EBRD and AFINHAB back affordable housing finance across three West African nations

The European Bank for Reconstruction and Development (EBRD) is investing up to €9.6 million (XOF 6.3 billion equivalent) in a €61 million (XOF 40 billion equivalent) social bond issuance by AFINHAB to expand access to affordable housing finance in Benin, Côte d’Ivoire and Senegal, according to a press release by the EBRD on 04 Aug 2026. The bond will be listed on the Bourse Régionale des Valeurs Mobilières and issued through a public offering. It marks AFINHAB’s second social bond issuance. The initiative targets low- and middle-income households, including women-led households. It also aims to support regional capital market development.

AFINHAB, formerly known as CRRH-UEMOA, is the regional housing finance institution serving the countries of the West African Economic and Monetary Union (WAEMU). The organization plays a central role in channelling long-term financing toward social priorities across the region. Its second social bond reinforces this mandate. The issuance builds on AFINHAB’s established position in the WAEMU housing market. The current transaction extends its outreach across three member states.

The EBRD investment will enable AFINHAB to refinance eligible mortgage loans originated by partner financial institutions in Benin, Côte d’Ivoire and Senegal. This operation is expected to improve access to housing finance for low- and middle-income households. It particularly targets women-led households among its beneficiaries. Long-term local-currency funding remains scarce across many markets in the region. The bond issuance aims to address this gap directly.

Beyond its social impact, the project will support the development of regional capital markets by mobilising long-term local-currency financing through a publicly listed bond. Alongside the investment, the EBRD will provide technical assistance to build capacity at AFINHAB. The support will further enhance the institution’s approach to inclusive housing finance. The programme will cover institutional development, strategic planning and knowledge sharing. It seeks to broaden access to housing finance solutions across the WAEMU region.

The EBRD started investing in sub-Saharan Africa in 2025. The bank has invested €350 million in the region in less than a year. The AFINHAB transaction adds to this growing portfolio. It combines financial support with technical assistance to strengthen inclusive housing finance. The initiative reinforces the EBRD’s commitment to affordable housing access across West Africa.