Ouagadougou, Burkina Faso, March 25,
2011—IFC, a member of the World Bank Group, today signed an agreement
with Banque de l’Habitat du Burkina Faso to support housing finance, a
key sector in the country. IFC will complement its investment with a strong
advisory services program to strengthen the bank’s operations, particularly
in the areas of risk management and mortgage and property finance, during
its critical growth phase.
The signing took place during a three-day
trip to Burkina Faso by Thierry Tanoh, IFC Vice President for Sub-Saharan
Africa, Latin America and the Caribbean, and Western Europe. Tanoh was
attending the Second Session of the Presidential Council for Investment.
He was accompanied by Yolande Duhem, IFC Director for West and Central
Africa, and Mary-Jean Moyo, IFC Country Manager for Burkina Faso.
IFC will invest up to $600,000 in Banque
de l’Habitat du Burkina Faso, the first bank in Burkina Faso dedicated
to housing, helping strengthen the country’s financial sector while demonstrating
the commercial viability of mortgage lending.
“The partnership between IFC
and BHBF will be fruitful for both institutions, as it will expand access
to housing for a large majority of Burkinabes,” said Pierre Zerbo, CEO
of Banque de l’Habitat du Burkina Faso.
“This investment reaffirms IFC’s
commitment to supporting private sector development in Burkina Faso,”
said Tanoh. “The success of this program will require a strong commitment
and continued cooperation from all parties in the housing value chain,
including BHBF, developers, regulators, and other financial institutions.”
IFC and six partners launched a sector-wide
advisory program in September 2009, to help create a viable and sustainable
mortgage market in Burkina Faso. IFC is also supporting the government
in its commitment to being a leader in investment climate reforms, as reflected
by its significant rise in the Doing Business ranking. In 2010,
Burkina Faso was recognized as the world’s fourth most consistent reformer
over the last five years. For two consecutive years, the country has ranked
first among UEMOA and OHADA countries in the ease of doing business.
IFC, a member of the World Bank Group is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.