AFINHAB (CRRH-UEMOA)- Social bond

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The project is an investment of XOF 6.3 billion (EUR 9.6 million equivalent) in a senior unsecured social bond issued by AFINHAB, for a total issuance size of XOF 40 billion (EUR 61 million).

Project ID 57272

Status Signed

Location

Regional

Industry Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Yedau OGOUNDELE, Managing Director
YOGOUNDELE@afinhab.org
+228 22 23 94 20-21
+228 22 23 27 52
www.afinhab.org
68, Avenue de la Libération, Immeuble BOAD / BP 1172 Lomé, TOGO

Project ID 57272

Status Signed

Location

Regional

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

22 Jul 2026

Disclosure date

03 Aug 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The project is an investment of XOF 6.3 billion (EUR 9.6 million equivalent) in a senior unsecured social bond issued by AFINHAB, for a total issuance size of XOF 40 billion (EUR 61 million).

Project Objectives

The proceeds of the issuance will be used to refinance mortgage loans with an individual value strictly below XOF 150 million (EUR 229,000) provided by financial institutions based in Benin, Senegal, and Côte d'Ivoire - with clear eligibility, monitoring, and reporting. Historically, more than 80% of the refinanced mortgage loans granted by the AFINHAB are associated with houses whose value does not exceed XOF 50 million (EUR 76,000), and 49% of the houses in the portfolio have values less than XOF 25 million (EUR 38,000).

Transition Impact

ETI score: 75

The primary quality of the investment is Resilient. The Project will contribute significantly to capital market development as this issuance is the 11th Bond issuance of AFINHAB and the second Social Bond issuance in the WAEMU region, building on the successful precedent established by AFINHAB's inaugural Social Bond issuance in 2025. The issuance is being publicly offered and will be listed on the regional exchange BRVM. The EBRD is expected to be the only IFI participating in the transaction.

The secondary quality of the investment is Inclusive. The Project will substantially improve access to finance for underserved and low-income households, for whom affordable housing finance remains largely inaccessible due to high borrowing costs and the lack of long-term financing.

Client Information

AFINHAB SA

AFINHAB (formerly named CRRH-Regional Mortgage Refinancing company UEMOA) is a regional credit institution established in 2010 and headquartered in Lome, Togo, with total assets of ca. XOF 333bn (EUR 507m) as of YE2025. AFINHAB was established with a clear developmental mandate: to expand access to affordable housing finance for low- and middle-income households that have historically been excluded from the mortgage market due to the lack of long-term funding available to commercial banks. The Institution benefits from a diversified and institutionally strong shareholder base, comprising 67 commercial banks from the WAEMU region alongside four development finance institutions (BOAD, IFC, BIDC and Shelter Afrique). The institution has mobilized over XOF 461bn (EUR 702m) to support housing finance across the eight West African Economic and Monetary Union (WAEMU) countries since its creation. It holds a Ba2 LCY long-term issuer rating (Ba3 for FX) from Moody's with a stable outlook.

EBRD Finance Summary

XOF 12,000,000,000.00

The EBRD investment is 15.8% in AFINHAB Social Bond (XOF 6.3 billion or EUR 9.6 million). While AFINHAB provides refinancing across all eight WAEMU member states (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo), the proceeds of the EBRD investment will be exclusively used to refinance affordable mortgage loans originated by eligible financial institutions in the following countries of operations: Benin, Senegal and Côte d'Ivoire.

Total Project Cost

XOF 40,000,000,000.00

The total issuance size is XOF 40 billion (EUR 61 million). The investor base consists of banks, pension funds and retirement institutions, insurance companies, mutual funds and other institutional investors. EBRD is participating as an anchor investor.

Additionality

EBRD's participation in the social bond issued by AFINHAB is required to (i) mobilise long-term local currency funding that is not currently available at sufficient scale in the domestic capital market; (ii) increase access to affordable housing finance, and (iii) help channel capital toward socially impactful mortgage lending and strengthening ESG practices in the regional financial sector. Furthermore, AFINHAB will aim to allocate EBRD's funding toward women borrowers or co-borrowers, thereby further supporting women's access to affordable housing.

Green assessments

The Project is assessed as Paris aligned based on the application of the Bank's Paris alignment approach for indirect finance: (i) defined use of proceeds under the social bond framework, (ii) applicable exclusions, and (iii) the client's commitment to make their finance flows consistent with a transition towards low greenhouse gas emissions and climate-resilient development.

Technical Cooperation and Grant Financing

Technical Cooperation (TC) will be provided to support AFINHAB in expanding access to affordable housing finance in the WAEMU region by strengthening its institutional capacity and developing more inclusive housing finance solutions. The TC will include an institutional assessment and strategic action plan, the development of a study and conceptual framework on financing rent-to-own products, and targeted capacity building for AFINHAB, its member banks and microfinance institutions, with the aim of enhancing financial inclusion and improving access to affordable housing finance for underserved populations.

Company Contact Information

Yedau OGOUNDELE, Managing Director
YOGOUNDELE@afinhab.org
+228 22 23 94 20-21
+228 22 23 27 52
www.afinhab.org
68, Avenue de la Libération, Immeuble BOAD / BP 1172 Lomé, TOGO

PSD Last Updated

03 Aug 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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AFINHAB (CRRH-UEMOA)- Social bond

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

AFINHAB (CRRH-UEMOA)- Social bond

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)