| Since 1992, the government of Mali undertook a number of reforms aiming at filling the huge housing needs. In this year, the creation of the Agency of Real Transfer (ACI) was the first step of the process. Its mission is development and sale of pieces of developed lands pertaining to the Malian government. In the context of the national housing Strategy adopted in 1995, the Malian authorities set objectives of carrying out: 150 000 houses in the district of Bamako and 120 000 in 14 other secondary cities, on a 5 years horizon.
To reach these goals, the Malian Housing Office (OMH) and the Mali Bank of Housing (BHM) were founded in 1996. They twinned their efforts in order to improve the housing situation in the country and to show the tangible will of the government to organize the housing market.
It is in this context that the Malian and Canadian governments within the framework of the national housing Strategy made an agreement having two objectives: on the one hand, to facilitate the acquisition of a domiciliary property to a population having the necessary resources and, on the other hand, to stimulate economic activity inherent to the housing sector by organising the mortgage financing.
The creation of the Mali Mortgage Guarantee funds Ltd appears thus as one of the means which was then privileged because it gives access to a mechanism which allows loans institutions to limit losses.
Approved by the Central Bank of West Africa States (BCEAO) in September 2000 and approved by the Ministry of Economy and Finances of Mali in November of the same year, FGHM is a limited company legally established in virtues of the Malian law.
Its mission involves « support banks and other financial institutions in their mortgage activities and thus to promote accessibility of Malians to property “ Thus, all lenders approved by FGHM benefit from a guarantee, under certain conditions, for mortgage loans granted to their customers.
First company of the kind in Africa, FGHM holds a capital of XOF 330 million and granted with claim funds under the form of a non refundable subsidy of XOF 500 million allocated by the Mali-Canada Common Funds of Development (FCD).
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