The CHO is a banking instrument that allows real estate owners to increase their revenues and contribute to their country's economic growth. CHO stands for Certificat Hypothécaire Obegi in French. It is a real estate guarantee certificate which you deposit in a bank on a short-term basis (1 to 12 months); it works just like depositing cash, but instead of receiving interest on your cash, you earn a fee on your CHO. This guarantee certificate will be used by the bank to borrow more efficiently through the interbank market, while using its pool of CHOs as collateral. The risk is limited to the bankruptcy of the bank, which is the same risk as for a cash deposit. This real estate “Bankarization” can play an important role in boosting economic growth and improving the standard of living in emerging countries.