The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) WAEMU Affordable Housing Finance (P161658) WESTERN AND CENTRAL AFRICA | Western and Central Africa | IBRD/IDA | Investment Project Financing (IPF) | FY 2018 | Seq No: 14 | Archived on 28-Jun-2024 | ISR00696 Implementing Agencies: CRRH, WAEMU Commission 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 27-Sept-2017) The development objective is to expand access to long-term housing finance in WAEMU, including for underserved households. Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Participating Banks Mortgage Refinancing:(Cost 105,000,000.00) Non-Bank Financial Institutions Mortgage Refinancing:(Cost 25,000,000.00) Affordable Housing Policies Technical Assistance:(Cost 15,000,000.00) Technical Assistance for Non-Bank Financial Institutions and CRRH:(Cost 5,000,000.00) Design of Regional Guarantee Product for Housing Loans:(Cost 5,000,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Jun 28, 2024 Page 1 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) 4. KEY ISSUES & STATUS 4.1 Implementation Status and Key Decisions The Bank congratulates the CRRH for the launch of the regional housing guarantee product and the progress with bank mortgage loans refinancing, though the progress with SFD mortgage loans refinancing remains less than expectations. The WAEMU Commission has been active in launching a series of new studies and TA activities based on countries’ needs. The Center of Excellence in Housing has gained a new momentum The World Bank team reminded the CRRH and the WAEMU Commission of the closing process for the project which concluded in June 2024. A reallocation restructuring request has been received from the BOAD for the CRRH components and is being reviewed. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 013 - 29 Dec Proposed Rating 28 Sep 2017 2023 Political and Governance Substantial Substantial Substantial Macroeconomic Moderate Substantial Substantial Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Substantial Moderate Moderate Overall Substantial Moderate Moderate Jun 28, 2024 Page 2 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes PDO Indicators Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Number of housing loans 3,490.00 Dec/2016 10688 30-Apr-2024 10688 30-Apr-2024 8,700.00 Jun/2024 issued by banks and non bank financial institutions below FCFA 25 Million refinanced by CRRH (Number) PBC The average maturity of 10.20 Dec/2016 14.00 30-Apr-2024 14.00 30-Apr-2024 15.00 Jun/2024 loans refinanced by CRRH- UEMOA (Number) The number of banks and 0.00 Dec/2016 34.00 30-Apr-2024 34.00 30-Apr-2024 25.00 Jun/2024 SFD refinanced by CRRH offering affordable housing loans (Number) 6.2 Intermediate Results Indicators by Components Participating Banks Mortgage Refinancing Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Jun 28, 2024 Page 3 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Bonds issued by CRRH 180,000,000.00 Dec/2016 565,816,585.00 30-Apr-2024 412,000,000.00 Jun/2024 (Amount(USD)) Non-Bank Financial Institutions Mortgage Refinancing Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Number of non-bank 0.00 Dec/2016 6.00 30-Apr-2024 4.00 Jun/2024 financial institutions making use of CRRH refinancing window (Number) Number of housing loans 0.00 Dec/2016 516 30-Apr-2024 516 30-Apr-2024 930.00 Jun/2024 issued by non-bank financial institutions below 15 M FCFA and refinanced by CRRH (Number) Affordable Housing Policies Technical Assistance Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year A land and housing price 0.00 Dec/2016 0.00 30-May-2024 0.00 30-May-2024 1.00 Jun/2024 index is established in a research centre, harmonized across all 8 countries and with effective data in at least 2 countries (Number) Number of countries who 0.00 Dec/2016 6.00 30-Apr-2024 6.00 30-Apr-2024 6.00 Jun/2024 approve recommendations from advisory services and studies on housing and land (Number) Technical Assistance for Non-Bank Financial Institutions and CRRH Jun 28, 2024 Page 4 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Survey of a sample of 0.00 Dec/2016 1.00 30-Apr-2024 1.00 30-Apr-2024 1.00 Jun/2024 beneficiaries by mid-term Comments on A firm has been identified to undertake the survey, which is still planned to take place by mid- review to provide feedback achieving targets term review on terms and conditions of housing loans (Number) The number of banks and 0.00 Dec/2016 32.00 30-Apr-2024 34.00 Jun/2024 SFD that adopt an environmental and social policy for housing loans (Number) The number of banks and 0.00 Dec/2016 96.00 30-Apr-2024 96.00 30-Apr-2024 100.00 Jun/2024 SFD that are trained on environmental and social risk management for housing loans (Number) Design of Regional Guarantee Product for Housing Loans Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Dec/2016 1.00 31-May-2024 1.00 31-May-2024 1.00 Jun/2024 Comments on Product was launched and is available. This is following the signature of a protocol between A guarantee product for achieving targets the CRRH and Africa Solidarity Fund for initial capital of the guarantee fund on November 23, housing loans is available in 2023, the dissemination of the product term sheets to the financial sector through a the region (Yes/No) PBC dissemination workshop which took place on May 3, 2024, and the public launch workshop held on May 17, 2024. 6.3 Performance Based Conditions (PBC) Jun 28, 2024 Page 5 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) Actual (Previous) Actual (Current) PBC Name Baseline Closing Period Value Date Value Date 1:Number of Value 3,490.00 10688 10688 housing loans issued by banks and non bank financial institutions below Allocated 30-Apr-2024 30-Apr-2024 FCFA 25 Million 0.00 0.00 Amount refinanced by CRRH (Number) Achieved PBC allocation 25,000,000.00 2:A guarantee Value 0.00 1 1 product for housing loans is available in Allocated 31-May-2024 31-May-2024 the region (Yes/No) 10,700,000.00 Amount Achieved PBC allocation 10,700,000.00 Jun 28, 2024 Page 6 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed IDA-D2360 Effective 25.00 25.00 0.00 11.93 12.44 47.71% IDA-61410 Effective 130.00 130.00 0.00 132.66 0.42 100.00% 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing IDA-61410 Effective 28-Sept-2017 13-Oct-2017 21-Dec-2017 31-Dec-2022 30-Jun-2024 Jun 28, 2024 Page 7 of 8 The World Bank Implementation Status & Results Report WAEMU Affordable Housing Finance (P161658) IDA-D2360 Effective 28-Sept-2017 13-Oct-2017 21-Dec-2017 31-Dec-2022 30-Jun-2024 8. KEY DATES Key Events Planned Actual Approval 28-Sept-2017 28-Sept-2017 Effectiveness 30-Oct-2017 21-Dec-2017 Mid-Term Review No. 01 16-Dec-2019 06-Dec-2019 Operation Closing/Cancellation 30-Jun-2024 9. RESTRUCTURING HISTORY Restructuring Level 2 Approved on 20-May-2020 Restructuring Level 2 Approved on 11-Jun-2024 Restructuring Level 2 Approved on 13-Jun-2022 Restructuring Level 2 Approved on 30-Nov-2023 10. ASSOCIATED OPERATION(S) There are no associated operations Jun 28, 2024 Page 8 of 8