€61 mln social bond targets affordable housing in West Africa

07 / 08 / 2026

By Marwa Nassar - -

The European Bank for Reconstruction and Development (EBRD) is investing up to €9.6 million in a €61 million social bond issued by AFINHAB, a regional housing finance institution serving the West African Economic and Monetary Union (WAEMU).

Expanding access to housing finance:

The investment will help AFINHAB refinance eligible mortgage loans originated by partner financial institutions in Benin, Côte d’Ivoire and Senegal. The funding is expected to expand access to affordable housing finance for low- and middle-income households, including women-led households, by increasing the availability of long-term local-currency financing.

Deepening regional capital markets:

The bond, AFINHAB’s second social bond, is being issued through a public offering and will be listed on the Bourse Régionale des Valeurs Mobilières. The listing will help mobilize long-term local-currency financing while supporting the development of regional capital markets.

Building capacity:

Alongside its investment, the EBRD will provide technical assistance to AFINHAB to strengthen its approach to inclusive housing finance. The program will focus on institutional development, strategic planning and knowledge sharing across the WAEMU region.

The EBRD began investing in sub-Saharan Africa in 2025 and has committed €350 million to the region in less than a year.