WAEMU: CRRH’s net result up by 7.1% in 2021

Finance

Wednesday, 11 May 2022 12:09

WAEMU: CRRH’s net result up by 7.1% in 2021

(Togo First) - Last year, the net result of the WAEMU Regional Mortgage Refinancing Company (CRRH) was 1.401 billion, up 7.1% compared to 2020 (CFA1.308 billion).

The figure was disclosed during the company’s 11th ordinary general assembly, held online last month. The assembly approved CRRH’s results for 2021 and allocated all its revenues to reserves and retained earnings.

Based on this performance, the regional fund plans to return to the lending market by 2023 and will seek CFA255.6 billion to refinance housing loans, for its member-States.

In this framework, the general assembly greenlit a borrowing plan covering the 2022-2023 period. It includes raising CFA179 billion by issuing bonds through public offerings and securing CFA76 billion worth of concessional resources from development partners.

In 2021, CFA8.5 billion were disbursed for six microfinance institutions, to refinance microfinance provisions, across the WAEMU.

Throughout the decade that ended last year, CRRH loaned CFA272.5 billion to support housing financing. The funds were made available to 41 shareholder banks that cover all eight WAEMU States.

Ayi Renaud Dossavi

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.