Accra, Ghana, January 12, 2009 – Ghana Home Loans, the leading and only specialized mortgage provider in Ghana and FMO, the Hague based Dutch development bank announced today that they have signed and partially disbursed a $15.5m long term facility to Ghana Home Loans. This facility enables Ghana Home Loans to further grow its residential mortgage lending portfolio and improve better access to housing finance for Ghanaians.
FMO’s funding allows Ghana Home Loans to provide both Cedi and US Dollars based loans to Ghanaians to enable them to acquire, complete or improve their homes. Applicants are not required to open a bank account with Ghana Home Loans or participate in any kind of saving scheme before qualifying for a mortgage.
Dominic Adu, Chief Executive Officer of Ghana Home Loans, said, “In light of the worsening global financial crisis, and its consequent negative impact on mortgage funding, we are especially proud to have raised this long term facility for Ghanaians. It shows investor confidence in our business model and further demonstrates Ghana Home Loans’ commitment to doing all we can to make housing easier and accessible to Ghanaians”.
Ruurd Brouwer, Director Financial Institutions of FMO, said, “The huge gap between demand and supply of affordable housing finance solutions is recognized as one of the biggest challenges in emerging economies. In these turbulent financial times, FMO remains committed to invest in sustainable business models that deliver these housing solutions. Our long term facility will capacitate Ghana Home Loans to further improve access to housing finance in the Ghanaian market and will enable Ghana Home Loans to introduce new innovative products."
About FMO The Netherlands Development Finance Company (FMO) is the international development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. With an investment portfolio of € 3.4 billion, FMO is one of the largest bilateral development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to take risks which commercial financiers are not - or not yet - prepared to take. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries
About Ghana Home Loans Ltd Ghana Home Loans is currently the leading mortgage finance institution in Ghana with loan advances and commitments of over $40m. Ghana Home Loan's key objective is to leverage information technology and modern mortgage finance techniques to consistently provide Ghanaians with competitively priced long term mortgage finance to facilitate home ownership and to become the pre-eminent mortgage finance institution in Ghana and eventually within the region.
Shareholders of Ghana Home Loans include Standard Bank (South Africa), FMO (The Netherlands), Broad Cove Partners (USA), and the Company’s staff. In December Ghana Home Loans reached an agreement with IFC to acquire up to 14% of the company’s equity.
Contacts: In Accra: Regina Baah Phone: +(233).21.770400 E-mail: regina@ghanahomeloans.com
In The Hague Nicoline van Slingelandt Communications Officer (PR) T: +31 70 314 9790 M: +31 622 563 047 E: n.van.slingelandt@fmo.nl
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