IFC invests using new local currency facility

The International Finance Corp (IFC) this week announced an investment in CFAFr5bn ($9m) of 12 year bonds issued by the West African Economic and Monetary Union’s Caisse Régionale de Refinancement Hypothécaire (CRRH), a regional mortgage refinancing company. The transaction took advantage of a new local currency facility, which became operational in December 2017, that allows the IFC to hedge foreign exchange risks in CFA francs. A 15 year bond is expected from CRRH later this year.