The Caisse Régionale de Refinancement Hypothécaire (CRRH-UEMOA) held on Wednesday, May 20, 2020, its 9th Ordinary General Assembly and its 11th Extraordinary General Assembly, by videoconference, under the chairmanship of Mr. Younoussi TOURE, Chairman of the Board of Directors of the CRRH-UEMOA.

Also taking part in the sessions were Mr. Christian ADOVELANDE, President of BOAD and Director of CRRH-UEMOA, Mr. Francis EZIN, representative of the ECOWAS Bank for Investment and Development (EBID), Shareholder and Director of CRRH-UEMOA, Mr. Christian AGOSSA, Director General of CRRH-UEMOA and several other shareholders or their representatives.

The Extraordinary General Assembly amended the Statutes of the CRRH-UEMOA by adjusting its corporate purpose to the visualized extension of the institution's activities to the refinancing of housing loans granted by the Decentralized Financial Systems (DFS) and renewed, in favor of the Board of Directors, an authorization for a capital increase of two billion FCFA with delegation of powers, pursuant to Article 567-1 of the OHADA Uniform Act on the law of Commercial Companies and Economic Interest Groupings.

The Ordinary General Meeting approved the accounts of the CRRH-UEMOA for the 2019 financial year with a net result of 1,243 MFCFA, and decided to allocate it to reserves and carry forward again.

With regard to governance, the Ordinary General Meeting, after taking note of the resignation of the IFC from the Board of Directors of the CRRH-UEMOA due to its statutory provisions, ratified the appointment of Mr. Louis ADANDE as Intuitu Personae Director for the remainder of the IFC's term of office, or until the end of the Ordinary General Meeting called to approve the financial statements for the year ended 31 December 2021. This appointment will be effective after the approval of the Banking Commission, in accordance with the regulations in force.

Finally, the Ordinary General Meeting authorized under the 2020 program of activities of the CRRH-UEMOA, the issuance of bonds, up to eighty billion (80,000,000,000) FCFA, for the refinancing of housing loans granted by shareholder banks.

About the CRRH-UEMOA

The CRRH-UEMOA is a regional initiative for better financing of housing in WAEMU countries. Its shareholding consists of 55 commercial banks in the Union;  BOAD, THE WAEMU's first long-term financing institution; the International Finance Corporation (IFC), a subsidiary of the World Bank Group for private sector financing; the ECOWAS Bank for Investment and Development (EBID), an ECOWAS long-term financing institution, and Shelter Afrique, a continental institution dedicated to the promotion and financing of habitat in Africa. The CRRH-UEMOA offers WAEMU credit institutions the opportunity to access long-term resources for the refinancing of housing loans granted to their customers, and at competitive rates. As of December 31, 2019, the CRRH-UEMOA has, in almost eight years of operational activities, mobilized a total of 200.3 billion FCFA of long-term resources, for the refinancing of housing loans granted by 35 shareholder banks covering the 08 WAEMU countries. The CRRH-UEMOA has been rated since 2015 by the Bloomfield Investment Corporation. Since 2018, it has been rated AA+ in the long term, with a stable outlook. In 2015 and 2016 it was rated AA with a stable outlook, and in 2017 it received an AA rating with a positive outlook. These ratings make the CRRH-UEMOA, since 2015, one of the safest risks on the WAEMU financial market. For more information, visit www.crrhuemoa.org.