by a resolution of the Ordinary General Meeting of CRRH-UEMOA shareholders at its meeting of May 11, 2015. Thus, during the period from December 17 to 29, 2015, this structure had issued on the WAMU financial market a bond loan by public offering for an amount of 18.300 billion FCFA. The operation was accompanied by an annual interest rate of 5.85% over a period of 10 years. The issuer had made a commitment to its subscribers to pay them interest as well as the repayment of capital on a half-yearly basis. which has so far been respected.

Created in July 2010 in Cotonou, Benin and endowed with a capital of 9,143,970,000 FCFA as of June 30, 2018, CRRH-UEMOA is a financial institution controlled at 59% by 56 commercial banks of the UEMOA and at 41% by four financial institutions: the West African Development Bank (BOAD), the ECOWAS Bank for Investment and Development (EBID), Shelter Afrique (a continental institution dedicated to the promotion and financing of housing in Africa) and the International Finance Corporation (IFC), a subsidiary of the World Bank Group.

Its objective is to refinance the housing loans of the banking establishments which are its shareholders.